DFEN vs. NRGU

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%) while NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%). Both are passively managed. Over the past year, DFEN returned 76.99% vs 107.84% for NRGU. At a 0.02 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 0.95%/yr for NRGU.

Performance

DFEN vs. NRGU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 13.12% return, which is significantly lower than NRGU's 110.06% return.

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

NRGU

• 1D: 2.51%
• 1M: 2.05%
• YTD: 110.06%
• 6M: 87.26%
• 1Y: 107.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEN vs. NRGU - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	119.03%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	110.06%	-30.00%

Correlation

The correlation between DFEN and NRGU is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.02

The correlation between DFEN and NRGU shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

DFEN vs. NRGU - Sectors Allocation Comparison

Sectors	DFEN	NRGU
Industrials	19.7%	-
Technology	0.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	100.0%
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

DFEN vs. NRGU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

NRGU

NRGU Risk / Return Rank: 48
NRGU Sharpe Ratio Rank: 47
NRGU Sortino Ratio Rank: 44
NRGU Omega Ratio Rank: 43
NRGU Calmar Ratio Rank: 62
NRGU Martin Ratio Rank: 45

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

DFEN vs. NRGU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	DFEN	NRGU	Difference
Sharpe ratio: Return per unit of total volatility	1.18	1.44	-0.26
Sortino ratio: Return per unit of downside risk	1.85	1.98	-0.13
Omega ratio: Gain probability vs. loss probability	1.22	1.24	-0.03
Calmar ratio: Return relative to maximum drawdown	1.85	2.71	-0.86
Martin ratio: Return relative to average drawdown	4.29	6.55	-2.25

DFEN vs. NRGU - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is comparable to the NRGU Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of DFEN and NRGU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFEN vs. NRGU - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than NRGU's maximum drawdown of -57.50%. Use the drawdown chart below to compare losses from any high point for DFEN and NRGU.

Drawdown Indicators

	DFEN	NRGU	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-57.50%	-33.86%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-39.95%	-1.80%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-25.87%	-27.55%	+1.68%
Average Drawdown Average peak-to-trough decline	-45.20%	-25.35%	-19.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	16.54%	+1.45%

Volatility

DFEN vs. NRGU - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) have volatilities of 27.31% and 27.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	NRGU	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	27.12%	+0.19%
Volatility (6M) Calculated over the trailing 6-month period	55.81%	62.47%	-6.66%
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	75.30%	-9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	88.96%	-28.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	88.96%	-17.30%

DFEN vs. NRGU - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than NRGU's 0.95% expense ratio.

Dividends

DFEN vs. NRGU - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, while NRGU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and NRGU in my portfolio?

DFEN and NRGU have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEN or NRGU?

DFEN has higher volatility (27.31%) compared to NRGU (27.12%). In terms of maximum drawdown, DFEN dropped -91.36% vs NRGU's -57.50%.

Which ETF is better, DFEN or NRGU?

On 1-year performance, NRGU leads with 107.84% vs 76.99% for DFEN. On fees, NRGU is cheaper at 0.95% per year. On volatility, NRGU has been the lower-risk option at 27.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or NRGU?

Over the 1-year period, NRGU has performed better with a 107.84% return vs 76.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or NRGU?

NRGU is cheaper with a 0.95% expense ratio, compared with 0.99% for DFEN.

Which ETF pays a higher dividend yield, DFEN or NRGU?

DFEN has the higher dividend yield at 7.89%, compared with 0.00% for NRGU.

What is the main difference between DFEN and NRGU?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%). They also come from different issuers: Direxion and BMO. Their fees differ too: 0.99% for DFEN and 0.95% for NRGU.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.44 vs 1.18), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.