DFEN vs. NVO

Last updated Jun 21, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) is Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while NVO (Novo Nordisk A/S) is a stock. Over the past 5 years, DFEN returned 33.49%/yr vs 3.13%/yr for NVO. At a 0.22 correlation, their price movements are largely independent.

Performance

DFEN vs. NVO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Novo Nordisk A/S (NVO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 20.97% return, which is significantly higher than NVO's -12.15% return.

DFEN

• 1D: -4.32%
• 1M: 17.09%
• YTD: 20.97%
• 6M: 21.25%
• 1Y: 87.39%
• 3Y*: 67.96%
• 5Y*: 33.49%
• 10Y*: —

NVO

• 1D: -0.76%
• 1M: -3.94%
• YTD: -12.15%
• 6M: -7.05%
• 1Y: -38.72%
• 3Y*: -16.67%
• 5Y*: 3.13%
• 10Y*: 7.50%

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

DFEN vs. NVO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%
NVO Novo Nordisk A/S	-12.15%	-39.22%	-15.93%	54.84%	22.66%	63.52%	23.33%	28.70%	-12.98%	38.87%

Correlation

The correlation between DFEN and NVO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.22

Return for Risk

DFEN vs. NVO — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 40
DFEN Sharpe Ratio Rank: 41
DFEN Sortino Ratio Rank: 42
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 46
DFEN Martin Ratio Rank: 36

NVO

NVO Risk / Return Rank: 13
NVO Sharpe Ratio Rank: 10
NVO Sortino Ratio Rank: 14
NVO Omega Ratio Rank: 12
NVO Calmar Ratio Rank: 13
NVO Martin Ratio Rank: 15

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. NVO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Novo Nordisk A/S (NVO). 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	NVO	Difference
Sharpe ratio: Return per unit of total volatility	1.40	-0.76	+2.15
Sortino ratio: Return per unit of downside risk	2.04	-0.87	+2.92
Omega ratio: Gain probability vs. loss probability	1.24	0.87	+0.37
Calmar ratio: Return relative to maximum drawdown	2.21	-0.77	+2.99
Martin ratio: Return relative to average drawdown	5.08	-1.20	+6.28

DFEN vs. NVO - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.40, which is higher than the NVO Sharpe Ratio of -0.76. The chart below compares the historical Sharpe Ratios of DFEN and NVO, 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. NVO - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than NVO's maximum drawdown of -74.70%. Use the drawdown chart below to compare losses from any high point for DFEN and NVO.

Drawdown Indicators

	DFEN	NVO	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-74.70%	-16.66%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-50.59%	+8.84%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-74.70%	+31.57%
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	-74.70%	+19.40%
Max Drawdown (10Y) Largest decline over 10 years	—	-74.70%	—
Current Drawdown Current decline from peak	-20.73%	-68.62%	+47.89%
Average Drawdown Average peak-to-trough decline	-45.15%	-17.81%	-27.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.16%	32.66%	-14.50%

Volatility

DFEN vs. NVO - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 25.14% compared to Novo Nordisk A/S (NVO) at 10.13%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than NVO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	NVO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	10.13%	+15.01%
Volatility (6M) Calculated over the trailing 6-month period	56.03%	37.86%	+18.17%
Volatility (1Y) Calculated over the trailing 1-year period	66.17%	51.56%	+14.61%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	38.34%	+22.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.64%	32.53%	+39.11%

Dividends

DFEN vs. NVO - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.38%, more than NVO's 4.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.38%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%	0.00%
NVO Novo Nordisk A/S	4.17%	3.31%	1.68%	1.00%	1.20%	1.35%	1.87%	2.14%	1.45%	1.52%	2.87%	0.92%

Frequently Asked Questions

Can I hold both DFEN and NVO in my portfolio?

DFEN and NVO have a correlation of 0.27, 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 NVO?

DFEN has higher volatility (25.14%) compared to NVO (10.13%). In terms of maximum drawdown, DFEN dropped -91.36% vs NVO's -74.70%.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs -0.76), 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.