DFEN vs. QQQI

Last updated Jun 21, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and QQQI (NEOS Nasdaq-100 High Income ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while QQQI is a Nasdaq-100 fund actively managed by Neos. DFEN is passively managed, while QQQI is actively managed. Over the past year, DFEN returned 87.39% vs 29.61% for QQQI. At a 0.43 correlation, their price movements are largely independent. DFEN charges 0.96%/yr vs 0.68%/yr for QQQI.

Performance

DFEN vs. QQQI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and NEOS Nasdaq-100 High Income ETF (QQQI). 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 QQQI's 13.07% return.

DFEN

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

QQQI

• 1D: 1.98%
• 1M: 1.96%
• YTD: 13.07%
• 6M: 12.95%
• 1Y: 29.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DFEN vs. QQQI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	42.88%
QQQI NEOS Nasdaq-100 High Income ETF	13.07%	18.62%	19.44%

Correlation

The correlation between DFEN and QQQI is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.43

DFEN vs. QQQI - Sectors Allocation Comparison

Sectors	DFEN	QQQI
Industrials	18.7%	3.0%
Technology	0.0%	58.1%
Basic Materials	-	1.0%
Communication Services	-	14.2%
Consumer Cyclical	-	11.3%
Consumer Defensive	-	6.5%
Energy	-	0.5%
Financial Services	-	0.2%
Healthcare	-	3.9%
Real Estate	-	0.1%
Utilities	-	1.3%

Return for Risk

DFEN vs. QQQI — 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

QQQI

QQQI Risk / Return Rank: 66
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 64
QQQI Martin Ratio Rank: 73

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. QQQI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and NEOS Nasdaq-100 High Income ETF (QQQI). 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	QQQI	Difference
Sharpe ratio: Return per unit of total volatility	1.40	2.03	-0.63
Sortino ratio: Return per unit of downside risk	2.04	2.68	-0.64
Omega ratio: Gain probability vs. loss probability	1.24	1.38	-0.14
Calmar ratio: Return relative to maximum drawdown	2.21	3.06	-0.84
Martin ratio: Return relative to average drawdown	5.08	13.12	-8.04

DFEN vs. QQQI - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.40, which is lower than the QQQI Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of DFEN and QQQI, 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. QQQI - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than QQQI's maximum drawdown of -20.00%. Use the drawdown chart below to compare losses from any high point for DFEN and QQQI.

Drawdown Indicators

	DFEN	QQQI	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-20.00%	-71.36%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-9.61%	-32.14%
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	-20.73%	-0.49%	-20.24%
Average Drawdown Average peak-to-trough decline	-45.15%	-2.20%	-42.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.16%	2.24%	+15.92%

Volatility

DFEN vs. QQQI - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 25.14% compared to NEOS Nasdaq-100 High Income ETF (QQQI) at 7.05%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than QQQI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	QQQI	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.14%	7.05%	+18.09%
Volatility (6M) Calculated over the trailing 6-month period	56.03%	11.81%	+44.22%
Volatility (1Y) Calculated over the trailing 1-year period	66.17%	14.49%	+51.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.80%	17.45%	+43.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.64%	17.45%	+54.19%

DFEN vs. QQQI - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than QQQI's 0.68% expense ratio.

Dividends

DFEN vs. QQQI - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.38%, less than QQQI's 14.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
QQQI NEOS Nasdaq-100 High Income ETF	14.55%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and QQQI in my portfolio?

DFEN and QQQI have a correlation of 0.42, 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 QQQI?

DFEN has higher volatility (25.14%) compared to QQQI (7.05%). In terms of maximum drawdown, DFEN dropped -91.36% vs QQQI's -20.00%.

Which ETF is better, DFEN or QQQI?

On 1-year performance, DFEN leads with 87.39% vs 29.61% for QQQI. On fees, QQQI is cheaper at 0.68% per year. On volatility, QQQI has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or QQQI?

Over the 1-year period, DFEN has performed better with a 87.39% return vs 29.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or QQQI?

QQQI is cheaper with a 0.68% expense ratio, compared with 0.96% for DFEN.

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

QQQI has the higher dividend yield at 14.55%, compared with 7.38% for DFEN.

What is the main difference between DFEN and QQQI?

DFEN is categorized as Leveraged Equities, while QQQI is Nasdaq-100. They also come from different issuers: Direxion and Neos. Their fees differ too: 0.96% for DFEN and 0.68% for QQQI.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (2.03 vs 1.40), 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.