DFEN vs. SHNY

Last updated Jun 13, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and SHNY (MicroSectors Gold 3X Leveraged ETN) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while SHNY is a Leveraged Commodities fund managed by BMO. Over the past 3 years, DFEN returned 64.38%/yr vs 51.28%/yr for SHNY. At a 0.15 correlation, their price movements are largely independent. DFEN charges 0.99%/yr vs 0.95%/yr for SHNY.

Performance

DFEN vs. SHNY - 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 Gold 3X Leveraged ETN (SHNY). 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 higher than SHNY's -28.38% return.

DFEN

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

SHNY

• 1D: 0.32%
• 1M: -30.10%
• YTD: -28.38%
• 6M: -29.35%
• 1Y: 22.15%
• 3Y*: 51.28%
• 5Y*: —
• 10Y*: —

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

DFEN vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	15.37%
SHNY MicroSectors Gold 3X Leveraged ETN	-28.38%	214.54%	50.30%	10.98%

Correlation

The correlation between DFEN and SHNY is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.15

The correlation between DFEN and SHNY shifts across timeframes, from 0.15 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

DFEN vs. SHNY — 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

SHNY

SHNY Risk / Return Rank: 16
SHNY Sharpe Ratio Rank: 14
SHNY Sortino Ratio Rank: 19
SHNY Omega Ratio Rank: 22
SHNY Calmar Ratio Rank: 14
SHNY Martin Ratio Rank: 14

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. SHNY - 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 Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio: Return per unit of total volatility	1.18	0.27	+0.90
Sortino ratio: Return per unit of downside risk	1.85	0.89	+0.96
Omega ratio: Gain probability vs. loss probability	1.22	1.13	+0.09
Calmar ratio: Return relative to maximum drawdown	1.85	0.34	+1.51
Martin ratio: Return relative to average drawdown	4.29	0.81	+3.49

DFEN vs. SHNY - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is higher than the SHNY Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of DFEN and SHNY, 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. SHNY - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than SHNY's maximum drawdown of -65.54%. Use the drawdown chart below to compare losses from any high point for DFEN and SHNY.

Drawdown Indicators

	DFEN	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-65.54%	-25.82%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-65.54%	+23.79%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-65.54%	+22.41%
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-25.87%	-62.32%	+36.45%
Average Drawdown Average peak-to-trough decline	-45.20%	-15.31%	-29.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.99%	27.56%	-9.57%

Volatility

DFEN vs. SHNY - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 27.31% compared to MicroSectors Gold 3X Leveraged ETN (SHNY) at 23.50%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.31%	23.50%	+3.81%
Volatility (6M) Calculated over the trailing 6-month period	55.81%	73.65%	-17.84%
Volatility (1Y) Calculated over the trailing 1-year period	65.81%	81.03%	-15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.74%	59.09%	+1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.66%	59.09%	+12.57%

DFEN vs. SHNY - Expense Ratio Comparison

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

Dividends

DFEN vs. SHNY - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, while SHNY 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%
SHNY MicroSectors Gold 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 SHNY in my portfolio?

DFEN and SHNY have a correlation of 0.28, 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 SHNY?

DFEN has higher volatility (27.31%) compared to SHNY (23.50%). In terms of maximum drawdown, DFEN dropped -91.36% vs SHNY's -65.54%.

Which ETF is better, DFEN or SHNY?

On 3-year performance, DFEN leads with 64.38% vs 51.28% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 23.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or SHNY?

Over the 3-year period, DFEN has performed better with a 64.38% return vs 51.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or SHNY?

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

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

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

What is the main difference between DFEN and SHNY?

DFEN is categorized as Leveraged Equities, while SHNY is Leveraged Commodities. They also come from different issuers: Direxion and BMO. Their fees differ too: 0.99% for DFEN and 0.95% for SHNY.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.27), 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.