DFEN vs. SPXL

Last updated Jun 23, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily) while SPXL tracks the S&P 500. Both are passively managed. Over the past 5 years, DFEN returned 30.72%/yr vs 22.24%/yr for SPXL. A 0.65 correlation means they provide meaningful diversification when combined. DFEN charges 0.96%/yr vs 0.84%/yr for SPXL.

Performance

DFEN vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 15.08% return, which is significantly lower than SPXL's 22.70% return.

DFEN

• 1D: -4.87%
• 1M: 11.39%
• YTD: 15.08%
• 6M: 7.37%
• 1Y: 78.27%
• 3Y*: 68.61%
• 5Y*: 30.72%
• 10Y*: —

SPXL

• 1D: -0.94%
• 1M: -1.11%
• YTD: 22.70%
• 6M: 20.82%
• 1Y: 75.56%
• 3Y*: 48.64%
• 5Y*: 22.24%
• 10Y*: 30.87%

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

DFEN vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	15.08%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%
SPXL Direxion Daily S&P 500 Bull 3X ETF	22.70%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	40.89%

Correlation

The correlation between DFEN and SPXL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.65

The correlation between DFEN and SPXL shifts across timeframes, from 0.53 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

DFEN vs. SPXL - Sectors Allocation Comparison

Sectors	DFEN	SPXL
Industrials	18.7%	7.8%
Technology	0.0%	39.0%
Basic Materials	-	1.7%
Communication Services	-	10.6%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.5%
Energy	-	3.1%
Financial Services	-	11.1%
Healthcare	-	8.3%
Real Estate	-	1.8%
Utilities	-	2.1%

Return for Risk

DFEN vs. SPXL — Risk / Return Rank

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

DFEN

DFEN Risk / Return Rank: 35
DFEN Sharpe Ratio Rank: 34
DFEN Sortino Ratio Rank: 37
DFEN Omega Ratio Rank: 33
DFEN Calmar Ratio Rank: 39
DFEN Martin Ratio Rank: 31

SPXL

SPXL Risk / Return Rank: 59
SPXL Sharpe Ratio Rank: 64
SPXL Sortino Ratio Rank: 53
SPXL Omega Ratio Rank: 55
SPXL Calmar Ratio Rank: 59
SPXL Martin Ratio Rank: 65

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. SPXL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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	SPXL	Difference
Sharpe ratio: Return per unit of total volatility	1.19	2.05	-0.86
Sortino ratio: Return per unit of downside risk	1.86	2.49	-0.63
Omega ratio: Gain probability vs. loss probability	1.22	1.33	-0.12
Calmar ratio: Return relative to maximum drawdown	1.88	2.84	-0.95
Martin ratio: Return relative to average drawdown	4.31	11.62	-7.31

DFEN vs. SPXL - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.19, which is lower than the SPXL Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of DFEN and SPXL, 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. SPXL - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for DFEN and SPXL.

Drawdown Indicators

	DFEN	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-76.86%	-14.50%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-26.77%	-14.98%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	-48.95%	+5.82%
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	-63.80%	+8.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-24.59%	-6.24%	-18.35%
Average Drawdown Average peak-to-trough decline	-45.14%	-16.10%	-29.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.23%	6.52%	+11.71%

Volatility

DFEN vs. SPXL - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 25.05% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 13.99%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.05%	13.99%	+11.06%
Volatility (6M) Calculated over the trailing 6-month period	56.07%	29.23%	+26.84%
Volatility (1Y) Calculated over the trailing 1-year period	66.43%	37.20%	+29.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.78%	50.50%	+10.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.64%	53.56%	+18.08%

DFEN vs. SPXL - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is higher than SPXL's 0.84% expense ratio.

Dividends

DFEN vs. SPXL - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.76%, more than SPXL's 0.55% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.76%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.55%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both DFEN and SPXL in my portfolio?

DFEN and SPXL have a correlation of 0.53, 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 SPXL?

DFEN has higher volatility (25.05%) compared to SPXL (13.99%). In terms of maximum drawdown, DFEN dropped -91.36% vs SPXL's -76.86%.

Which ETF is better, DFEN or SPXL?

On 5-year performance, DFEN leads with 30.72% vs 22.24% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 13.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or SPXL?

Over the 5-year period, DFEN has performed better with a 30.72% return vs 22.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or SPXL?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.96% for DFEN.

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

DFEN has the higher dividend yield at 7.76%, compared with 0.55% for SPXL.

What is the main difference between DFEN and SPXL?

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while SPXL tracks S&P 500. Their fees differ too: 0.96% for DFEN and 0.84% for SPXL.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.05 vs 1.19), 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.