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DFEN vs. SPXL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFEN vs. SPXL

Last updated Aug 2, 2026
Documentation

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 33.44%/yr vs 19.59%/yr for SPXL. Their 0.64 correlation means they have sometimes moved together and sometimes differently. 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.

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Returns By Period

In the year-to-date period, DFEN achieves a 18.12% return, which is significantly lower than SPXL's 22.10% return.

DFEN

1D
2.21%
1M
-12.11%
6M
-5.05%
YTD
18.12%
1Y
45.63%
3Y*
65.26%
5Y*
33.44%
10Y*
—
ALL TIME*
16.64%

SPXL

1D
2.01%
1M
-0.23%
6M
18.15%
YTD
22.10%
1Y
54.55%
3Y*
41.56%
5Y*
19.59%
10Y*
28.61%
ALL TIME*
27.32%
*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

PositionAvg. Volume Value (2W)Avg. Volume Value (1M)Avg. Volume Value (3M)

DFEN

Direxion Daily Aerospace & Defense Bull 3X Shares
$13.59M$13.06M$15.26M

SPXL

Direxion Daily S&P 500 Bull 3X ETF
$473.70M$462.79M$534.56M

DFEN vs. SPXL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		18.12%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		22.10%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 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

Correlation
Correlation (1Y)
Focuses on recent behavior, but can change the most.

0.52

Correlation (3Y)
Balances recent behavior with more history.

0.55

Correlation (5Y)
Shows whether the relationship held over a longer period.

0.63

Correlation (All Time)
Calculated using the full available price history since May 3, 2017

0.64

The correlation between DFEN and SPXL shifts across timeframes, from 0.52 (1 year) to 0.64 (all time), reflecting how their relationship changes across market environments.

DFEN vs. SPXL - Sectors Allocation Comparison

Sectors
DFEN
SPXL

Industrials

18.5%
1.8%

Basic Materials

0.4%
0.4%

Technology

0.0%
9.0%

Communication Services

-

2.2%

Consumer Cyclical

-

2.1%

Consumer Defensive

-

1.1%

Energy

-

0.8%

Financial Services

-

2.9%

Healthcare

-

2.1%

Real Estate

-

0.5%

Utilities

-

0.6%

Industrials

DFEN
18.5%
SPXL
1.8%

Basic Materials

DFEN
0.4%
SPXL
0.4%

Technology

DFEN
0.0%
SPXL
9.0%

Communication Services

DFEN

-

SPXL
2.2%

Consumer Cyclical

DFEN

-

SPXL
2.1%

Consumer Defensive

DFEN

-

SPXL
1.1%

Energy

DFEN

-

SPXL
0.8%

Financial Services

DFEN

-

SPXL
2.9%

Healthcare

DFEN

-

SPXL
2.1%

Real Estate

DFEN

-

SPXL
0.5%

Utilities

DFEN

-

SPXL
0.6%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

Direxion Daily Aerospace & Defense Bull 3X Shares

Direxion Daily S&P 500 Bull 3X ETF

Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. EUDF.DEDFEN vs. TECL
Often compared with SPXL:
SPXL vs. SPYSPXL vs. TQQQSPXL vs. UPROSPXL vs. VOOSPXL vs. SSOSPXL vs. SPXSSPXL vs. SPXU

Return for Risk

DFEN vs. SPXL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.
DFEN
DFEN Risk / Return Rank: 3030
Overall Rank
DFEN Sharpe Ratio Rank: 2727
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 3434
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3232
Omega Ratio Rank
DFEN Calmar Ratio Rank: 3232
Calmar Ratio Rank
DFEN Martin Ratio Rank: 2727
Martin Ratio Rank
SPXL
SPXL Risk / Return Rank: 5151
Overall Rank
SPXL Sharpe Ratio Rank: 5050
Sharpe Ratio Rank
SPXL Sortino Ratio Rank: 4848
Sortino Ratio Rank
SPXL Omega Ratio Rank: 4848
Omega Ratio Rank
SPXL Calmar Ratio Rank: 4949
Calmar Ratio Rank
SPXL Martin Ratio Rank: 5757
Martin Ratio Rank
The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

DFENSPXLDifference
Sharpe ratioReturn per unit of total volatility
0.64
1.22

-0.58

Sortino ratioReturn per unit of downside risk
1.31
1.72

-0.41

Omega ratioGain probability vs. loss probability

1.15

1.22

-0.07

Calmar ratioReturn relative to maximum drawdown

1.05

1.76

-0.71

Martin ratioReturn relative to average drawdown

2.21

6.74

-4.53

DFEN vs. SPXL - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 0.64, which is lower than the SPXL Sharpe Ratio of 1.22. 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.

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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.

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Drawdown Indicators

DFENSPXLDifference

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

-51.96%

-63.80%

+11.84%

Max Drawdown (10Y)

Largest decline over 10 years

—

-76.86%

—

Current Drawdown

Current decline from peak

-22.59%

-6.70%

-15.89%

Average Drawdown

Average peak-to-trough decline

-44.87%

-16.04%

-28.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

19.77%

6.98%

+12.79%

Volatility

DFEN vs. SPXL - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 21.99% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 10.75%. 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.

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Volatility by Period

DFENSPXLDifference

Volatility (1M)

Calculated over the trailing 1-month period

21.99%

10.75%

+11.24%

Volatility (6M)

Calculated over the trailing 6-month period

55.26%

30.45%

+24.81%

Volatility (1Y)

Calculated over the trailing 1-year period

67.94%

38.62%

+29.32%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.84%

50.62%

+10.22%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.57%

53.45%

+18.12%

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 7.51%, more than SPXL's 0.53% yield.

PositionTTM202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.51%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		0.53%0.69%0.74%0.98%0.32%0.11%0.22%0.84%1.02%3.88%

Frequently Asked Questions

DFEN and SPXL have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (21.99%) compared to SPXL (10.75%). In terms of maximum drawdown, DFEN dropped -91.36% vs SPXL's -76.86%.

On 5-year performance, DFEN leads with 33.44% vs 19.59% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, DFEN has performed better with a 33.44% return vs 19.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

DFEN has the higher dividend yield at 7.51%, compared with 0.53% for 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.

SPXL currently has the higher Sharpe Ratio (1.22 vs 0.64), 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.

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