DFEN vs. SPXS
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, DFEN returned 26.54%/yr vs -34.76%/yr for SPXS. At a correlation of -0.65, they often move in opposite directions. DFEN charges 0.99%/yr vs 1.08%/yr for SPXS.
Performance
DFEN vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 2.17% return, which is significantly higher than SPXS's -25.49% return.
DFEN
- 1D
- -4.54%
- 1M
- 12.97%
- YTD
- 2.17%
- 6M
- 21.41%
- 1Y
- 59.57%
- 3Y*
- 63.19%
- 5Y*
- 26.54%
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
DFEN vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 2.17% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.46% |
Correlation
The correlation between DFEN and SPXS is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
Correlation (All Time) Calculated using the full available price history since May 4, 2017 | -0.65 |
The correlation between DFEN and SPXS shifts across timeframes, from -0.65 (all time) to -0.52 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. SPXS — Risk / Return Rank
DFEN
SPXS
DFEN vs. SPXS - 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 Bear 3X Shares (SPXS). 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.
| DFEN | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.32 | ||
| Sortino ratioReturn per unit of downside risk | +3.89 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.75 | +0.43 |
| Calmar ratioReturn relative to maximum drawdown | 1.43 | -0.96 | +2.40 |
| Martin ratioReturn relative to average drawdown | 3.44 | -1.62 | +5.06 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| DFEN | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | -1.38 | +2.32 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.44 | -0.69 | +1.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | -0.83 | +1.05 |
Drawdowns
DFEN vs. SPXS - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for DFEN and SPXS.
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Drawdown Indicators
| DFEN | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -100.00% | +8.64% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -50.77% | +9.02% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -84.13% | +41.00% |
Max Drawdown (5Y)Largest decline over 5 years | -56.23% | -90.11% | +33.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -33.04% | -100.00% | +66.96% |
Average DrawdownAverage peak-to-trough decline | -45.27% | -96.30% | +51.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.36% | 30.04% | -12.68% |
Volatility
DFEN vs. SPXS - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 22.35% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.35% | 8.51% | +13.84% |
Volatility (6M)Calculated over the trailing 6-month period | 53.06% | 26.82% | +26.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 63.21% | 35.54% | +27.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.16% | 50.39% | +9.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.48% | 53.54% | +17.94% |
DFEN vs. SPXS - Expense Ratio Comparison
DFEN has a 0.99% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
DFEN vs. SPXS - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 8.74%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 8.74% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% | 0.00% |
Frequently Asked Questions
DFEN and SPXS 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 (22.35%) compared to SPXS (8.51%). In terms of maximum drawdown, DFEN dropped -91.36% vs SPXS's -100.00%.
On 5-year performance, DFEN leads with 26.54% vs -34.76% for SPXS. On fees, DFEN is cheaper at 0.99% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 26.54% return vs -34.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEN is cheaper with a 0.99% expense ratio, compared with 1.08% for SPXS.
DFEN has the higher dividend yield at 8.74%, compared with 4.91% for SPXS.
DFEN is categorized as Leveraged Equities, while SPXS is Inverse Equities. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.99% for DFEN and 1.08% for SPXS.
DFEN currently has the higher Sharpe Ratio (0.95 vs -1.38), 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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