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% Daily), 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 33.03%/yr vs -33.12%/yr for SPXS. At a correlation of -0.64, they often move in opposite directions. DFEN charges 0.96%/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 13.04% return, which is significantly higher than SPXS's -24.50% return.
DFEN
- 1D
- -5.15%
- 1M
- -0.07%
- 6M
- -14.66%
- YTD
- 13.04%
- 1Y
- 51.34%
- 3Y*
- 64.46%
- 5Y*
- 33.03%
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
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 | 13.04% | 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 | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -31.22% |
Correlation
The correlation between DFEN and SPXS is -0.54, 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 | -0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.54 |
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 | -0.64 |
The correlation between DFEN and SPXS shifts across timeframes, from -0.64 (all time) to -0.54 (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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.86 | ||
| Sortino ratioReturn per unit of downside risk | +3.14 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.82 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 1.24 | -0.94 | +2.18 |
| Martin ratioReturn relative to average drawdown | 2.73 | -1.64 | +4.37 |
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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% | -43.64% | +1.89% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -84.13% | +41.00% |
Max Drawdown (5Y)Largest decline over 5 years | -51.96% | -90.11% | +38.15% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -25.92% | -100.00% | +74.08% |
Average DrawdownAverage peak-to-trough decline | -44.99% | -96.30% | +51.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.84% | 24.98% | -6.14% |
Volatility
DFEN vs. SPXS - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 22.07% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. 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 | 22.07% | 12.80% | +9.27% |
Volatility (6M)Calculated over the trailing 6-month period | 54.69% | 30.04% | +24.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.79% | 37.71% | +29.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.87% | 50.75% | +10.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.56% | 53.52% | +18.04% |
DFEN vs. SPXS - Expense Ratio Comparison
DFEN has a 0.96% 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 7.85%, more than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 7.85% | 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 | 4.50% | 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 -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (22.07%) compared to SPXS (12.80%). In terms of maximum drawdown, DFEN dropped -91.36% vs SPXS's -100.00%.
On 5-year performance, DFEN leads with 33.03% vs -33.12% for SPXS. On fees, DFEN is cheaper at 0.96% per year. On volatility, SPXS has been the lower-risk option at 12.80%. 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 33.03% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DFEN is cheaper with a 0.96% expense ratio, compared with 1.08% for SPXS.
DFEN has the higher dividend yield at 7.85%, compared with 4.50% for SPXS.
DFEN is categorized as Leveraged Equities, while SPXS is Inverse Equities. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.96% for DFEN and 1.08% for SPXS.
DFEN currently has the higher Sharpe Ratio (0.77 vs -1.09), 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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