DFEN vs. TYD
DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and TYD (Direxion Daily 7-10 Year Treasury Bull 3X) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while TYD is a Leveraged Bonds fund tracking the NYSE 7-10 Year Treasury Bond Index. Both are passively managed. Over the past 5 years, DFEN returned 31.33%/yr vs -14.54%/yr for TYD. At a correlation of -0.08, they often move in opposite directions. DFEN charges 0.96%/yr vs 1.09%/yr for TYD.
Performance
DFEN vs. TYD - Performance Comparison
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Returns By Period
In the year-to-date period, DFEN achieves a 5.27% return, which is significantly higher than TYD's -8.67% return.
DFEN
- 1D
- 0.63%
- 1M
- -12.98%
- 6M
- -21.40%
- YTD
- 5.27%
- 1Y
- 31.08%
- 3Y*
- 60.47%
- 5Y*
- 31.33%
- 10Y*
- —
- ALL TIME*
- 15.24%
TYD
- 1D
- -0.78%
- 1M
- -3.38%
- 6M
- -6.39%
- YTD
- -8.67%
- 1Y
- -3.97%
- 3Y*
- -4.77%
- 5Y*
- -14.54%
- 10Y*
- -5.55%
- ALL TIME*
- 0.96%
DFEN vs. TYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 5.27% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | -8.67% | 11.68% | -13.89% | -2.87% | -43.32% | -11.36% | 27.62% | 17.88% | 0.76% | 0.03% |
Correlation
The correlation between DFEN and TYD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.12 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | -0.08 |
The correlation between DFEN and TYD shifts across timeframes, from -0.08 (all time) to 0.22 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DFEN vs. TYD — Risk / Return Rank
DFEN
TYD
DFEN vs. TYD - 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 7-10 Year Treasury Bull 3X (TYD). 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 | TYD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +1.44 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 0.96 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.75 | -0.29 | +1.04 |
| Martin ratioReturn relative to average drawdown | 1.61 | -0.64 | +2.25 |
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Drawdowns
DFEN vs. TYD - Drawdown Comparison
The maximum DFEN drawdown since its inception was -91.36%, which is greater than TYD's maximum drawdown of -64.28%. Use the drawdown chart below to compare losses from any high point for DFEN and TYD.
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Drawdown Indicators
| DFEN | TYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.36% | -64.28% | -27.08% |
Max Drawdown (1Y)Largest decline over 1 year | -41.75% | -13.54% | -28.21% |
Max Drawdown (3Y)Largest decline over 3 years | -43.13% | -22.32% | -20.81% |
Max Drawdown (5Y)Largest decline over 5 years | -51.96% | -59.84% | +7.88% |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.28% | — |
Current DrawdownCurrent decline from peak | -31.01% | -60.31% | +29.30% |
Average DrawdownAverage peak-to-trough decline | -44.95% | -22.22% | -22.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.36% | 6.24% | +13.12% |
Volatility
DFEN vs. TYD - Volatility Comparison
Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 16.39% compared to Direxion Daily 7-10 Year Treasury Bull 3X (TYD) at 3.93%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than TYD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DFEN | TYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.39% | 3.93% | +12.46% |
Volatility (6M)Calculated over the trailing 6-month period | 54.29% | 10.30% | +43.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.76% | 13.80% | +52.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.52% | 22.92% | +37.60% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.51% | 20.20% | +51.31% |
DFEN vs. TYD - Expense Ratio Comparison
DFEN has a 0.96% expense ratio, which is lower than TYD's 1.09% expense ratio.
Dividends
DFEN vs. TYD - Dividend Comparison
DFEN's dividend yield for the trailing twelve months is around 8.43%, more than TYD's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 8.43% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% | 0.00% | 0.00% |
TYD Direxion Daily 7-10 Year Treasury Bull 3X | 3.38% | 2.97% | 3.10% | 2.71% | 0.55% | 0.00% | 9.80% | 0.92% | 1.10% | 0.01% | 6.84% | 1.65% |
Frequently Asked Questions
DFEN and TYD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (16.39%) compared to TYD (3.93%). In terms of maximum drawdown, DFEN dropped -91.36% vs TYD's -64.28%.
On 5-year performance, DFEN leads with 31.33% vs -14.54% for TYD. On fees, DFEN is cheaper at 0.96% per year. On volatility, TYD has been the lower-risk option at 3.93%. 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 31.33% return vs -14.54%. 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 1.09% for TYD.
DFEN has the higher dividend yield at 8.43%, compared with 3.38% for TYD.
DFEN is categorized as Leveraged Equities, while TYD is Leveraged Bonds. DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while TYD tracks NYSE 7-10 Year Treasury Bond Index. Their fees differ too: 0.96% for DFEN and 1.09% for TYD.
DFEN currently has the higher Sharpe Ratio (0.47 vs -0.29), 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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