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DFEN vs. UDOW
Performance
Return for Risk
Drawdowns
Volatility
Dividends

DFEN vs. UDOW

Last updated Jun 14, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds - DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 5 years, DFEN returned 29.22%/yr vs 13.79%/yr for UDOW. A 0.71 correlation means they provide meaningful diversification when combined. DFEN charges 0.99%/yr vs 0.95%/yr for UDOW.

Performance

DFEN vs. UDOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and ProShares UltraPro Dow30 (UDOW). 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 13.12% return, which is significantly lower than UDOW's 14.65% return.

DFEN

1D
-2.71%
1M
21.79%
YTD
13.12%
6M
20.44%
1Y
75.01%
3Y*
64.38%
5Y*
29.22%
10Y*
—

UDOW

1D
2.07%
1M
9.62%
YTD
14.65%
6M
11.42%
1Y
60.76%
3Y*
32.31%
5Y*
13.79%
10Y*
23.82%
*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEN vs. UDOW - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		13.12%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%
UDOW
ProShares UltraPro Dow30		14.65%24.46%28.47%32.72%-32.39%65.67%-17.15%75.24%-23.86%66.94%

Correlation

The correlation between DFEN and UDOW is 0.50, 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

0.50

Correlation (3Y)
Calculated over the trailing 3-year period

0.58

Correlation (5Y)
Calculated over the trailing 5-year period

0.68

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

0.71

Over the past year, the correlation between DFEN and UDOW has dropped to 0.50 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

DFEN vs. UDOW - Sectors Allocation Comparison

Sectors
DFEN
UDOW

Industrials

20.4%
18.1%

Technology

0.0%
19.1%

Basic Materials

-

3.7%

Communication Services

-

1.8%

Consumer Cyclical

-

11.0%

Consumer Defensive

-

4.1%

Energy

-

2.2%

Financial Services

-

27.3%

Healthcare

-

12.8%

Real Estate

-

-

Utilities

-

-

Industrials

DFEN
20.4%
UDOW
18.1%

Technology

DFEN
0.0%
UDOW
19.1%

Basic Materials

DFEN

-

UDOW
3.7%

Communication Services

DFEN

-

UDOW
1.8%

Consumer Cyclical

DFEN

-

UDOW
11.0%

Consumer Defensive

DFEN

-

UDOW
4.1%

Energy

DFEN

-

UDOW
2.2%

Financial Services

DFEN

-

UDOW
27.3%

Healthcare

DFEN

-

UDOW
12.8%

Real Estate

DFEN

-

UDOW

-

Utilities

DFEN

-

UDOW

-

Compare stocks, funds, or ETFs

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Direxion Daily Aerospace & Defense Bull 3X Shares

ProShares UltraPro Dow30

Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. SPXLDFEN vs. EUDF.DE
Often compared with UDOW:
UDOW vs. TQQQUDOW vs. DIAUDOW vs. DDMUDOW vs. SDOWUDOW vs. UPROUDOW vs. SPYUDOW vs. DUSL

Return for Risk

DFEN vs. UDOW — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
DFEN
DFEN Risk / Return Rank: 3838
Overall Rank
DFEN Sharpe Ratio Rank: 3737
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 4040
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3636
Omega Ratio Rank
DFEN Calmar Ratio Rank: 4242
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3333
Martin Ratio Rank
UDOW
UDOW Risk / Return Rank: 4444
Overall Rank
UDOW Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
UDOW Sortino Ratio Rank: 4444
Sortino Ratio Rank
UDOW Omega Ratio Rank: 4141
Omega Ratio Rank
UDOW Calmar Ratio Rank: 4242
Calmar Ratio Rank
UDOW Martin Ratio Rank: 4545
Martin Ratio Rank
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. UDOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and ProShares UltraPro Dow30 (UDOW). 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.

DFENUDOWDifference
Sharpe ratioReturn per unit of total volatility
1.18
1.40

-0.22

Sortino ratioReturn per unit of downside risk
1.85
1.99

-0.14

Omega ratioGain probability vs. loss probability

1.22

1.24

-0.02

Calmar ratioReturn relative to maximum drawdown

1.85

1.86

-0.01

Martin ratioReturn relative to average drawdown

4.29

6.59

-2.30

DFEN vs. UDOW - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.18, which is comparable to the UDOW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of DFEN and UDOW, 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. UDOW - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for DFEN and UDOW.

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Drawdown Indicators

DFENUDOWDifference

Max Drawdown

Largest peak-to-trough decline

-91.36%

-80.29%

-11.07%

Max Drawdown (1Y)

Largest decline over 1 year

-41.75%

-28.07%

-13.68%

Max Drawdown (3Y)

Largest decline over 3 years

-43.13%

-44.83%

+1.70%

Max Drawdown (5Y)

Largest decline over 5 years

-55.30%

-55.79%

+0.49%

Max Drawdown (10Y)

Largest decline over 10 years

—

-80.29%

—

Current Drawdown

Current decline from peak

-25.87%

-2.65%

-23.22%

Average Drawdown

Average peak-to-trough decline

-45.20%

-14.37%

-30.83%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.99%

7.94%

+10.05%

Volatility

DFEN vs. UDOW - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 27.31% compared to ProShares UltraPro Dow30 (UDOW) at 12.92%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

DFENUDOWDifference

Volatility (1M)

Calculated over the trailing 1-month period

27.31%

12.92%

+14.39%

Volatility (6M)

Calculated over the trailing 6-month period

55.81%

29.12%

+26.69%

Volatility (1Y)

Calculated over the trailing 1-year period

65.81%

37.38%

+28.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

60.74%

44.39%

+16.35%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

71.66%

51.84%

+19.82%

DFEN vs. UDOW - Expense Ratio Comparison

DFEN has a 0.99% expense ratio, which is higher than UDOW's 0.95% expense ratio.

Dividends

DFEN vs. UDOW - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.89%, more than UDOW's 1.18% yield.

PositionTTM20252024202320222021202020192018201720162015
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.89%8.89%14.12%1.13%0.46%1.89%0.48%0.50%1.07%1.50%0.00%0.00%
UDOW
ProShares UltraPro Dow30		1.18%1.38%0.95%0.95%0.83%0.26%0.19%0.61%0.73%0.13%0.26%0.21%

Frequently Asked Questions

DFEN and UDOW have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (27.31%) compared to UDOW (12.92%). In terms of maximum drawdown, DFEN dropped -91.36% vs UDOW's -80.29%.

On 5-year performance, DFEN leads with 29.22% vs 13.79% for UDOW. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 12.92%. 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 29.22% return vs 13.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

UDOW is cheaper with a 0.95% expense ratio, compared with 0.99% for DFEN.

DFEN has the higher dividend yield at 7.89%, compared with 1.18% for UDOW.

DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%), while UDOW tracks Dow Jones Industrial Average (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.99% for DFEN and 0.95% for UDOW.

UDOW currently has the higher Sharpe Ratio (1.40 vs 1.18), 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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