DFEN vs. WNTR

Last updated Jun 25, 2026

DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) and WNTR (YieldMax Short MSTR Option Income Strategy ETF) are both exchange-traded funds - DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily), while WNTR is a Derivative Income fund actively managed by YieldMax. DFEN is passively managed, while WNTR is actively managed. Over the past year, DFEN returned 75.05% vs 97.02% for WNTR. At a correlation of -0.33, they often move in opposite directions. DFEN charges 0.96%/yr vs 1.01%/yr for WNTR.

Performance

DFEN vs. WNTR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DFEN achieves a 15.77% return, which is significantly higher than WNTR's 10.46% return.

DFEN

• 1D: 0.08%
• 1M: 12.05%
• YTD: 15.77%
• 6M: 6.52%
• 1Y: 75.05%
• 3Y*: 68.94%
• 5Y*: 29.60%
• 10Y*: —

WNTR

• 1D: 6.01%
• 1M: 37.47%
• YTD: 10.46%
• 6M: 14.06%
• 1Y: 97.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

DFEN vs. WNTR - Yearly Performance Comparison

	2026 (YTD)	2025
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	15.77%	112.55%
WNTR YieldMax Short MSTR Option Income Strategy ETF	10.46%	52.78%

Correlation

The correlation between DFEN and WNTR is -0.33, 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	-0.33
Correlation (All Time) Calculated using the full available price history since Mar 27, 2025	-0.33

Return for Risk

DFEN vs. WNTR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

DFEN

DFEN Risk / Return Rank: 35
DFEN Sharpe Ratio Rank: 35
DFEN Sortino Ratio Rank: 38
DFEN Omega Ratio Rank: 34
DFEN Calmar Ratio Rank: 39
DFEN Martin Ratio Rank: 31

WNTR

WNTR Risk / Return Rank: 51
WNTR Sharpe Ratio Rank: 63
WNTR Sortino Ratio Rank: 49
WNTR Omega Ratio Rank: 52
WNTR Calmar Ratio Rank: 51
WNTR Martin Ratio Rank: 40

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. WNTR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) and YieldMax Short MSTR Option Income Strategy ETF (WNTR). 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	WNTR	Difference
Sharpe ratio: Return per unit of total volatility	1.14	1.85	-0.71
Sortino ratio: Return per unit of downside risk	1.82	2.20	-0.38
Omega ratio: Gain probability vs. loss probability	1.21	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	1.81	2.29	-0.48
Martin ratio: Return relative to average drawdown	4.10	5.85	-1.74

DFEN vs. WNTR - Sharpe Ratio Comparison

The current DFEN Sharpe Ratio is 1.14, which is lower than the WNTR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of DFEN and WNTR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

DFEN vs. WNTR - Drawdown Comparison

The maximum DFEN drawdown since its inception was -91.36%, which is greater than WNTR's maximum drawdown of -42.65%. Use the drawdown chart below to compare losses from any high point for DFEN and WNTR.

Drawdown Indicators

	DFEN	WNTR	Difference
Max Drawdown Largest peak-to-trough decline	-91.36%	-42.65%	-48.71%
Max Drawdown (1Y) Largest decline over 1 year	-41.75%	-42.65%	+0.90%
Max Drawdown (3Y) Largest decline over 3 years	-43.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-55.30%	—	—
Current Drawdown Current decline from peak	-24.13%	-9.88%	-14.25%
Average Drawdown Average peak-to-trough decline	-45.13%	-20.93%	-24.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.36%	16.70%	+1.66%

Volatility

DFEN vs. WNTR - Volatility Comparison

Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a higher volatility of 24.94% compared to YieldMax Short MSTR Option Income Strategy ETF (WNTR) at 17.54%. This indicates that DFEN's price experiences larger fluctuations and is considered to be riskier than WNTR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DFEN	WNTR	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.94%	17.54%	+7.40%
Volatility (6M) Calculated over the trailing 6-month period	55.34%	45.99%	+9.35%
Volatility (1Y) Calculated over the trailing 1-year period	66.15%	52.83%	+13.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.76%	53.10%	+7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.61%	53.10%	+18.51%

DFEN vs. WNTR - Expense Ratio Comparison

DFEN has a 0.96% expense ratio, which is lower than WNTR's 1.01% expense ratio.

Dividends

DFEN vs. WNTR - Dividend Comparison

DFEN's dividend yield for the trailing twelve months is around 7.66%, less than WNTR's 96.66% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.66%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
WNTR YieldMax Short MSTR Option Income Strategy ETF	96.66%	58.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DFEN and WNTR in my portfolio?

DFEN and WNTR have a correlation of -0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DFEN or WNTR?

DFEN has higher volatility (24.94%) compared to WNTR (17.54%). In terms of maximum drawdown, DFEN dropped -91.36% vs WNTR's -42.65%.

Which ETF is better, DFEN or WNTR?

On 1-year performance, WNTR leads with 97.02% vs 75.05% for DFEN. On fees, DFEN is cheaper at 0.96% per year. On volatility, WNTR has been the lower-risk option at 17.54%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DFEN or WNTR?

Over the 1-year period, WNTR has performed better with a 97.02% return vs 75.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DFEN or WNTR?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.01% for WNTR.

Which ETF pays a higher dividend yield, DFEN or WNTR?

WNTR has the higher dividend yield at 96.66%, compared with 7.66% for DFEN.

What is the main difference between DFEN and WNTR?

DFEN is categorized as Leveraged Equities, while WNTR is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.96% for DFEN and 1.01% for WNTR.

Which has better risk-adjusted returns?

WNTR currently has the higher Sharpe Ratio (1.85 vs 1.14), 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.