DRN vs. DFEN
DRN (Direxion Daily Real Estate Bull 3x Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - DRN is a REIT fund tracking the MSCI US REIT Index (300%), while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, DRN returned -10.77%/yr vs 29.22%/yr for DFEN. At a 0.45 correlation, their price movements are largely independent. Both charge a 0.99% expense ratio.
Performance
DRN vs. DFEN - Performance Comparison
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Returns By Period
In the year-to-date period, DRN achieves a 34.24% return, which is significantly higher than DFEN's 13.12% return.
DRN
- 1D
- 2.62%
- 1M
- 13.81%
- YTD
- 34.24%
- 6M
- 33.93%
- 1Y
- 19.88%
- 3Y*
- 10.01%
- 5Y*
- -10.77%
- 10Y*
- -3.96%
DFEN
- 1D
- -2.71%
- 1M
- 21.79%
- YTD
- 13.12%
- 6M
- 20.44%
- 1Y
- 75.01%
- 3Y*
- 64.38%
- 5Y*
- 29.22%
- 10Y*
- —
DRN vs. DFEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
DRN Direxion Daily Real Estate Bull 3x Shares | 34.24% | -11.24% | -5.29% | 12.03% | -67.26% | 152.94% | -55.37% | 81.86% | -25.11% | 5.29% |
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% |
Correlation
The correlation between DRN and DFEN is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | 0.45 |
The correlation between DRN and DFEN shifts across timeframes, from 0.32 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
DRN vs. DFEN — Risk / Return Rank
DRN
DFEN
DRN vs. DFEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Real Estate Bull 3x Shares (DRN) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). 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.
| DRN | DFEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.78 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.22 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.68 | 1.85 | -1.17 |
| Martin ratioReturn relative to average drawdown | 1.51 | 4.29 | -2.79 |
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Drawdowns
DRN vs. DFEN - Drawdown Comparison
The maximum DRN drawdown since its inception was -86.32%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for DRN and DFEN.
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Drawdown Indicators
| DRN | DFEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -86.32% | -91.36% | +5.04% |
Max Drawdown (1Y)Largest decline over 1 year | -24.28% | -41.75% | +17.47% |
Max Drawdown (3Y)Largest decline over 3 years | -48.26% | -43.13% | -5.13% |
Max Drawdown (5Y)Largest decline over 5 years | -80.58% | -55.30% | -25.28% |
Max Drawdown (10Y)Largest decline over 10 years | -86.32% | — | — |
Current DrawdownCurrent decline from peak | -61.73% | -25.87% | -35.86% |
Average DrawdownAverage peak-to-trough decline | -35.11% | -45.20% | +10.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.92% | 17.99% | -7.07% |
Volatility
DRN vs. DFEN - Volatility Comparison
The current volatility for Direxion Daily Real Estate Bull 3x Shares (DRN) is 14.29%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that DRN experiences smaller price fluctuations and is considered to be less risky than DFEN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DRN | DFEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.29% | 27.31% | -13.02% |
Volatility (6M)Calculated over the trailing 6-month period | 30.42% | 55.81% | -25.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 41.19% | 65.81% | -24.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.78% | 60.74% | -3.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.68% | 71.66% | -10.98% |
DRN vs. DFEN - Expense Ratio Comparison
Both DRN and DFEN have an expense ratio of 0.99%.
Dividends
DRN vs. DFEN - Dividend Comparison
DRN's dividend yield for the trailing twelve months is around 1.98%, less than DFEN's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
DRN Direxion Daily Real Estate Bull 3x Shares | 1.98% | 2.81% | 2.24% | 2.84% | 2.70% | 4.21% | 1.90% | 2.59% | 3.11% | 0.91% |
Frequently Asked Questions
DRN and DFEN have a correlation of 0.32, 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 DRN (14.29%). In terms of maximum drawdown, DRN dropped -86.32% vs DFEN's -91.36%.
On 5-year performance, DFEN leads with 29.22% vs -10.77% for DRN. Both ETFs have the same 0.99% expense ratio. On volatility, DRN has been the lower-risk option at 14.29%. 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 -10.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DRN and DFEN have the same expense ratio: 0.99% per year.
DFEN has the higher dividend yield at 7.89%, compared with 1.98% for DRN.
DRN is categorized as REIT, while DFEN is Leveraged Equities. DRN tracks MSCI US REIT Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%).
DFEN currently has the higher Sharpe Ratio (1.18 vs 0.40), 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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