ESPO vs. DFEN

Last updated Jun 13, 2026

ESPO (VanEck Vectors Video Gaming and eSports ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - ESPO is a Large Cap Growth Equities fund tracking the MVIS Global Video Gaming and eSports Index, 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, ESPO returned 5.49%/yr vs 29.22%/yr for DFEN. At a 0.39 correlation, their price movements are largely independent. ESPO charges 0.55%/yr vs 0.99%/yr for DFEN.

Performance

ESPO vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Vectors Video Gaming and eSports ETF (ESPO) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ESPO achieves a -15.10% return, which is significantly lower than DFEN's 13.12% return.

ESPO

• 1D: -0.29%
• 1M: -3.31%
• YTD: -15.10%
• 6M: -16.17%
• 1Y: -14.92%
• 3Y*: 16.96%
• 5Y*: 5.49%
• 10Y*: —

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

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

ESPO vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ESPO VanEck Vectors Video Gaming and eSports ETF	-15.10%	25.79%	47.61%	33.64%	-34.71%	-2.13%	83.93%	42.36%	-12.49%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-46.03%

Correlation

The correlation between ESPO 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	0.37
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Oct 17, 2018	0.39

ESPO vs. DFEN - Sectors Allocation Comparison

Sectors	ESPO	DFEN
Communication Services	78.1%	-
Consumer Cyclical	13.8%	-
Technology	8.2%	0.0%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	19.7%
Real Estate	-	-
Utilities	-	-

Return for Risk

ESPO vs. DFEN — Risk / Return Rank

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

ESPO

ESPO Risk / Return Rank: 4
ESPO Sharpe Ratio Rank: 3
ESPO Sortino Ratio Rank: 4
ESPO Omega Ratio Rank: 4
ESPO Calmar Ratio Rank: 5
ESPO Martin Ratio Rank: 5

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

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.

ESPO vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Video Gaming and eSports ETF (ESPO) 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.

	ESPO	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	-0.80	1.18	-1.97
Sortino ratio: Return per unit of downside risk	-1.02	1.85	-2.88
Omega ratio: Gain probability vs. loss probability	0.88	1.22	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.54	1.85	-2.39
Martin ratio: Return relative to average drawdown	-0.94	4.29	-5.23

ESPO vs. DFEN - Sharpe Ratio Comparison

The current ESPO Sharpe Ratio is -0.80, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ESPO and DFEN, 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

ESPO vs. DFEN - Drawdown Comparison

The maximum ESPO drawdown since its inception was -50.99%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for ESPO and DFEN.

Drawdown Indicators

	ESPO	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-50.99%	-91.36%	+40.37%
Max Drawdown (1Y) Largest decline over 1 year	-27.81%	-41.75%	+13.94%
Max Drawdown (3Y) Largest decline over 3 years	-27.81%	-43.13%	+15.32%
Max Drawdown (5Y) Largest decline over 5 years	-48.33%	-55.30%	+6.97%
Current Drawdown Current decline from peak	-27.19%	-25.87%	-1.32%
Average Drawdown Average peak-to-trough decline	-15.06%	-45.20%	+30.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.95%	17.99%	-2.04%

Volatility

ESPO vs. DFEN - Volatility Comparison

The current volatility for VanEck Vectors Video Gaming and eSports ETF (ESPO) is 4.42%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that ESPO 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.

Volatility by Period

	ESPO	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.42%	27.31%	-22.89%
Volatility (6M) Calculated over the trailing 6-month period	14.67%	55.81%	-41.14%
Volatility (1Y) Calculated over the trailing 1-year period	18.83%	65.81%	-46.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.10%	60.74%	-35.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.71%	71.66%	-45.95%

ESPO vs. DFEN - Expense Ratio Comparison

ESPO has a 0.55% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

ESPO vs. DFEN - Dividend Comparison

ESPO's dividend yield for the trailing twelve months is around 1.47%, 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%
ESPO VanEck Vectors Video Gaming and eSports ETF	1.47%	1.24%	0.44%	0.96%	0.91%	3.36%	0.12%	0.22%	0.04%	0.00%

Frequently Asked Questions

Can I hold both ESPO and DFEN in my portfolio?

ESPO 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.

Which is riskier, ESPO or DFEN?

DFEN has higher volatility (27.31%) compared to ESPO (4.42%). In terms of maximum drawdown, ESPO dropped -50.99% vs DFEN's -91.36%.

Which ETF is better, ESPO or DFEN?

On 5-year performance, DFEN leads with 29.22% vs 5.49% for ESPO. On fees, ESPO is cheaper at 0.55% per year. On volatility, ESPO has been the lower-risk option at 4.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ESPO or DFEN?

Over the 5-year period, DFEN has performed better with a 29.22% return vs 5.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ESPO or DFEN?

ESPO is cheaper with a 0.55% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 7.89%, compared with 1.47% for ESPO.

What is the main difference between ESPO and DFEN?

ESPO is categorized as Large Cap Growth Equities, while DFEN is Leveraged Equities. ESPO tracks MVIS Global Video Gaming and eSports Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: VanEck and Direxion. Their fees differ too: 0.55% for ESPO and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs -0.80), 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.