ETON vs. DFEN

Last updated Jun 13, 2026

ETON (Eton Pharmaceuticals Inc) is a stock, while DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) is Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). Over the past 5 years, ETON returned 36.00%/yr vs 29.22%/yr for DFEN. At a 0.24 correlation, their price movements are largely independent.

Performance

ETON vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Eton Pharmaceuticals Inc (ETON) 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, ETON achieves a 86.81% return, which is significantly higher than DFEN's 13.12% return.

ETON

• 1D: -1.62%
• 1M: 2.50%
• YTD: 86.81%
• 6M: 89.16%
• 1Y: 117.71%
• 3Y*: 102.22%
• 5Y*: 36.00%
• 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)

ETON vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ETON Eton Pharmaceuticals Inc	86.81%	26.95%	204.11%	55.32%	-34.27%	-47.23%	12.92%	17.65%	-4.23%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.83%

Correlation

The correlation between ETON and DFEN is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Nov 13, 2018	0.24

Return for Risk

ETON vs. DFEN — Risk / Return Rank

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

ETON

ETON Risk / Return Rank: 87
ETON Sharpe Ratio Rank: 91
ETON Sortino Ratio Rank: 88
ETON Omega Ratio Rank: 87
ETON Calmar Ratio Rank: 85
ETON Martin Ratio Rank: 82

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.

ETON vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Eton Pharmaceuticals Inc (ETON) 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.

	ETON	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	2.16	1.18	+0.99
Sortino ratio: Return per unit of downside risk	2.84	1.85	+0.98
Omega ratio: Gain probability vs. loss probability	1.36	1.22	+0.15
Calmar ratio: Return relative to maximum drawdown	3.27	1.85	+1.42
Martin ratio: Return relative to average drawdown	6.73	4.29	+2.44

ETON vs. DFEN - Sharpe Ratio Comparison

The current ETON Sharpe Ratio is 2.16, which is higher than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of ETON 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

ETON vs. DFEN - Drawdown Comparison

The maximum ETON drawdown since its inception was -79.94%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for ETON and DFEN.

Drawdown Indicators

	ETON	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-79.94%	-91.36%	+11.42%
Max Drawdown (1Y) Largest decline over 1 year	-36.17%	-41.75%	+5.58%
Max Drawdown (3Y) Largest decline over 3 years	-45.65%	-43.13%	-2.52%
Max Drawdown (5Y) Largest decline over 5 years	-70.42%	-55.30%	-15.12%
Current Drawdown Current decline from peak	-9.74%	-25.87%	+16.13%
Average Drawdown Average peak-to-trough decline	-37.58%	-45.20%	+7.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.56%	17.99%	-0.43%

Volatility

ETON vs. DFEN - Volatility Comparison

The current volatility for Eton Pharmaceuticals Inc (ETON) is 17.63%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that ETON 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

	ETON	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.63%	27.31%	-9.68%
Volatility (6M) Calculated over the trailing 6-month period	40.49%	55.81%	-15.32%
Volatility (1Y) Calculated over the trailing 1-year period	54.85%	65.81%	-10.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.41%	60.74%	+2.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.87%	71.66%	-7.79%

Dividends

ETON vs. DFEN - Dividend Comparison

ETON has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 7.89%.

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%
ETON Eton Pharmaceuticals Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETON and DFEN in my portfolio?

ETON and DFEN have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETON or DFEN?

DFEN has higher volatility (27.31%) compared to ETON (17.63%). In terms of maximum drawdown, ETON dropped -79.94% vs DFEN's -91.36%.

Which has better risk-adjusted returns?

ETON currently has the higher Sharpe Ratio (2.16 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.