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EUFN vs. DFEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

EUFN vs. DFEN

Last updated Jun 13, 2026

EUFN (iShares MSCI Europe Financials ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - EUFN is a Financials Equities fund tracking the MSCI Europe Financials 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, EUFN returned 18.43%/yr vs 29.22%/yr for DFEN. A 0.55 correlation means they provide meaningful diversification when combined. EUFN charges 0.48%/yr vs 0.99%/yr for DFEN.

Performance

EUFN vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Europe Financials ETF (EUFN) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, EUFN achieves a 4.75% return, which is significantly lower than DFEN's 13.12% return.

EUFN

1D
1.20%
1M
3.43%
YTD
4.75%
6M
9.10%
1Y
28.57%
3Y*
32.04%
5Y*
18.43%
10Y*
13.48%

DFEN

1D
-2.71%
1M
9.77%
YTD
13.12%
6M
20.44%
1Y
75.01%
3Y*
64.38%
5Y*
29.22%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

EUFN vs. DFEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
EUFN
iShares MSCI Europe Financials ETF		4.75%65.73%17.20%26.15%-8.78%19.13%-8.55%20.73%-23.14%11.68%
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 EUFN and DFEN is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.46

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

0.42

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

0.52

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

0.55

The correlation between EUFN and DFEN shifts across timeframes, from 0.42 (3 years) to 0.55 (all time), reflecting how their relationship changes across market environments.

EUFN vs. DFEN - Sectors Allocation Comparison

Sectors
EUFN
DFEN

Financial Services

97.1%

-

Technology

1.0%
0.0%

Industrials

0.4%
19.7%

Consumer Cyclical

0.2%

-

Basic Materials

-

-

Communication Services

-

-

Consumer Defensive

-

-

Energy

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Financial Services

EUFN
97.1%
DFEN

-

Technology

EUFN
1.0%
DFEN
0.0%

Industrials

EUFN
0.4%
DFEN
19.7%

Consumer Cyclical

EUFN
0.2%
DFEN

-

Basic Materials

EUFN

-

DFEN

-

Communication Services

EUFN

-

DFEN

-

Consumer Defensive

EUFN

-

DFEN

-

Energy

EUFN

-

DFEN

-

Healthcare

EUFN

-

DFEN

-

Real Estate

EUFN

-

DFEN

-

Utilities

EUFN

-

DFEN

-

Compare stocks, funds, or ETFs

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iShares MSCI Europe Financials ETF

Direxion Daily Aerospace & Defense Bull 3X Shares

Often compared with EUFN:
EUFN vs. XLFEUFN vs. FDDEUFN vs. SPYEUFN vs. GSIBEUFN vs. EURLEUFN vs. IEUREUFN vs. EIRL
Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. VOODFEN vs. SPXLDFEN vs. EUDF.DE

Return for Risk

EUFN vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
EUFN
EUFN Risk / Return Rank: 4242
Overall Rank
EUFN Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
EUFN Sortino Ratio Rank: 4242
Sortino Ratio Rank
EUFN Omega Ratio Rank: 3939
Omega Ratio Rank
EUFN Calmar Ratio Rank: 4141
Calmar Ratio Rank
EUFN Martin Ratio Rank: 4444
Martin Ratio Rank
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
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.

EUFN vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Europe Financials ETF (EUFN) 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.

EUFNDFENDifference
Sharpe ratioReturn per unit of total volatility
1.31
1.18

+0.13

Sortino ratioReturn per unit of downside risk
1.92
1.85

+0.07

Omega ratioGain probability vs. loss probability

1.23

1.22

+0.01

Calmar ratioReturn relative to maximum drawdown

1.79

1.85

-0.07

Martin ratioReturn relative to average drawdown

6.24

4.29

+1.94

EUFN vs. DFEN - Sharpe Ratio Comparison

The current EUFN Sharpe Ratio is 1.31, which is comparable to the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of EUFN 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.

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Drawdowns

EUFN vs. DFEN - Drawdown Comparison

The maximum EUFN drawdown since its inception was -53.25%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for EUFN and DFEN.

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Drawdown Indicators

EUFNDFENDifference

Max Drawdown

Largest peak-to-trough decline

-53.25%

-91.36%

+38.11%

Max Drawdown (1Y)

Largest decline over 1 year

-14.77%

-41.75%

+26.98%

Max Drawdown (3Y)

Largest decline over 3 years

-15.95%

-43.13%

+27.18%

Max Drawdown (5Y)

Largest decline over 5 years

-35.15%

-55.30%

+20.15%

Max Drawdown (10Y)

Largest decline over 10 years

-53.25%

—

—

Current Drawdown

Current decline from peak

-0.10%

-25.87%

+25.77%

Average Drawdown

Average peak-to-trough decline

-14.53%

-45.20%

+30.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.23%

17.99%

-13.76%

Volatility

EUFN vs. DFEN - Volatility Comparison

The current volatility for iShares MSCI Europe Financials ETF (EUFN) is 6.96%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that EUFN 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

EUFNDFENDifference

Volatility (1M)

Calculated over the trailing 1-month period

6.96%

27.31%

-20.35%

Volatility (6M)

Calculated over the trailing 6-month period

17.05%

55.81%

-38.76%

Volatility (1Y)

Calculated over the trailing 1-year period

20.17%

65.81%

-45.64%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

21.88%

60.74%

-38.86%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

24.53%

71.66%

-47.13%

EUFN vs. DFEN - Expense Ratio Comparison

EUFN has a 0.48% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

EUFN vs. DFEN - Dividend Comparison

EUFN's dividend yield for the trailing twelve months is around 3.41%, less than DFEN's 7.89% 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%
EUFN
iShares MSCI Europe Financials ETF		3.41%3.57%5.36%5.00%4.24%4.15%1.38%4.55%6.48%3.04%4.03%3.65%

Frequently Asked Questions

EUFN and DFEN have a correlation of 0.46, 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 EUFN (6.96%). In terms of maximum drawdown, EUFN dropped -53.25% vs DFEN's -91.36%.

On 5-year performance, DFEN leads with 29.22% vs 18.43% for EUFN. On fees, EUFN is cheaper at 0.48% per year. On volatility, EUFN has been the lower-risk option at 6.96%. 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 18.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

EUFN is cheaper with a 0.48% expense ratio, compared with 0.99% for DFEN.

DFEN has the higher dividend yield at 7.89%, compared with 3.41% for EUFN.

EUFN is categorized as Financials Equities, while DFEN is Leveraged Equities. EUFN tracks MSCI Europe Financials Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.48% for EUFN and 0.99% for DFEN.

EUFN currently has the higher Sharpe Ratio (1.31 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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