FAS vs. DFEN

Last updated Aug 2, 2026

FAS (Direxion Daily Financial Bull 3X ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - FAS tracks the Financial Select Sector Index while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Both are passively managed. Over the past 5 years, FAS returned 13.37%/yr vs 33.44%/yr for DFEN. Their 0.65 correlation means they have sometimes moved together and sometimes differently. FAS charges 0.88%/yr vs 0.96%/yr for DFEN.

Performance

FAS vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bull 3X ETF (FAS) 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, FAS achieves a 4.28% return, which is significantly lower than DFEN's 18.12% return.

FAS

• 1D: -0.26%
• 1M: 6.21%
• 6M: 13.95%
• YTD: 4.28%
• 1Y: 20.90%
• 3Y*: 39.15%
• 5Y*: 13.37%
• 10Y*: 22.40%
• ALL TIME*: 14.10%

DFEN

• 1D: 2.21%
• 1M: -12.11%
• 6M: -5.05%
• YTD: 18.12%
• 1Y: 45.63%
• 3Y*: 65.26%
• 5Y*: 33.44%
• 10Y*: —
• ALL TIME*: 16.64%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	$13.59M	$13.06M	$15.26M
FAS Direxion Daily Financial Bull 3X ETF	$68.48M	$83.31M	$86.79M

FAS vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FAS Direxion Daily Financial Bull 3X ETF	4.28%	21.48%	84.47%	14.92%	-43.19%	116.59%	-34.97%	113.04%	-33.84%	53.01%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	18.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between FAS and DFEN is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (3Y) Balances recent behavior with more history.	0.51
Correlation (5Y) Shows whether the relationship held over a longer period.	0.61
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.65

Over the past year, the correlation between FAS and DFEN has dropped to 0.39 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

FAS vs. DFEN - Sectors Allocation Comparison

Sectors	FAS	DFEN
Financial Services	98.2%	-
Technology	1.6%	0.0%
Industrials	0.2%	18.5%
Basic Materials	-	0.4%
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FAS vs. DFEN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FAS

FAS Risk / Return Rank: 19
FAS Sharpe Ratio Rank: 18
FAS Sortino Ratio Rank: 21
FAS Omega Ratio Rank: 21
FAS Calmar Ratio Rank: 17
FAS Martin Ratio Rank: 16

DFEN

DFEN Risk / Return Rank: 30
DFEN Sharpe Ratio Rank: 27
DFEN Sortino Ratio Rank: 34
DFEN Omega Ratio Rank: 32
DFEN Calmar Ratio Rank: 32
DFEN Martin Ratio Rank: 27

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FAS vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X ETF (FAS) 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.

	FAS	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.33	0.64	-0.32
Sortino ratio: Return per unit of downside risk	0.73	1.31	-0.58
Omega ratio: Gain probability vs. loss probability	1.09	1.15	-0.06
Calmar ratio: Return relative to maximum drawdown	0.35	1.05	-0.70
Martin ratio: Return relative to average drawdown	0.78	2.21	-1.43

FAS vs. DFEN - Sharpe Ratio Comparison

The current FAS Sharpe Ratio is 0.33, which is lower than the DFEN Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of FAS 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

FAS vs. DFEN - Drawdown Comparison

The maximum FAS drawdown since its inception was -91.61%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for FAS and DFEN.

Drawdown Indicators

	FAS	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-91.61%	-91.36%	-0.25%
Max Drawdown (1Y) Largest decline over 1 year	-40.88%	-41.75%	+0.87%
Max Drawdown (3Y) Largest decline over 3 years	-43.10%	-43.13%	+0.03%
Max Drawdown (5Y) Largest decline over 5 years	-66.88%	-51.96%	-14.92%
Max Drawdown (10Y) Largest decline over 10 years	-85.99%	—	—
Current Drawdown Current decline from peak	-4.32%	-22.59%	+18.27%
Average Drawdown Average peak-to-trough decline	-30.97%	-44.87%	+13.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.40%	19.77%	-1.37%

Volatility

FAS vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily Financial Bull 3X ETF (FAS) is 11.99%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 21.99%. This indicates that FAS 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

	FAS	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.99%	21.99%	-10.00%
Volatility (6M) Calculated over the trailing 6-month period	32.90%	55.26%	-22.36%
Volatility (1Y) Calculated over the trailing 1-year period	43.83%	67.94%	-24.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.99%	60.84%	-5.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.11%	71.57%	-10.46%

FAS vs. DFEN - Expense Ratio Comparison

FAS has a 0.88% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

FAS vs. DFEN - Dividend Comparison

FAS's dividend yield for the trailing twelve months is around 8.05%, more than DFEN's 7.51% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.51%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
FAS Direxion Daily Financial Bull 3X ETF	8.05%	8.21%	0.76%	1.77%	0.91%	0.60%	0.47%	0.62%	1.43%	0.11%

Frequently Asked Questions

Can I hold both FAS and DFEN in my portfolio?

FAS and DFEN have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FAS or DFEN?

DFEN has higher volatility (21.99%) compared to FAS (11.99%). In terms of maximum drawdown, FAS dropped -91.61% vs DFEN's -91.36%.

Which ETF is better, FAS or DFEN?

On 5-year performance, DFEN leads with 33.44% vs 13.37% for FAS. On fees, FAS is cheaper at 0.88% per year. On volatility, FAS has been the lower-risk option at 11.99%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FAS or DFEN?

Over the 5-year period, DFEN has performed better with a 33.44% return vs 13.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FAS or DFEN?

FAS is cheaper with a 0.88% expense ratio, compared with 0.96% for DFEN.

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

FAS has the higher dividend yield at 8.05%, compared with 7.51% for DFEN.

What is the main difference between FAS and DFEN?

FAS tracks Financial Select Sector Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Their fees differ too: 0.88% for FAS and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.64 vs 0.33), 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.