FAS vs. DFEN
Compare and contrast key facts about Direxion Daily Financial Bull 3X Shares (FAS) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN).
FAS and DFEN are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FAS is a passively managed fund by Direxion that tracks the performance of the Russell 1000 Financial Services Index (300%). It was launched on Nov 6, 2008. DFEN is a passively managed fund by Direxion that tracks the performance of the Dow Jones U.S. Select Aerospace & Defense Index (300%). It was launched on May 3, 2017. Both FAS and DFEN are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
FAS vs. DFEN - Performance Comparison
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FAS vs. DFEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -29.25% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 52.60% |
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | -1.16% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
Returns By Period
In the year-to-date period, FAS achieves a -29.25% return, which is significantly lower than DFEN's -1.16% return.
FAS
- 1D
- 6.35%
- 1M
- -11.64%
- YTD
- -29.25%
- 6M
- -27.65%
- 1Y
- -18.17%
- 3Y*
- 32.31%
- 5Y*
- 7.69%
- 10Y*
- 18.68%
DFEN
- 1D
- 11.19%
- 1M
- -30.09%
- YTD
- -1.16%
- 6M
- 1.22%
- 1Y
- 127.12%
- 3Y*
- 56.37%
- 5Y*
- 30.53%
- 10Y*
- —
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FAS vs. DFEN - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is higher than DFEN's 0.99% expense ratio.
Return for Risk
FAS vs. DFEN — Risk / Return Rank
FAS
DFEN
FAS vs. DFEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (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.
| FAS | DFEN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.32 | 1.83 | -2.15 |
Sortino ratioReturn per unit of downside risk | -0.08 | 2.27 | -2.35 |
Omega ratioGain probability vs. loss probability | 0.99 | 1.32 | -0.33 |
Calmar ratioReturn relative to maximum drawdown | -0.37 | 3.03 | -3.40 |
Martin ratioReturn relative to average drawdown | -1.01 | 10.38 | -11.40 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FAS | DFEN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.32 | 1.83 | -2.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.14 | 0.52 | -0.38 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.19 | 0.21 | -0.02 |
Correlation
The correlation between FAS and DFEN is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
FAS vs. DFEN - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 11.79%, more than DFEN's 9.03% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | 11.79% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 9.03% | 8.89% | 14.12% | 1.13% | 0.46% | 1.89% | 0.48% | 0.50% | 1.07% | 1.50% |
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.
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Drawdown Indicators
| FAS | DFEN | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 (5Y)Largest decline over 5 years | -66.88% | -56.23% | -10.65% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | — | — |
Current DrawdownCurrent decline from peak | -35.08% | -35.23% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -31.15% | -45.54% | +14.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.87% | 12.18% | +2.69% |
Volatility
FAS vs. DFEN - Volatility Comparison
The current volatility for Direxion Daily Financial Bull 3X Shares (FAS) is 14.32%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 23.85%. 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.
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Volatility by Period
| FAS | DFEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.32% | 23.85% | -9.53% |
Volatility (6M)Calculated over the trailing 6-month period | 34.33% | 48.18% | -13.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.51% | 69.88% | -12.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.69% | 59.00% | -3.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.35% | 71.31% | -9.96% |