FGTAX vs. DFEN

Last updated Aug 4, 2026

FGTAX (Fidelity Advisor Mega Cap Stock Fund Class A) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both funds - FGTAX is a Large Cap Blend Equities fund managed by Fidelity, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Over the past 5 years, FGTAX returned 16.34%/yr vs 36.85%/yr for DFEN. Their 0.69 correlation means they have sometimes moved together and sometimes differently. FGTAX charges 0.90%/yr vs 0.96%/yr for DFEN.

Performance

FGTAX vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX) 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, FGTAX achieves a 11.74% return, which is significantly lower than DFEN's 27.74% return.

FGTAX

• 1D: 1.12%
• 1M: 1.30%
• 6M: 8.01%
• YTD: 11.74%
• 1Y: 24.53%
• 3Y*: 23.07%
• 5Y*: 16.34%
• 10Y*: 16.10%
• ALL TIME*: 11.80%

DFEN

• 1D: 8.14%
• 1M: -4.95%
• 6M: 4.58%
• YTD: 27.74%
• 1Y: 57.49%
• 3Y*: 72.81%
• 5Y*: 36.85%
• 10Y*: —
• ALL TIME*: 17.61%

*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	$13.86M	$12.55M	$15.20M
FGTAX Fidelity Advisor Mega Cap Stock Fund Class A	$0.00	$0.00	$0.00

FGTAX vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FGTAX Fidelity Advisor Mega Cap Stock Fund Class A	11.74%	26.58%	25.62%	26.18%	-9.26%	25.98%	12.59%	30.74%	-7.68%	11.72%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	27.74%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between FGTAX and DFEN is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.60
Correlation (5Y) Shows whether the relationship held over a longer period.	0.68
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.69

The correlation between FGTAX and DFEN has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.

Return for Risk

FGTAX vs. DFEN — Risk / Return Rank

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

FGTAX

FGTAX Risk / Return Rank: 74
FGTAX Sharpe Ratio Rank: 73
FGTAX Sortino Ratio Rank: 70
FGTAX Omega Ratio Rank: 68
FGTAX Calmar Ratio Rank: 74
FGTAX Martin Ratio Rank: 83

DFEN

DFEN Risk / Return Rank: 36
DFEN Sharpe Ratio Rank: 34
DFEN Sortino Ratio Rank: 39
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 39
DFEN Martin Ratio Rank: 31

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.

FGTAX vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX) 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.

	FGTAX	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	1.76	0.85	+0.92
Sortino ratio: Return per unit of downside risk	2.48	1.52	+0.95
Omega ratio: Gain probability vs. loss probability	1.31	1.18	+0.13
Calmar ratio: Return relative to maximum drawdown	2.51	1.38	+1.13
Martin ratio: Return relative to average drawdown	10.82	2.91	+7.91

FGTAX vs. DFEN - Sharpe Ratio Comparison

The current FGTAX Sharpe Ratio is 1.76, which is higher than the DFEN Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of FGTAX 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

FGTAX vs. DFEN - Drawdown Comparison

The maximum FGTAX drawdown since its inception was -53.07%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for FGTAX and DFEN.

Drawdown Indicators

	FGTAX	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-53.07%	-91.36%	+38.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.04%	-41.75%	+32.71%
Max Drawdown (3Y) Largest decline over 3 years	-18.52%	-43.13%	+24.61%
Max Drawdown (5Y) Largest decline over 5 years	-23.48%	-51.96%	+28.48%
Max Drawdown (10Y) Largest decline over 10 years	-35.21%	—	—
Current Drawdown Current decline from peak	-0.32%	-16.29%	+15.97%
Average Drawdown Average peak-to-trough decline	-6.73%	-44.86%	+38.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	19.80%	-17.70%

Volatility

FGTAX vs. DFEN - Volatility Comparison

The current volatility for Fidelity Advisor Mega Cap Stock Fund Class A (FGTAX) is 3.77%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 22.77%. This indicates that FGTAX 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

	FGTAX	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	22.77%	-19.00%
Volatility (6M) Calculated over the trailing 6-month period	10.00%	55.82%	-45.82%
Volatility (1Y) Calculated over the trailing 1-year period	12.88%	68.43%	-55.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	60.96%	-44.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	71.61%	-53.54%

FGTAX vs. DFEN - Expense Ratio Comparison

FGTAX has a 0.90% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

FGTAX vs. DFEN - Dividend Comparison

FGTAX's dividend yield for the trailing twelve months is around 3.33%, less than DFEN's 6.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	6.94%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%	0.00%
FGTAX Fidelity Advisor Mega Cap Stock Fund Class A	3.33%	3.72%	2.48%	1.86%	4.17%	4.61%	7.84%	12.91%	21.65%	16.21%	1.75%	3.75%

Frequently Asked Questions

Can I hold both FGTAX and DFEN in my portfolio?

FGTAX and DFEN have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FGTAX or DFEN?

DFEN has higher volatility (22.77%) compared to FGTAX (3.77%). In terms of maximum drawdown, FGTAX dropped -53.07% vs DFEN's -91.36%.

Which has better risk-adjusted returns?

FGTAX currently has the higher Sharpe Ratio (1.76 vs 0.85), 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.