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FJP vs. DFEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

FJP vs. DFEN

Last updated Jun 24, 2026

FJP (First Trust Japan AlphaDEX Fund) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - FJP is a Japan Equities fund tracking the NASDAQ AlphaDEX Japan Index, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Both are passively managed. Over the past 5 years, FJP returned 11.07%/yr vs 30.03%/yr for DFEN. At a 0.44 correlation, their price movements are largely independent. FJP charges 0.80%/yr vs 0.96%/yr for DFEN.

Performance

FJP vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Japan AlphaDEX Fund (FJP) 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, FJP achieves a 14.36% return, which is significantly lower than DFEN's 15.64% return.

FJP

1D
-3.66%
1M
0.74%
YTD
14.36%
6M
13.78%
1Y
34.76%
3Y*
21.09%
5Y*
11.07%
10Y*
7.86%

DFEN

1D
0.49%
1M
11.93%
YTD
15.64%
6M
7.44%
1Y
71.10%
3Y*
68.88%
5Y*
30.03%
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

FJP vs. DFEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
FJP
First Trust Japan AlphaDEX Fund		14.36%33.60%5.80%23.00%-12.83%-1.13%3.60%7.72%-18.60%17.90%
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		15.64%156.62%27.07%24.70%6.99%12.72%-70.23%95.09%-32.86%83.64%

Correlation

The correlation between FJP and DFEN is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

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

0.38

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

0.32

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

0.38

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

0.44

The correlation between FJP and DFEN shifts across timeframes, from 0.32 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.

FJP vs. DFEN - Sectors Allocation Comparison

Sectors
FJP
DFEN

Industrials

43.7%
18.7%

Consumer Cyclical

12.4%

-

Technology

10.7%
0.0%

Basic Materials

10.4%

-

Utilities

5.7%

-

Financial Services

5.5%

-

Energy

3.4%

-

Healthcare

3.4%

-

Real Estate

3.1%

-

Communication Services

1.0%

-

Consumer Defensive

0.8%

-

Industrials

FJP
43.7%
DFEN
18.7%

Consumer Cyclical

FJP
12.4%
DFEN

-

Technology

FJP
10.7%
DFEN
0.0%

Basic Materials

FJP
10.4%
DFEN

-

Utilities

FJP
5.7%
DFEN

-

Financial Services

FJP
5.5%
DFEN

-

Energy

FJP
3.4%
DFEN

-

Healthcare

FJP
3.4%
DFEN

-

Real Estate

FJP
3.1%
DFEN

-

Communication Services

FJP
1.0%
DFEN

-

Consumer Defensive

FJP
0.8%
DFEN

-

Compare stocks, funds, or ETFs

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First Trust Japan AlphaDEX Fund

Direxion Daily Aerospace & Defense Bull 3X Shares

Often compared with FJP:
FJP vs. IAUMFJP vs. EWJFJP vs. QQQFJP vs. DXJFJP vs. EWJVFJP vs. VOOFJP vs. DGRW
Often compared with DFEN:
DFEN vs. ITADFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. SPXLDFEN vs. VOODFEN vs. EUDF.DE

Return for Risk

FJP vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
FJP
FJP Risk / Return Rank: 5050
Overall Rank
FJP Sharpe Ratio Rank: 5151
Sharpe Ratio Rank
FJP Sortino Ratio Rank: 5050
Sortino Ratio Rank
FJP Omega Ratio Rank: 5050
Omega Ratio Rank
FJP Calmar Ratio Rank: 5353
Calmar Ratio Rank
FJP Martin Ratio Rank: 4646
Martin Ratio Rank
DFEN
DFEN Risk / Return Rank: 3232
Overall Rank
DFEN Sharpe Ratio Rank: 3131
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 3535
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3131
Omega Ratio Rank
DFEN Calmar Ratio Rank: 3636
Calmar Ratio Rank
DFEN Martin Ratio Rank: 2929
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.

FJP vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Japan AlphaDEX Fund (FJP) 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.

FJPDFENDifference
Sharpe ratioReturn per unit of total volatility
1.65
1.08

+0.57

Sortino ratioReturn per unit of downside risk
2.28
1.76

+0.51

Omega ratioGain probability vs. loss probability

1.29

1.20

+0.09

Calmar ratioReturn relative to maximum drawdown

2.42

1.71

+0.71

Martin ratioReturn relative to average drawdown

7.07

3.90

+3.17

FJP vs. DFEN - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.65, which is higher than the DFEN Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of FJP 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

FJP vs. DFEN - Drawdown Comparison

The maximum FJP drawdown since its inception was -41.51%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for FJP and DFEN.

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Drawdown Indicators

FJPDFENDifference

Max Drawdown

Largest peak-to-trough decline

-41.51%

-91.36%

+49.85%

Max Drawdown (1Y)

Largest decline over 1 year

-14.43%

-41.75%

+27.32%

Max Drawdown (3Y)

Largest decline over 3 years

-17.02%

-43.13%

+26.11%

Max Drawdown (5Y)

Largest decline over 5 years

-31.88%

-55.30%

+23.42%

Max Drawdown (10Y)

Largest decline over 10 years

-41.51%

—

—

Current Drawdown

Current decline from peak

-6.28%

-24.22%

+17.94%

Average Drawdown

Average peak-to-trough decline

-11.44%

-45.13%

+33.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

4.93%

18.29%

-13.36%

Volatility

FJP vs. DFEN - Volatility Comparison

The current volatility for First Trust Japan AlphaDEX Fund (FJP) is 8.15%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.03%. This indicates that FJP 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

FJPDFENDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.15%

25.03%

-16.88%

Volatility (6M)

Calculated over the trailing 6-month period

17.96%

55.87%

-37.91%

Volatility (1Y)

Calculated over the trailing 1-year period

21.22%

66.30%

-45.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.54%

60.78%

-40.24%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.91%

71.63%

-52.72%

FJP vs. DFEN - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

FJP vs. DFEN - Dividend Comparison

FJP's dividend yield for the trailing twelve months is around 2.49%, less than DFEN's 7.72% yield.

PositionTTM20252024202320222021202020192018201720162015
DFEN
Direxion Daily Aerospace & Defense Bull 3X Shares		7.72%8.89%14.12%1.13%0.46%1.89%0.48%0.50%1.07%1.50%0.00%0.00%
FJP
First Trust Japan AlphaDEX Fund		2.49%2.68%3.18%3.49%2.21%2.43%0.99%2.80%1.54%1.29%1.46%0.85%

Frequently Asked Questions

FJP and DFEN have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

DFEN has higher volatility (25.03%) compared to FJP (8.15%). In terms of maximum drawdown, FJP dropped -41.51% vs DFEN's -91.36%.

On 5-year performance, DFEN leads with 30.03% vs 11.07% for FJP. On fees, FJP is cheaper at 0.80% per year. On volatility, FJP has been the lower-risk option at 8.15%. 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 30.03% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

FJP is cheaper with a 0.80% expense ratio, compared with 0.96% for DFEN.

DFEN has the higher dividend yield at 7.72%, compared with 2.49% for FJP.

FJP is categorized as Japan Equities, while DFEN is Leveraged Equities. FJP tracks NASDAQ AlphaDEX Japan Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.80% for FJP and 0.96% for DFEN.

FJP currently has the higher Sharpe Ratio (1.65 vs 1.08), 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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