FJP vs. DFEN

Last updated Jun 4, 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%). Both are passively managed. Over the past 5 years, FJP returned 10.81%/yr vs 26.54%/yr for DFEN. At a 0.44 correlation, their price movements are largely independent. FJP charges 0.80%/yr vs 0.99%/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.

Returns By Period

In the year-to-date period, FJP achieves a 14.28% return, which is significantly higher than DFEN's 2.17% return.

FJP

• 1D: 0.00%
• 1M: 2.90%
• YTD: 14.28%
• 6M: 15.85%
• 1Y: 33.53%
• 3Y*: 21.60%
• 5Y*: 10.81%
• 10Y*: 7.48%

DFEN

• 1D: -4.54%
• 1M: 12.97%
• YTD: 2.17%
• 6M: 21.41%
• 1Y: 59.57%
• 3Y*: 63.19%
• 5Y*: 26.54%
• 10Y*: —

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

FJP vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FJP First Trust Japan AlphaDEX Fund	14.28%	33.60%	5.80%	23.00%	-12.83%	-1.13%	3.60%	7.72%	-18.60%	17.49%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	2.17%	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 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.44

The correlation between FJP and DFEN shifts across timeframes, from 0.33 (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	45.0%	19.7%
Consumer Cyclical	12.0%	-
Basic Materials	9.7%	-
Technology	8.9%	0.0%
Utilities	6.1%	-
Financial Services	5.6%	-
Energy	4.2%	-
Healthcare	3.6%	-
Real Estate	3.5%	-
Consumer Defensive	0.8%	-
Communication Services	0.7%	-

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: 46
FJP Sharpe Ratio Rank: 47
FJP Sortino Ratio Rank: 46
FJP Omega Ratio Rank: 46
FJP Calmar Ratio Rank: 47
FJP Martin Ratio Rank: 44

DFEN

DFEN Risk / Return Rank: 27
DFEN Sharpe Ratio Rank: 26
DFEN Sortino Ratio Rank: 29
DFEN Omega Ratio Rank: 27
DFEN Calmar Ratio Rank: 29
DFEN Martin Ratio Rank: 25

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.

	FJP	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	1.63	0.95	+0.69
Sortino ratio: Return per unit of downside risk	2.28	1.59	+0.69
Omega ratio: Gain probability vs. loss probability	1.29	1.19	+0.10
Calmar ratio: Return relative to maximum drawdown	2.33	1.43	+0.90
Martin ratio: Return relative to average drawdown	7.20	3.44	+3.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FJP vs. DFEN - Sharpe Ratio Comparison

The current FJP Sharpe Ratio is 1.63, which is higher than the DFEN Sharpe Ratio of 0.95. 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.

Sharpe Ratios by Period

	FJP	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.63	0.95	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.53	0.44	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.21	+0.11

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.

Drawdown Indicators

	FJP	DFEN	Difference
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%	-56.23%	+24.35%
Max Drawdown (10Y) Largest decline over 10 years	-41.51%	—	—
Current Drawdown Current decline from peak	-6.34%	-33.04%	+26.70%
Average Drawdown Average peak-to-trough decline	-11.46%	-45.27%	+33.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.67%	17.36%	-12.69%

Volatility

FJP vs. DFEN - Volatility Comparison

The current volatility for First Trust Japan AlphaDEX Fund (FJP) is 6.51%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 22.35%. 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.

Volatility by Period

	FJP	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.51%	22.35%	-15.84%
Volatility (6M) Calculated over the trailing 6-month period	16.87%	53.06%	-36.19%
Volatility (1Y) Calculated over the trailing 1-year period	20.70%	63.21%	-42.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.35%	60.16%	-39.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.88%	71.48%	-52.60%

FJP vs. DFEN - Expense Ratio Comparison

FJP has a 0.80% expense ratio, which is lower than DFEN's 0.99% 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 8.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.74%	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

Can I hold both FJP and DFEN in my portfolio?

FJP and DFEN have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FJP or DFEN?

DFEN has higher volatility (22.35%) compared to FJP (6.51%). In terms of maximum drawdown, FJP dropped -41.51% vs DFEN's -91.36%.

Which ETF is better, FJP or DFEN?

On 5-year performance, DFEN leads with 26.54% vs 10.81% for FJP. On fees, FJP is cheaper at 0.80% per year. On volatility, FJP has been the lower-risk option at 6.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FJP or DFEN?

Over the 5-year period, DFEN has performed better with a 26.54% return vs 10.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FJP or DFEN?

FJP is cheaper with a 0.80% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 8.74%, compared with 2.49% for FJP.

What is the main difference between FJP and DFEN?

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%). They also come from different issuers: First Trust and Direxion. Their fees differ too: 0.80% for FJP and 0.99% for DFEN.

Which has better risk-adjusted returns?

FJP currently has the higher Sharpe Ratio (1.63 vs 0.95), 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.