FNGS vs. DFEN

Last updated Jun 13, 2026

FNGS (MicroSectors FANG+ ETN) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - FNGS is a Large Cap Growth Equities fund tracking the NYSE FANG+ 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, FNGS returned 19.76%/yr vs 29.22%/yr for DFEN. At a 0.38 correlation, their price movements are largely independent. FNGS charges 0.58%/yr vs 0.99%/yr for DFEN.

Performance

FNGS vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors FANG+ ETN (FNGS) 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, FNGS achieves a 6.79% return, which is significantly lower than DFEN's 13.12% return.

FNGS

• 1D: -0.94%
• 1M: -3.20%
• YTD: 6.79%
• 6M: 4.25%
• 1Y: 17.02%
• 3Y*: 29.80%
• 5Y*: 19.76%
• 10Y*: —

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

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

FNGS vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
FNGS MicroSectors FANG+ ETN	6.79%	18.64%	51.99%	95.24%	-40.32%	16.96%	101.99%	10.10%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	-8.26%

Correlation

The correlation between FNGS and DFEN is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (All Time) Calculated using the full available price history since Nov 13, 2019	0.38

FNGS vs. DFEN - Sectors Allocation Comparison

Sectors	FNGS	DFEN
Technology	59.9%	0.0%
Communication Services	28.8%	-
Consumer Cyclical	11.3%	-
Financial Services	10.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Industrials	-	19.7%
Real Estate	-	-
Utilities	-	-

Return for Risk

FNGS vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FNGS

FNGS Risk / Return Rank: 23
FNGS Sharpe Ratio Rank: 25
FNGS Sortino Ratio Rank: 24
FNGS Omega Ratio Rank: 24
FNGS Calmar Ratio Rank: 20
FNGS Martin Ratio Rank: 20

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

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.

FNGS vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors FANG+ ETN (FNGS) 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.

	FNGS	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.79	1.18	-0.39
Sortino ratio: Return per unit of downside risk	1.19	1.85	-0.67
Omega ratio: Gain probability vs. loss probability	1.15	1.22	-0.07
Calmar ratio: Return relative to maximum drawdown	0.75	1.85	-1.11
Martin ratio: Return relative to average drawdown	2.12	4.29	-2.18

FNGS vs. DFEN - Sharpe Ratio Comparison

The current FNGS Sharpe Ratio is 0.79, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of FNGS 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

FNGS vs. DFEN - Drawdown Comparison

The maximum FNGS drawdown since its inception was -48.98%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for FNGS and DFEN.

Drawdown Indicators

	FNGS	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-48.98%	-91.36%	+42.38%
Max Drawdown (1Y) Largest decline over 1 year	-22.93%	-41.75%	+18.82%
Max Drawdown (3Y) Largest decline over 3 years	-26.77%	-43.13%	+16.36%
Max Drawdown (5Y) Largest decline over 5 years	-48.98%	-55.30%	+6.32%
Current Drawdown Current decline from peak	-9.63%	-25.87%	+16.24%
Average Drawdown Average peak-to-trough decline	-10.85%	-45.20%	+34.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.05%	17.99%	-9.94%

Volatility

FNGS vs. DFEN - Volatility Comparison

The current volatility for MicroSectors FANG+ ETN (FNGS) is 8.74%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that FNGS 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

	FNGS	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	27.31%	-18.57%
Volatility (6M) Calculated over the trailing 6-month period	17.19%	55.81%	-38.62%
Volatility (1Y) Calculated over the trailing 1-year period	21.65%	65.81%	-44.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.10%	60.74%	-30.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.17%	71.66%	-40.49%

FNGS vs. DFEN - Expense Ratio Comparison

FNGS has a 0.58% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

FNGS vs. DFEN - Dividend Comparison

FNGS has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 7.89%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.89%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
FNGS MicroSectors FANG+ ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FNGS and DFEN in my portfolio?

FNGS and DFEN have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FNGS or DFEN?

DFEN has higher volatility (27.31%) compared to FNGS (8.74%). In terms of maximum drawdown, FNGS dropped -48.98% vs DFEN's -91.36%.

Which ETF is better, FNGS or DFEN?

On 5-year performance, DFEN leads with 29.22% vs 19.76% for FNGS. On fees, FNGS is cheaper at 0.58% per year. On volatility, FNGS has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FNGS or DFEN?

Over the 5-year period, DFEN has performed better with a 29.22% return vs 19.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FNGS or DFEN?

FNGS is cheaper with a 0.58% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 7.89%, compared with 0.00% for FNGS.

What is the main difference between FNGS and DFEN?

FNGS is categorized as Large Cap Growth Equities, while DFEN is Leveraged Equities. FNGS tracks NYSE FANG+ Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.58% for FNGS and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.79), 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.