HNRG vs. DFEN

Last updated Jun 23, 2026

HNRG (Hallador Energy Company) is a stock, while DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) is Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Over the past 5 years, HNRG returned 47.62%/yr vs 30.72%/yr for DFEN. At a 0.29 correlation, their price movements are largely independent.

Performance

HNRG vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hallador Energy Company (HNRG) 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, HNRG achieves a -0.58% return, which is significantly lower than DFEN's 15.08% return.

HNRG

• 1D: -2.67%
• 1M: 5.40%
• YTD: -0.58%
• 6M: -4.15%
• 1Y: 23.56%
• 3Y*: 29.68%
• 5Y*: 47.62%
• 10Y*: 17.36%

DFEN

• 1D: -4.87%
• 1M: 11.39%
• YTD: 15.08%
• 6M: 7.37%
• 1Y: 78.27%
• 3Y*: 68.61%
• 5Y*: 30.72%
• 10Y*: —

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

HNRG vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HNRG Hallador Energy Company	-0.58%	66.29%	29.52%	-11.51%	306.10%	67.35%	-49.34%	-39.39%	-14.71%	-7.09%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	15.08%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between HNRG and DFEN is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.29

Return for Risk

HNRG vs. DFEN — Risk / Return Rank

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

HNRG

HNRG Risk / Return Rank: 55
HNRG Sharpe Ratio Rank: 56
HNRG Sortino Ratio Rank: 54
HNRG Omega Ratio Rank: 53
HNRG Calmar Ratio Rank: 57
HNRG Martin Ratio Rank: 56

DFEN

DFEN Risk / Return Rank: 35
DFEN Sharpe Ratio Rank: 34
DFEN Sortino Ratio Rank: 37
DFEN Omega Ratio Rank: 33
DFEN Calmar Ratio Rank: 39
DFEN Martin Ratio Rank: 31

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.

HNRG vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hallador Energy Company (HNRG) 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.

	HNRG	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.39	1.19	-0.80
Sortino ratio: Return per unit of downside risk	0.94	1.86	-0.92
Omega ratio: Gain probability vs. loss probability	1.12	1.22	-0.10
Calmar ratio: Return relative to maximum drawdown	0.65	1.88	-1.24
Martin ratio: Return relative to average drawdown	1.19	4.31	-3.12

HNRG vs. DFEN - Sharpe Ratio Comparison

The current HNRG Sharpe Ratio is 0.39, which is lower than the DFEN Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of HNRG 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

HNRG vs. DFEN - Drawdown Comparison

The maximum HNRG drawdown since its inception was -94.89%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for HNRG and DFEN.

Drawdown Indicators

	HNRG	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-94.89%	-91.36%	-3.53%
Max Drawdown (1Y) Largest decline over 1 year	-36.62%	-41.75%	+5.13%
Max Drawdown (3Y) Largest decline over 3 years	-71.13%	-43.13%	-28.00%
Max Drawdown (5Y) Largest decline over 5 years	-71.13%	-55.30%	-15.83%
Max Drawdown (10Y) Largest decline over 10 years	-93.19%	—	—
Current Drawdown Current decline from peak	-20.50%	-24.59%	+4.09%
Average Drawdown Average peak-to-trough decline	-45.04%	-45.14%	+0.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.87%	18.23%	+1.64%

Volatility

HNRG vs. DFEN - Volatility Comparison

The current volatility for Hallador Energy Company (HNRG) is 20.94%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.05%. This indicates that HNRG 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

	HNRG	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.94%	25.05%	-4.11%
Volatility (6M) Calculated over the trailing 6-month period	43.53%	56.07%	-12.54%
Volatility (1Y) Calculated over the trailing 1-year period	61.60%	66.43%	-4.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.69%	60.78%	+10.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.78%	71.64%	-1.86%

Dividends

HNRG vs. DFEN - Dividend Comparison

HNRG has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 7.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.76%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%	0.00%
HNRG Hallador Energy Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	2.72%	5.39%	3.16%	2.63%	1.76%	3.51%

Frequently Asked Questions

Can I hold both HNRG and DFEN in my portfolio?

HNRG and DFEN have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HNRG or DFEN?

DFEN has higher volatility (25.05%) compared to HNRG (20.94%). In terms of maximum drawdown, HNRG dropped -94.89% vs DFEN's -91.36%.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.19 vs 0.39), 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.