INDL vs. DFEN

Last updated Jun 10, 2026

INDL (Direxion Daily India Bull 3x Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - INDL tracks the Indus India Index (300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, INDL returned -3.12%/yr vs 28.61%/yr for DFEN. At a 0.35 correlation, their price movements are largely independent. INDL charges 1.33%/yr vs 0.99%/yr for DFEN.

Performance

INDL vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily India Bull 3x Shares (INDL) 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, INDL achieves a -25.58% return, which is significantly lower than DFEN's 9.17% return.

INDL

• 1D: 1.64%
• 1M: -9.42%
• YTD: -25.58%
• 6M: -23.73%
• 1Y: -31.70%
• 3Y*: -0.21%
• 5Y*: -3.12%
• 10Y*: -0.38%

DFEN

• 1D: 4.22%
• 1M: 7.12%
• YTD: 9.17%
• 6M: 28.36%
• 1Y: 61.29%
• 3Y*: 63.30%
• 5Y*: 28.61%
• 10Y*: —

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

INDL vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
INDL Direxion Daily India Bull 3x Shares	-25.58%	-3.21%	7.56%	26.06%	-22.88%	40.26%	-36.43%	3.15%	-34.29%	33.81%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	9.17%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between INDL and DFEN is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.23
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.35

The correlation between INDL and DFEN shifts across timeframes, from 0.23 (1 year) to 0.36 (5 years), reflecting how their relationship changes across market environments.

INDL vs. DFEN - Sectors Allocation Comparison

Sectors	INDL	DFEN
Financial Services	28.3%	-
Consumer Cyclical	12.4%	-
Industrials	10.3%	19.7%
Energy	9.4%	-
Basic Materials	8.6%	-
Technology	8.2%	0.0%
Consumer Defensive	6.3%	-
Healthcare	6.1%	-
Communication Services	4.6%	-
Utilities	4.5%	-
Real Estate	1.4%	-

Return for Risk

INDL vs. DFEN — Risk / Return Rank

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

INDL

INDL Risk / Return Rank: 1
INDL Sharpe Ratio Rank: 1
INDL Sortino Ratio Rank: 1
INDL Omega Ratio Rank: 1
INDL Calmar Ratio Rank: 2
INDL Martin Ratio Rank: 0

DFEN

DFEN Risk / Return Rank: 31
DFEN Sharpe Ratio Rank: 30
DFEN Sortino Ratio Rank: 34
DFEN Omega Ratio Rank: 31
DFEN Calmar Ratio Rank: 33
DFEN Martin Ratio Rank: 27

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.

INDL vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily India Bull 3x Shares (INDL) 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.

	INDL	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	0.96	-2.04
Sortino ratio: Return per unit of downside risk	-1.59	1.62	-3.21
Omega ratio: Gain probability vs. loss probability	0.82	1.19	-0.37
Calmar ratio: Return relative to maximum drawdown	-0.84	1.48	-2.32
Martin ratio: Return relative to average drawdown	-1.76	3.47	-5.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

INDL vs. DFEN - Sharpe Ratio Comparison

The current INDL Sharpe Ratio is -1.08, which is lower than the DFEN Sharpe Ratio of 0.96. The chart below compares the historical Sharpe Ratios of INDL 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

	INDL	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.08	0.96	-2.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.10	0.48	-0.58
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.01	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.12	0.22	-0.34

Drawdowns

INDL vs. DFEN - Drawdown Comparison

The maximum INDL drawdown since its inception was -95.67%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for INDL and DFEN.

Drawdown Indicators

	INDL	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-95.67%	-91.36%	-4.31%
Max Drawdown (1Y) Largest decline over 1 year	-37.82%	-41.75%	+3.93%
Max Drawdown (3Y) Largest decline over 3 years	-47.64%	-43.13%	-4.51%
Max Drawdown (5Y) Largest decline over 5 years	-47.64%	-55.30%	+7.66%
Max Drawdown (10Y) Largest decline over 10 years	-91.96%	—	—
Current Drawdown Current decline from peak	-79.05%	-28.46%	-50.59%
Average Drawdown Average peak-to-trough decline	-66.35%	-45.22%	-21.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.02%	17.75%	+0.27%

Volatility

INDL vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily India Bull 3x Shares (INDL) is 10.14%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 22.05%. This indicates that INDL 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

	INDL	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.14%	22.05%	-11.91%
Volatility (6M) Calculated over the trailing 6-month period	25.65%	53.67%	-28.02%
Volatility (1Y) Calculated over the trailing 1-year period	29.56%	64.00%	-34.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	30.61%	60.30%	-29.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.72%	71.49%	-18.77%

INDL vs. DFEN - Expense Ratio Comparison

INDL has a 1.33% expense ratio, which is higher than DFEN's 0.99% expense ratio.

Dividends

INDL vs. DFEN - Dividend Comparison

INDL's dividend yield for the trailing twelve months is around 1.69%, less than DFEN's 8.18% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.18%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
INDL Direxion Daily India Bull 3x Shares	1.69%	1.42%	2.79%	1.65%	0.09%	2.35%	0.00%	0.68%	0.18%	0.31%

Frequently Asked Questions

Can I hold both INDL and DFEN in my portfolio?

INDL and DFEN have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INDL or DFEN?

DFEN has higher volatility (22.05%) compared to INDL (10.14%). In terms of maximum drawdown, INDL dropped -95.67% vs DFEN's -91.36%.

Which ETF is better, INDL or DFEN?

On 5-year performance, DFEN leads with 28.61% vs -3.12% for INDL. On fees, DFEN is cheaper at 0.99% per year. On volatility, INDL has been the lower-risk option at 10.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INDL or DFEN?

Over the 5-year period, DFEN has performed better with a 28.61% return vs -3.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INDL or DFEN?

DFEN is cheaper with a 0.99% expense ratio, compared with 1.33% for INDL.

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

DFEN has the higher dividend yield at 8.18%, compared with 1.69% for INDL.

What is the main difference between INDL and DFEN?

INDL tracks Indus India Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 1.33% for INDL and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.96 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.