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ITA vs. DFEN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

ITA vs. DFEN

Last updated Jun 23, 2026

ITA (iShares U.S. Aerospace & Defense ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - ITA is a Aerospace & Defense fund tracking the Dow Jones U.S. Select Aerospace & Defense 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, ITA returned 17.33%/yr vs 30.72%/yr for DFEN. With a 1.00 correlation, they move nearly in lockstep. ITA charges 0.38%/yr vs 0.96%/yr for DFEN.

Performance

ITA vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares U.S. Aerospace & Defense ETF (ITA) 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, ITA achieves a 9.85% return, which is significantly lower than DFEN's 15.08% return.

ITA

1D
-1.46%
1M
4.57%
YTD
9.85%
6M
7.51%
1Y
31.18%
3Y*
28.43%
5Y*
17.33%
10Y*
15.64%

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)

ITA vs. DFEN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
ITA
iShares U.S. Aerospace & Defense ETF		9.85%48.64%15.81%14.33%9.96%9.39%-13.57%30.51%-7.22%23.57%
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 ITA and DFEN is 1.00 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

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

1.00

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

1.00

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

1.00

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

1.00

The correlation between ITA and DFEN has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

ITA vs. DFEN - Sectors Allocation Comparison

Sectors
ITA
DFEN

Industrials

99.6%
18.7%

Technology

0.1%
0.0%

Basic Materials

-

-

Communication Services

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Utilities

-

-

Industrials

ITA
99.6%
DFEN
18.7%

Technology

ITA
0.1%
DFEN
0.0%

Basic Materials

ITA

-

DFEN

-

Communication Services

ITA

-

DFEN

-

Consumer Cyclical

ITA

-

DFEN

-

Consumer Defensive

ITA

-

DFEN

-

Energy

ITA

-

DFEN

-

Financial Services

ITA

-

DFEN

-

Healthcare

ITA

-

DFEN

-

Real Estate

ITA

-

DFEN

-

Utilities

ITA

-

DFEN

-

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares U.S. Aerospace & Defense ETF

Direxion Daily Aerospace & Defense Bull 3X Shares

Often compared with ITA:
ITA vs. XARITA vs. PPAITA vs. SHLDITA vs. ARKXITA vs. VOOITA vs. FSDAXITA vs. XLI
Often compared with DFEN:
DFEN vs. XARDFEN vs. PPADFEN vs. SOXLDFEN vs. SPXLDFEN vs. VOODFEN vs. EUDF.DEDFEN vs. TECL

Return for Risk

ITA vs. DFEN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
ITA
ITA Risk / Return Rank: 3939
Overall Rank
ITA Sharpe Ratio Rank: 4242
Sharpe Ratio Rank
ITA Sortino Ratio Rank: 4242
Sortino Ratio Rank
ITA Omega Ratio Rank: 3838
Omega Ratio Rank
ITA Calmar Ratio Rank: 4141
Calmar Ratio Rank
ITA Martin Ratio Rank: 3535
Martin Ratio Rank
DFEN
DFEN Risk / Return Rank: 3535
Overall Rank
DFEN Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
DFEN Sortino Ratio Rank: 3737
Sortino Ratio Rank
DFEN Omega Ratio Rank: 3333
Omega Ratio Rank
DFEN Calmar Ratio Rank: 3939
Calmar Ratio Rank
DFEN Martin Ratio Rank: 3131
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.

ITA vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares U.S. Aerospace & Defense ETF (ITA) 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.

ITADFENDifference
Sharpe ratioReturn per unit of total volatility
1.43
1.19

+0.24

Sortino ratioReturn per unit of downside risk
2.10
1.86

+0.24

Omega ratioGain probability vs. loss probability

1.25

1.22

+0.03

Calmar ratioReturn relative to maximum drawdown

1.98

1.88

+0.09

Martin ratioReturn relative to average drawdown

5.21

4.31

+0.90

ITA vs. DFEN - Sharpe Ratio Comparison

The current ITA Sharpe Ratio is 1.43, which is comparable to the DFEN Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of ITA 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

ITA vs. DFEN - Drawdown Comparison

The maximum ITA drawdown since its inception was -59.72%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for ITA and DFEN.

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Drawdown Indicators

ITADFENDifference

Max Drawdown

Largest peak-to-trough decline

-59.72%

-91.36%

+31.64%

Max Drawdown (1Y)

Largest decline over 1 year

-15.82%

-41.75%

+25.93%

Max Drawdown (3Y)

Largest decline over 3 years

-15.82%

-43.13%

+27.31%

Max Drawdown (5Y)

Largest decline over 5 years

-18.72%

-55.30%

+36.58%

Max Drawdown (10Y)

Largest decline over 10 years

-51.00%

—

—

Current Drawdown

Current decline from peak

-5.89%

-24.59%

+18.70%

Average Drawdown

Average peak-to-trough decline

-9.45%

-45.14%

+35.69%

Ulcer Index

Depth and duration of drawdowns from previous peaks

6.00%

18.23%

-12.23%

Volatility

ITA vs. DFEN - Volatility Comparison

The current volatility for iShares U.S. Aerospace & Defense ETF (ITA) is 8.50%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.05%. This indicates that ITA 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

ITADFENDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.50%

25.05%

-16.55%

Volatility (6M)

Calculated over the trailing 6-month period

18.55%

56.07%

-37.52%

Volatility (1Y)

Calculated over the trailing 1-year period

21.95%

66.43%

-44.48%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

20.23%

60.78%

-40.55%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.26%

71.64%

-48.38%

ITA vs. DFEN - Expense Ratio Comparison

ITA has a 0.38% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

ITA vs. DFEN - Dividend Comparison

ITA's dividend yield for the trailing twelve months is around 0.45%, less than DFEN's 7.76% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
ITA
iShares U.S. Aerospace & Defense ETF		0.45%0.55%0.85%0.93%0.95%0.82%1.07%1.54%1.13%0.91%1.07%1.04%

Frequently Asked Questions

With a correlation of 1.00, ITA and DFEN move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

DFEN has higher volatility (25.05%) compared to ITA (8.50%). In terms of maximum drawdown, ITA dropped -59.72% vs DFEN's -91.36%.

On 5-year performance, DFEN leads with 30.72% vs 17.33% for ITA. On fees, ITA is cheaper at 0.38% per year. On volatility, ITA has been the lower-risk option at 8.50%. 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 30.72% return vs 17.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

ITA is cheaper with a 0.38% expense ratio, compared with 0.96% for DFEN.

DFEN has the higher dividend yield at 7.76%, compared with 0.45% for ITA.

ITA is categorized as Aerospace & Defense, while DFEN is Leveraged Equities. ITA tracks Dow Jones U.S. Select Aerospace & Defense Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.38% for ITA and 0.96% for DFEN.

ITA currently has the higher Sharpe Ratio (1.43 vs 1.19), 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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