IYRI vs. DFEN

Last updated Jun 21, 2026

IYRI (NEOS Real Estate High Income ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - IYRI is a Derivative Income fund actively managed by Neos, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). IYRI is actively managed, while DFEN is passively managed. Over the past year, IYRI returned 8.01% vs 87.39% for DFEN. At a 0.36 correlation, their price movements are largely independent. IYRI charges 0.68%/yr vs 0.96%/yr for DFEN.

Performance

IYRI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Real Estate High Income ETF (IYRI) 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, IYRI achieves a 4.71% return, which is significantly lower than DFEN's 20.97% return.

IYRI

• 1D: -0.47%
• 1M: -1.40%
• YTD: 4.71%
• 6M: 5.51%
• 1Y: 8.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

DFEN

• 1D: -4.32%
• 1M: 17.09%
• YTD: 20.97%
• 6M: 21.25%
• 1Y: 87.39%
• 3Y*: 67.96%
• 5Y*: 33.49%
• 10Y*: —

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

IYRI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025
IYRI NEOS Real Estate High Income ETF	4.71%	6.99%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	143.94%

Correlation

The correlation between IYRI and DFEN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Jan 15, 2025	0.36

Return for Risk

IYRI vs. DFEN — Risk / Return Rank

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

IYRI

IYRI Risk / Return Rank: 23
IYRI Sharpe Ratio Rank: 22
IYRI Sortino Ratio Rank: 20
IYRI Omega Ratio Rank: 21
IYRI Calmar Ratio Rank: 23
IYRI Martin Ratio Rank: 28

DFEN

DFEN Risk / Return Rank: 40
DFEN Sharpe Ratio Rank: 41
DFEN Sortino Ratio Rank: 42
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 46
DFEN Martin Ratio Rank: 36

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.

IYRI vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Real Estate High Income ETF (IYRI) 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.

	IYRI	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.74	1.40	-0.65
Sortino ratio: Return per unit of downside risk	1.08	2.04	-0.97
Omega ratio: Gain probability vs. loss probability	1.14	1.24	-0.10
Calmar ratio: Return relative to maximum drawdown	1.06	2.21	-1.16
Martin ratio: Return relative to average drawdown	3.78	5.08	-1.29

IYRI vs. DFEN - Sharpe Ratio Comparison

The current IYRI Sharpe Ratio is 0.74, which is lower than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of IYRI 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

IYRI vs. DFEN - Drawdown Comparison

The maximum IYRI drawdown since its inception was -12.12%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for IYRI and DFEN.

Drawdown Indicators

	IYRI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-12.12%	-91.36%	+79.24%
Max Drawdown (1Y) Largest decline over 1 year	-7.53%	-41.75%	+34.22%
Max Drawdown (3Y) Largest decline over 3 years	—	-43.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-55.30%	—
Current Drawdown Current decline from peak	-2.72%	-20.73%	+18.01%
Average Drawdown Average peak-to-trough decline	-1.69%	-45.15%	+43.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	18.16%	-16.06%

Volatility

IYRI vs. DFEN - Volatility Comparison

The current volatility for NEOS Real Estate High Income ETF (IYRI) is 4.02%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that IYRI 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

	IYRI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	25.14%	-21.12%
Volatility (6M) Calculated over the trailing 6-month period	7.82%	56.03%	-48.21%
Volatility (1Y) Calculated over the trailing 1-year period	10.69%	66.17%	-55.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.18%	60.80%	-47.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.18%	71.64%	-58.46%

IYRI vs. DFEN - Expense Ratio Comparison

IYRI has a 0.68% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

IYRI vs. DFEN - Dividend Comparison

IYRI's dividend yield for the trailing twelve months is around 12.23%, more than DFEN's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.38%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
IYRI NEOS Real Estate High Income ETF	12.23%	11.72%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IYRI and DFEN in my portfolio?

IYRI and DFEN have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IYRI or DFEN?

DFEN has higher volatility (25.14%) compared to IYRI (4.02%). In terms of maximum drawdown, IYRI dropped -12.12% vs DFEN's -91.36%.

Which ETF is better, IYRI or DFEN?

On 1-year performance, DFEN leads with 87.39% vs 8.01% for IYRI. On fees, IYRI is cheaper at 0.68% per year. On volatility, IYRI has been the lower-risk option at 4.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IYRI or DFEN?

Over the 1-year period, DFEN has performed better with a 87.39% return vs 8.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IYRI or DFEN?

IYRI is cheaper with a 0.68% expense ratio, compared with 0.96% for DFEN.

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

IYRI has the higher dividend yield at 12.23%, compared with 7.38% for DFEN.

What is the main difference between IYRI and DFEN?

IYRI is categorized as Derivative Income, while DFEN is Leveraged Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.68% for IYRI and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs 0.74), 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.