NGD vs. DFEN

Last updated Jun 13, 2026

NGD (New Gold Inc.) 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%). At a 0.15 correlation, their price movements are largely independent.

Performance

NGD vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in New Gold Inc. (NGD) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

NGD

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

NGD vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NGD New Gold Inc.	4.25%	251.21%	69.86%	48.98%	-34.67%	-31.51%	148.86%	16.28%	-77.00%	19.64%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between NGD 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	0.21
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.15

The correlation between NGD and DFEN shifts across timeframes, from 0.15 (all time) to 0.27 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

NGD vs. DFEN — Risk / Return Rank

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

NGD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

NGD vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for New Gold Inc. (NGD) 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.

	NGD	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	—	1.18	—
Sortino ratio: Return per unit of downside risk	—	1.85	—
Omega ratio: Gain probability vs. loss probability	—	1.22	—
Calmar ratio: Return relative to maximum drawdown	—	1.85	—
Martin ratio: Return relative to average drawdown	—	4.29	—

Drawdowns

Drawdown Indicators

	NGD	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	—	-91.36%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-41.75%	—
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	—	-25.87%	—
Average Drawdown Average peak-to-trough decline	—	-45.20%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.99%	—

Volatility

Volatility by Period

	NGD	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	27.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	65.81%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	60.74%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	71.66%	—

Dividends

NGD vs. DFEN - Dividend Comparison

NGD 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%
NGD New Gold Inc.	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 NGD and DFEN in my portfolio?

NGD 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.