NRGU vs. DFEN

Last updated Jun 13, 2026

NRGU (MicroSectors U.S. Big Oil Index 3X Leveraged ETN) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds - NRGU tracks the Solactive MicroSectors U.S. Big Oil Index (-300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past year, NRGU returned 107.84% vs 76.99% for DFEN. At a 0.02 correlation, their price movements are largely independent. NRGU charges 0.95%/yr vs 0.99%/yr for DFEN.

Performance

NRGU vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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, NRGU achieves a 110.06% return, which is significantly higher than DFEN's 13.12% return.

NRGU

• 1D: 2.51%
• 1M: 2.05%
• YTD: 110.06%
• 6M: 87.26%
• 1Y: 107.84%
• 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)

NRGU vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	110.06%	-30.00%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	119.03%

Correlation

The correlation between NRGU and DFEN is -0.10, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.10
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.02

The correlation between NRGU and DFEN shifts across timeframes, from -0.10 (1 year) to 0.02 (all time), reflecting how their relationship changes across market environments.

NRGU vs. DFEN - Sectors Allocation Comparison

Sectors	NRGU	DFEN
Energy	100.0%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	19.7%
Real Estate	-	-
Technology	-	0.0%
Utilities	-	-

Return for Risk

NRGU vs. DFEN — Risk / Return Rank

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

NRGU

NRGU Risk / Return Rank: 48
NRGU Sharpe Ratio Rank: 47
NRGU Sortino Ratio Rank: 44
NRGU Omega Ratio Rank: 43
NRGU Calmar Ratio Rank: 62
NRGU Martin Ratio Rank: 45

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.

NRGU vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) 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.

	NRGU	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	1.44	1.18	+0.26
Sortino ratio: Return per unit of downside risk	1.98	1.85	+0.13
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.03
Calmar ratio: Return relative to maximum drawdown	2.71	1.85	+0.86
Martin ratio: Return relative to average drawdown	6.55	4.29	+2.25

NRGU vs. DFEN - Sharpe Ratio Comparison

The current NRGU Sharpe Ratio is 1.44, which is comparable to the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of NRGU 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

NRGU vs. DFEN - Drawdown Comparison

The maximum NRGU drawdown since its inception was -57.50%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for NRGU and DFEN.

Drawdown Indicators

	NRGU	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-57.50%	-91.36%	+33.86%
Max Drawdown (1Y) Largest decline over 1 year	-39.95%	-41.75%	+1.80%
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	-27.55%	-25.87%	-1.68%
Average Drawdown Average peak-to-trough decline	-25.35%	-45.20%	+19.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.54%	17.99%	-1.45%

Volatility

NRGU vs. DFEN - Volatility Comparison

MicroSectors U.S. Big Oil Index 3X Leveraged ETN (NRGU) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) have volatilities of 27.12% and 27.31%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NRGU	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.12%	27.31%	-0.19%
Volatility (6M) Calculated over the trailing 6-month period	62.47%	55.81%	+6.66%
Volatility (1Y) Calculated over the trailing 1-year period	75.30%	65.81%	+9.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	88.96%	60.74%	+28.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	88.96%	71.66%	+17.30%

NRGU vs. DFEN - Expense Ratio Comparison

NRGU has a 0.95% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

NRGU vs. DFEN - Dividend Comparison

NRGU 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%
NRGU MicroSectors U.S. Big Oil Index 3X Leveraged ETN	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 NRGU and DFEN in my portfolio?

NRGU and DFEN have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NRGU or DFEN?

DFEN has higher volatility (27.31%) compared to NRGU (27.12%). In terms of maximum drawdown, NRGU dropped -57.50% vs DFEN's -91.36%.

Which ETF is better, NRGU or DFEN?

On 1-year performance, NRGU leads with 107.84% vs 76.99% for DFEN. On fees, NRGU is cheaper at 0.95% per year. On volatility, NRGU has been the lower-risk option at 27.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NRGU or DFEN?

Over the 1-year period, NRGU has performed better with a 107.84% return vs 76.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NRGU or DFEN?

NRGU is cheaper with a 0.95% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 7.89%, compared with 0.00% for NRGU.

What is the main difference between NRGU and DFEN?

NRGU tracks Solactive MicroSectors U.S. Big Oil Index (-300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for NRGU and 0.99% for DFEN.

Which has better risk-adjusted returns?

NRGU currently has the higher Sharpe Ratio (1.44 vs 1.18), 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.