PDI vs. DFEN

Last updated Jun 20, 2026

PDI (PIMCO Dynamic Income Fund) 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% Daily). Over the past 5 years, PDI returned 2.62%/yr vs 33.49%/yr for DFEN. At a 0.35 correlation, their price movements are largely independent.

Performance

PDI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Dynamic Income Fund (PDI) 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, PDI achieves a -0.56% return, which is significantly lower than DFEN's 20.97% return.

PDI

• 1D: -0.12%
• 1M: -0.29%
• YTD: -0.56%
• 6M: -0.56%
• 1Y: 0.87%
• 3Y*: 10.94%
• 5Y*: 2.62%
• 10Y*: 7.51%

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)

PDI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PDI PIMCO Dynamic Income Fund	-0.56%	11.03%	17.18%	11.99%	-16.99%	7.81%	-9.96%	22.23%	7.35%	8.23%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between PDI and DFEN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.35

Return for Risk

PDI vs. DFEN — Risk / Return Rank

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

PDI

PDI Risk / Return Rank: 42
PDI Sharpe Ratio Rank: 46
PDI Sortino Ratio Rank: 37
PDI Omega Ratio Rank: 38
PDI Calmar Ratio Rank: 45
PDI Martin Ratio Rank: 45

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.

PDI vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Dynamic Income Fund (PDI) 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.

	PDI	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.40	-1.28
Sortino ratio: Return per unit of downside risk	0.23	2.04	-1.82
Omega ratio: Gain probability vs. loss probability	1.04	1.24	-0.20
Calmar ratio: Return relative to maximum drawdown	0.12	2.21	-2.09
Martin ratio: Return relative to average drawdown	0.26	5.08	-4.81

PDI vs. DFEN - Sharpe Ratio Comparison

The current PDI Sharpe Ratio is 0.12, which is lower than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of PDI 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

PDI vs. DFEN - Drawdown Comparison

The maximum PDI drawdown since its inception was -46.47%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for PDI and DFEN.

Drawdown Indicators

	PDI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-46.47%	-91.36%	+44.89%
Max Drawdown (1Y) Largest decline over 1 year	-10.95%	-41.75%	+30.80%
Max Drawdown (3Y) Largest decline over 3 years	-17.55%	-43.13%	+25.58%
Max Drawdown (5Y) Largest decline over 5 years	-27.19%	-55.30%	+28.11%
Max Drawdown (10Y) Largest decline over 10 years	-46.47%	—	—
Current Drawdown Current decline from peak	-8.34%	-20.73%	+12.39%
Average Drawdown Average peak-to-trough decline	-6.22%	-45.15%	+38.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.18%	18.16%	-12.98%

Volatility

PDI vs. DFEN - Volatility Comparison

The current volatility for PIMCO Dynamic Income Fund (PDI) is 3.19%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that PDI 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

	PDI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.19%	25.14%	-21.95%
Volatility (6M) Calculated over the trailing 6-month period	8.47%	56.03%	-47.56%
Volatility (1Y) Calculated over the trailing 1-year period	11.43%	66.17%	-54.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.55%	60.80%	-45.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.04%	71.64%	-52.60%

Dividends

PDI vs. DFEN - Dividend Comparison

PDI's dividend yield for the trailing twelve months is around 16.20%, more than DFEN's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%
PDI PIMCO Dynamic Income Fund	16.20%	14.94%	14.43%	14.74%	17.84%	10.21%	10.01%	9.45%	10.78%	8.81%	14.79%	18.70%

Frequently Asked Questions

Can I hold both PDI and DFEN in my portfolio?

PDI and DFEN have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PDI or DFEN?

DFEN has higher volatility (25.14%) compared to PDI (3.19%). In terms of maximum drawdown, PDI dropped -46.47% vs DFEN's -91.36%.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs 0.12), 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.