QQQI vs. DFEN

Last updated Jun 21, 2026

QQQI (NEOS Nasdaq-100 High Income ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - QQQI is a Nasdaq-100 fund actively managed by Neos, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). QQQI is actively managed, while DFEN is passively managed. Over the past year, QQQI returned 29.61% vs 87.39% for DFEN. At a 0.43 correlation, their price movements are largely independent. QQQI charges 0.68%/yr vs 0.96%/yr for DFEN.

Performance

QQQI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Nasdaq-100 High Income ETF (QQQI) 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, QQQI achieves a 13.07% return, which is significantly lower than DFEN's 20.97% return.

QQQI

• 1D: 1.98%
• 1M: 1.96%
• YTD: 13.07%
• 6M: 12.95%
• 1Y: 29.61%
• 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)

QQQI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
QQQI NEOS Nasdaq-100 High Income ETF	13.07%	18.62%	19.44%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	20.97%	156.62%	42.88%

Correlation

The correlation between QQQI and DFEN is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (All Time) Calculated using the full available price history since Jan 30, 2024	0.43

QQQI vs. DFEN - Sectors Allocation Comparison

Sectors	QQQI	DFEN
Technology	58.1%	0.0%
Communication Services	14.2%	-
Consumer Cyclical	11.3%	-
Consumer Defensive	6.5%	-
Healthcare	3.9%	-
Industrials	3.0%	18.7%
Utilities	1.3%	-
Basic Materials	1.0%	-
Energy	0.5%	-
Financial Services	0.2%	-
Real Estate	0.1%	-

Return for Risk

QQQI vs. DFEN — Risk / Return Rank

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

QQQI

QQQI Risk / Return Rank: 66
QQQI Sharpe Ratio Rank: 65
QQQI Sortino Ratio Rank: 59
QQQI Omega Ratio Rank: 67
QQQI Calmar Ratio Rank: 64
QQQI Martin Ratio Rank: 73

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.

QQQI vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Nasdaq-100 High Income ETF (QQQI) 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.

	QQQI	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.40	+0.63
Sortino ratio: Return per unit of downside risk	2.68	2.04	+0.64
Omega ratio: Gain probability vs. loss probability	1.38	1.24	+0.14
Calmar ratio: Return relative to maximum drawdown	3.06	2.21	+0.84
Martin ratio: Return relative to average drawdown	13.12	5.08	+8.04

QQQI vs. DFEN - Sharpe Ratio Comparison

The current QQQI Sharpe Ratio is 2.03, which is higher than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of QQQI 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

QQQI vs. DFEN - Drawdown Comparison

The maximum QQQI drawdown since its inception was -20.00%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for QQQI and DFEN.

Drawdown Indicators

	QQQI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-20.00%	-91.36%	+71.36%
Max Drawdown (1Y) Largest decline over 1 year	-9.61%	-41.75%	+32.14%
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	-0.49%	-20.73%	+20.24%
Average Drawdown Average peak-to-trough decline	-2.20%	-45.15%	+42.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	18.16%	-15.92%

Volatility

QQQI vs. DFEN - Volatility Comparison

The current volatility for NEOS Nasdaq-100 High Income ETF (QQQI) is 7.05%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that QQQI 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

	QQQI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.05%	25.14%	-18.09%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	56.03%	-44.22%
Volatility (1Y) Calculated over the trailing 1-year period	14.49%	66.17%	-51.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.45%	60.80%	-43.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.45%	71.64%	-54.19%

QQQI vs. DFEN - Expense Ratio Comparison

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

Dividends

QQQI vs. DFEN - Dividend Comparison

QQQI's dividend yield for the trailing twelve months is around 14.55%, 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%
QQQI NEOS Nasdaq-100 High Income ETF	14.55%	13.82%	12.85%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QQQI and DFEN in my portfolio?

QQQI and DFEN have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QQQI or DFEN?

DFEN has higher volatility (25.14%) compared to QQQI (7.05%). In terms of maximum drawdown, QQQI dropped -20.00% vs DFEN's -91.36%.

Which ETF is better, QQQI or DFEN?

On 1-year performance, DFEN leads with 87.39% vs 29.61% for QQQI. On fees, QQQI is cheaper at 0.68% per year. On volatility, QQQI has been the lower-risk option at 7.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QQQI or DFEN?

Over the 1-year period, DFEN has performed better with a 87.39% return vs 29.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QQQI or DFEN?

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

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

QQQI has the higher dividend yield at 14.55%, compared with 7.38% for DFEN.

What is the main difference between QQQI and DFEN?

QQQI is categorized as Nasdaq-100, while DFEN is Leveraged Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.68% for QQQI and 0.96% for DFEN.

Which has better risk-adjusted returns?

QQQI currently has the higher Sharpe Ratio (2.03 vs 1.40), 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.