SHNY vs. DFEN

Last updated Jun 13, 2026

SHNY (MicroSectors Gold 3X Leveraged ETN) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - SHNY is a Leveraged Commodities fund managed by BMO, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). Over the past 3 years, SHNY returned 51.28%/yr vs 64.38%/yr for DFEN. At a 0.15 correlation, their price movements are largely independent. SHNY charges 0.95%/yr vs 0.99%/yr for DFEN.

Performance

SHNY vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold 3X Leveraged ETN (SHNY) 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, SHNY achieves a -28.38% return, which is significantly lower than DFEN's 13.12% return.

SHNY

• 1D: 0.32%
• 1M: -30.10%
• YTD: -28.38%
• 6M: -29.35%
• 1Y: 22.15%
• 3Y*: 51.28%
• 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)

SHNY vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
SHNY MicroSectors Gold 3X Leveraged ETN	-28.38%	214.54%	50.30%	10.98%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	15.37%

Correlation

The correlation between SHNY and DFEN is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Feb 22, 2023	0.15

The correlation between SHNY and DFEN shifts across timeframes, from 0.15 (all time) to 0.28 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SHNY vs. DFEN — Risk / Return Rank

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

SHNY

SHNY Risk / Return Rank: 16
SHNY Sharpe Ratio Rank: 14
SHNY Sortino Ratio Rank: 19
SHNY Omega Ratio Rank: 22
SHNY Calmar Ratio Rank: 14
SHNY Martin Ratio Rank: 14

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.

SHNY vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold 3X Leveraged ETN (SHNY) 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.

	SHNY	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.27	1.18	-0.90
Sortino ratio: Return per unit of downside risk	0.89	1.85	-0.96
Omega ratio: Gain probability vs. loss probability	1.13	1.22	-0.09
Calmar ratio: Return relative to maximum drawdown	0.34	1.85	-1.51
Martin ratio: Return relative to average drawdown	0.81	4.29	-3.49

SHNY vs. DFEN - Sharpe Ratio Comparison

The current SHNY Sharpe Ratio is 0.27, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of SHNY 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

SHNY vs. DFEN - Drawdown Comparison

The maximum SHNY drawdown since its inception was -65.54%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for SHNY and DFEN.

Drawdown Indicators

	SHNY	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-65.54%	-91.36%	+25.82%
Max Drawdown (1Y) Largest decline over 1 year	-65.54%	-41.75%	-23.79%
Max Drawdown (3Y) Largest decline over 3 years	-65.54%	-43.13%	-22.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-55.30%	—
Current Drawdown Current decline from peak	-62.32%	-25.87%	-36.45%
Average Drawdown Average peak-to-trough decline	-15.31%	-45.20%	+29.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.56%	17.99%	+9.57%

Volatility

SHNY vs. DFEN - Volatility Comparison

The current volatility for MicroSectors Gold 3X Leveraged ETN (SHNY) is 23.50%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that SHNY 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

	SHNY	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.50%	27.31%	-3.81%
Volatility (6M) Calculated over the trailing 6-month period	73.65%	55.81%	+17.84%
Volatility (1Y) Calculated over the trailing 1-year period	81.03%	65.81%	+15.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.09%	60.74%	-1.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.09%	71.66%	-12.57%

SHNY vs. DFEN - Expense Ratio Comparison

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

Dividends

SHNY vs. DFEN - Dividend Comparison

SHNY 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%
SHNY MicroSectors Gold 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 SHNY and DFEN in my portfolio?

SHNY and DFEN have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SHNY or DFEN?

DFEN has higher volatility (27.31%) compared to SHNY (23.50%). In terms of maximum drawdown, SHNY dropped -65.54% vs DFEN's -91.36%.

Which ETF is better, SHNY or DFEN?

On 3-year performance, DFEN leads with 64.38% vs 51.28% for SHNY. On fees, SHNY is cheaper at 0.95% per year. On volatility, SHNY has been the lower-risk option at 23.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SHNY or DFEN?

Over the 3-year period, DFEN has performed better with a 64.38% return vs 51.28%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SHNY or DFEN?

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

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

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

What is the main difference between SHNY and DFEN?

SHNY is categorized as Leveraged Commodities, while DFEN is Leveraged Equities. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for SHNY and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.27), 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.