SLV vs. DFEN
SLV (iShares Silver Trust) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - SLV is a Silver fund tracking the LBMA Silver Price, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Both are passively managed. Over the past 5 years, SLV returned 20.04%/yr vs 33.49%/yr for DFEN. At a 0.16 correlation, their price movements are largely independent. SLV charges 0.50%/yr vs 0.96%/yr for DFEN.
Performance
SLV vs. DFEN - Performance Comparison
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Returns By Period
In the year-to-date period, SLV achieves a -7.62% return, which is significantly lower than DFEN's 20.97% return.
SLV
- 1D
- -1.81%
- 1M
- -12.95%
- YTD
- -7.62%
- 6M
- -2.33%
- 1Y
- 81.88%
- 3Y*
- 38.96%
- 5Y*
- 20.04%
- 10Y*
- 13.58%
DFEN
- 1D
- -4.32%
- 1M
- 17.09%
- YTD
- 20.97%
- 6M
- 21.25%
- 1Y
- 87.39%
- 3Y*
- 67.96%
- 5Y*
- 33.49%
- 10Y*
- —
SLV vs. DFEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLV iShares Silver Trust | -7.62% | 144.66% | 20.89% | -1.09% | 2.37% | -12.45% | 47.30% | 14.88% | -9.19% | 0.38% |
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 SLV and DFEN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | 0.16 |
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Return for Risk
SLV vs. DFEN — Risk / Return Rank
SLV
DFEN
SLV vs. DFEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Silver Trust (SLV) 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.
| SLV | DFEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.37 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.24 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | 1.75 | 2.21 | -0.47 |
| Martin ratioReturn relative to average drawdown | 3.68 | 5.08 | -1.40 |
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Drawdowns
SLV vs. DFEN - Drawdown Comparison
The maximum SLV drawdown since its inception was -76.28%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for SLV and DFEN.
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Drawdown Indicators
| SLV | DFEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.28% | -91.36% | +15.08% |
Max Drawdown (1Y)Largest decline over 1 year | -45.40% | -41.75% | -3.65% |
Max Drawdown (3Y)Largest decline over 3 years | -45.40% | -43.13% | -2.27% |
Max Drawdown (5Y)Largest decline over 5 years | -45.40% | -55.30% | +9.90% |
Max Drawdown (10Y)Largest decline over 10 years | -45.40% | — | — |
Current DrawdownCurrent decline from peak | -43.65% | -20.73% | -22.92% |
Average DrawdownAverage peak-to-trough decline | -44.65% | -45.15% | +0.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.52% | 18.16% | +3.36% |
Volatility
SLV vs. DFEN - Volatility Comparison
The current volatility for iShares Silver Trust (SLV) is 14.09%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that SLV 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.
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Volatility by Period
| SLV | DFEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.09% | 25.14% | -11.05% |
Volatility (6M)Calculated over the trailing 6-month period | 59.18% | 56.03% | +3.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.10% | 66.17% | -6.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.50% | 60.80% | -24.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.04% | 71.64% | -39.60% |
SLV vs. DFEN - Expense Ratio Comparison
SLV has a 0.50% expense ratio, which is lower than DFEN's 0.96% expense ratio.
Dividends
SLV vs. DFEN - Dividend Comparison
SLV has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 7.38%.
| 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% |
SLV iShares Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SLV and DFEN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DFEN has higher volatility (25.14%) compared to SLV (14.09%). In terms of maximum drawdown, SLV dropped -76.28% vs DFEN's -91.36%.
On 5-year performance, DFEN leads with 33.49% vs 20.04% for SLV. On fees, SLV is cheaper at 0.50% per year. On volatility, SLV has been the lower-risk option at 14.09%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DFEN has performed better with a 33.49% return vs 20.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SLV is cheaper with a 0.50% expense ratio, compared with 0.96% for DFEN.
DFEN has the higher dividend yield at 7.38%, compared with 0.00% for SLV.
SLV is categorized as Silver, while DFEN is Leveraged Equities. SLV tracks LBMA Silver Price, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). They also come from different issuers: iShares and Direxion. Their fees differ too: 0.50% for SLV and 0.96% for DFEN.
DFEN currently has the higher Sharpe Ratio (1.40 vs 1.32), 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.
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