SPXL vs. DFEN

Last updated Jun 4, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - SPXL tracks the S&P 500 while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, SPXL returned 23.51%/yr vs 26.54%/yr for DFEN. A 0.65 correlation means they provide meaningful diversification when combined. SPXL charges 0.84%/yr vs 0.99%/yr for DFEN.

Performance

SPXL vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 28.14% return, which is significantly higher than DFEN's 2.17% return.

SPXL

• 1D: -2.08%
• 1M: 14.77%
• YTD: 28.14%
• 6M: 26.88%
• 1Y: 81.54%
• 3Y*: 52.83%
• 5Y*: 23.51%
• 10Y*: 30.20%

DFEN

• 1D: -4.54%
• 1M: 12.97%
• YTD: 2.17%
• 6M: 21.41%
• 1Y: 59.57%
• 3Y*: 63.19%
• 5Y*: 26.54%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPXL vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPXL Direxion Daily S&P 500 Bull 3X ETF	28.14%	31.94%	63.61%	69.49%	-56.55%	98.75%	9.64%	102.80%	-25.11%	41.58%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	2.17%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between SPXL and DFEN is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (All Time) Calculated using the full available price history since May 4, 2017	0.65

The correlation between SPXL and DFEN shifts across timeframes, from 0.52 (1 year) to 0.65 (all time), reflecting how their relationship changes across market environments.

SPXL vs. DFEN - Sectors Allocation Comparison

Sectors	SPXL	DFEN
Technology	8.5%	0.0%
Financial Services	2.6%	-
Communication Services	2.4%	-
Consumer Cyclical	2.2%	-
Healthcare	1.9%	-
Industrials	1.7%	19.7%
Consumer Defensive	1.1%	-
Energy	0.8%	-
Utilities	0.6%	-
Real Estate	0.4%	-
Basic Materials	0.4%	-

Return for Risk

SPXL vs. DFEN — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 63
SPXL Sharpe Ratio Rank: 69
SPXL Sortino Ratio Rank: 57
SPXL Omega Ratio Rank: 58
SPXL Calmar Ratio Rank: 60
SPXL Martin Ratio Rank: 68

DFEN

DFEN Risk / Return Rank: 27
DFEN Sharpe Ratio Rank: 26
DFEN Sortino Ratio Rank: 29
DFEN Omega Ratio Rank: 27
DFEN Calmar Ratio Rank: 29
DFEN Martin Ratio Rank: 25

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.

SPXL vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

	SPXL	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	2.32	0.95	+1.37
Sortino ratio: Return per unit of downside risk	2.78	1.59	+1.19
Omega ratio: Gain probability vs. loss probability	1.37	1.19	+0.18
Calmar ratio: Return relative to maximum drawdown	3.06	1.43	+1.63
Martin ratio: Return relative to average drawdown	12.94	3.44	+9.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPXL vs. DFEN - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 2.32, which is higher than the DFEN Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of SPXL 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.

Sharpe Ratios by Period

	SPXL	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.32	0.95	+1.37
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.44	+0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	0.21	+0.31

Drawdowns

SPXL vs. DFEN - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for SPXL and DFEN.

Drawdown Indicators

	SPXL	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-91.36%	+14.50%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-41.75%	+14.98%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	-43.13%	-5.82%
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	-56.23%	-7.57%
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-2.08%	-33.04%	+30.96%
Average Drawdown Average peak-to-trough decline	-15.72%	-45.27%	+29.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.32%	17.36%	-11.04%

Volatility

SPXL vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bull 3X ETF (SPXL) is 8.49%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 22.35%. This indicates that SPXL 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

	SPXL	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.49%	22.35%	-13.86%
Volatility (6M) Calculated over the trailing 6-month period	26.67%	53.06%	-26.39%
Volatility (1Y) Calculated over the trailing 1-year period	35.39%	63.21%	-27.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.24%	60.16%	-9.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.42%	71.48%	-18.06%

SPXL vs. DFEN - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

SPXL vs. DFEN - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.52%, less than DFEN's 8.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.74%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.52%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and DFEN in my portfolio?

SPXL and DFEN have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXL or DFEN?

DFEN has higher volatility (22.35%) compared to SPXL (8.49%). In terms of maximum drawdown, SPXL dropped -76.86% vs DFEN's -91.36%.

Which ETF is better, SPXL or DFEN?

On 5-year performance, DFEN leads with 26.54% vs 23.51% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or DFEN?

Over the 5-year period, DFEN has performed better with a 26.54% return vs 23.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or DFEN?

SPXL is cheaper with a 0.84% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 8.74%, compared with 0.52% for SPXL.

What is the main difference between SPXL and DFEN?

SPXL tracks S&P 500, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 0.84% for SPXL and 0.99% for DFEN.

Which has better risk-adjusted returns?

SPXL currently has the higher Sharpe Ratio (2.32 vs 0.95), 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.