URTY vs. DFEN

Last updated Jul 21, 2026

URTY (ProShares UltraPro Russell2000) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds - URTY tracks the Russell 2000 Index (300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Both are passively managed. Over the past 5 years, URTY returned -4.55%/yr vs 30.50%/yr for DFEN. A 0.69 correlation means they provide meaningful diversification when combined. URTY charges 0.95%/yr vs 0.96%/yr for DFEN.

Performance

URTY vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Russell2000 (URTY) 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, URTY achieves a 51.03% return, which is significantly higher than DFEN's 4.62% return.

URTY

• 1D: -1.82%
• 1M: -4.06%
• 6M: 21.03%
• YTD: 51.03%
• 1Y: 89.88%
• 3Y*: 21.31%
• 5Y*: -4.55%
• 10Y*: 6.89%
• ALL TIME*: 13.88%

DFEN

• 1D: -1.88%
• 1M: -13.52%
• 6M: -27.89%
• YTD: 4.62%
• 1Y: 27.31%
• 3Y*: 60.14%
• 5Y*: 30.50%
• 10Y*: —
• ALL TIME*: 15.17%

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

URTY vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
URTY ProShares UltraPro Russell2000	51.03%	9.26%	7.38%	24.43%	-62.81%	28.47%	-7.72%	72.37%	-39.59%	29.14%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	4.62%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between URTY and DFEN is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.69

The correlation between URTY and DFEN shifts across timeframes, from 0.58 (1 year) to 0.69 (all time), reflecting how their relationship changes across market environments.

URTY vs. DFEN - Sectors Allocation Comparison

Sectors	URTY	DFEN
Healthcare	20.2%	-
Financial Services	17.7%	-
Technology	14.8%	0.0%
Industrials	14.1%	22.0%
Consumer Cyclical	9.2%	-
Real Estate	6.7%	-
Energy	5.4%	-
Basic Materials	4.4%	-
Utilities	2.7%	-
Consumer Defensive	2.6%	-
Communication Services	2.2%	-

Return for Risk

URTY vs. DFEN — Risk / Return Rank

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

URTY

URTY Risk / Return Rank: 64
URTY Sharpe Ratio Rank: 64
URTY Sortino Ratio Rank: 60
URTY Omega Ratio Rank: 54
URTY Calmar Ratio Rank: 74
URTY Martin Ratio Rank: 69

DFEN

DFEN Risk / Return Rank: 21
DFEN Sharpe Ratio Rank: 18
DFEN Sortino Ratio Rank: 24
DFEN Omega Ratio Rank: 22
DFEN Calmar Ratio Rank: 20
DFEN Martin Ratio Rank: 19

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.

URTY vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Russell2000 (URTY) 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.

	URTY	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	1.56	0.41	+1.15
Sortino ratio: Return per unit of downside risk	2.15	1.05	+1.11
Omega ratio: Gain probability vs. loss probability	1.25	1.12	+0.13
Calmar ratio: Return relative to maximum drawdown	2.78	0.66	+2.12
Martin ratio: Return relative to average drawdown	9.06	1.42	+7.64

URTY vs. DFEN - Sharpe Ratio Comparison

The current URTY Sharpe Ratio is 1.56, which is higher than the DFEN Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of URTY 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

URTY vs. DFEN - Drawdown Comparison

The maximum URTY drawdown since its inception was -88.09%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for URTY and DFEN.

Drawdown Indicators

	URTY	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-88.09%	-91.36%	+3.27%
Max Drawdown (1Y) Largest decline over 1 year	-32.56%	-41.75%	+9.19%
Max Drawdown (3Y) Largest decline over 3 years	-65.85%	-43.13%	-22.72%
Max Drawdown (5Y) Largest decline over 5 years	-82.76%	-51.96%	-30.80%
Max Drawdown (10Y) Largest decline over 10 years	-88.09%	—	—
Current Drawdown Current decline from peak	-37.82%	-31.44%	-6.38%
Average Drawdown Average peak-to-trough decline	-34.79%	-44.95%	+10.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.96%	19.27%	-9.31%

Volatility

URTY vs. DFEN - Volatility Comparison

The current volatility for ProShares UltraPro Russell2000 (URTY) is 10.88%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 16.75%. This indicates that URTY 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

	URTY	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.88%	16.75%	-5.87%
Volatility (6M) Calculated over the trailing 6-month period	42.35%	54.39%	-12.04%
Volatility (1Y) Calculated over the trailing 1-year period	57.96%	66.89%	-8.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.35%	60.56%	+6.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.23%	71.53%	-2.30%

URTY vs. DFEN - Expense Ratio Comparison

URTY has a 0.95% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

URTY vs. DFEN - Dividend Comparison

URTY's dividend yield for the trailing twelve months is around 0.79%, less than DFEN's 8.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.48%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%	0.00%
URTY ProShares UltraPro Russell2000	0.79%	1.02%	1.16%	0.55%	0.28%	0.00%	0.00%	0.18%	0.28%	0.00%	0.03%

Frequently Asked Questions

Can I hold both URTY and DFEN in my portfolio?

URTY and DFEN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, URTY or DFEN?

DFEN has higher volatility (16.75%) compared to URTY (10.88%). In terms of maximum drawdown, URTY dropped -88.09% vs DFEN's -91.36%.

Which ETF is better, URTY or DFEN?

On 5-year performance, DFEN leads with 30.50% vs -4.55% for URTY. On fees, URTY is cheaper at 0.95% per year. On volatility, URTY has been the lower-risk option at 10.88%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, URTY or DFEN?

Over the 5-year period, DFEN has performed better with a 30.50% return vs -4.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, URTY or DFEN?

URTY is cheaper with a 0.95% expense ratio, compared with 0.96% for DFEN.

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

DFEN has the higher dividend yield at 8.48%, compared with 0.79% for URTY.

What is the main difference between URTY and DFEN?

URTY tracks Russell 2000 Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for URTY and 0.96% for DFEN.

Which has better risk-adjusted returns?

URTY currently has the higher Sharpe Ratio (1.56 vs 0.41), 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.