USD vs. DFEN
USD (ProShares Ultra Semiconductors) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds - USD tracks the Dow Jones U.S. Semiconductors Index (200%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, USD returned 65.02%/yr vs 29.22%/yr for DFEN. At a 0.44 correlation, their price movements are largely independent. USD charges 0.95%/yr vs 0.99%/yr for DFEN.
Performance
USD vs. DFEN - Performance Comparison
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Returns By Period
In the year-to-date period, USD achieves a 86.87% return, which is significantly higher than DFEN's 13.12% return.
USD
- 1D
- 2.08%
- 1M
- -1.66%
- YTD
- 86.87%
- 6M
- 97.77%
- 1Y
- 207.86%
- 3Y*
- 111.11%
- 5Y*
- 65.02%
- 10Y*
- 60.21%
DFEN
- 1D
- -2.71%
- 1M
- 7.74%
- YTD
- 13.12%
- 6M
- 20.44%
- 1Y
- 76.99%
- 3Y*
- 64.38%
- 5Y*
- 29.22%
- 10Y*
- —
USD vs. DFEN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
USD ProShares Ultra Semiconductors | 86.87% | 62.08% | 139.64% | 228.79% | -68.57% | 104.27% | 68.16% | 110.37% | -26.88% | 59.04% |
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares | 13.12% | 156.62% | 27.07% | 24.70% | 6.99% | 12.72% | -70.23% | 95.09% | -32.86% | 83.64% |
Correlation
The correlation between USD and DFEN is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since May 3, 2017 | 0.44 |
The correlation between USD and DFEN shifts across timeframes, from 0.33 (3 years) to 0.44 (all time), reflecting how their relationship changes across market environments.
USD vs. DFEN - Sectors Allocation Comparison
Sectors
USD
DFEN
Financial Services
-
Technology
Energy
-
Basic Materials
-
-
Communication Services
-
-
Consumer Cyclical
-
-
Consumer Defensive
-
-
Healthcare
-
-
Industrials
-
Real Estate
-
-
Utilities
-
-
Financial Services
USD
DFEN
-
Technology
USD
DFEN
Energy
USD
DFEN
-
Basic Materials
USD
-
DFEN
-
Communication Services
USD
-
DFEN
-
Consumer Cyclical
USD
-
DFEN
-
Consumer Defensive
USD
-
DFEN
-
Healthcare
USD
-
DFEN
-
Industrials
USD
-
DFEN
Real Estate
USD
-
DFEN
-
Utilities
USD
-
DFEN
-
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Return for Risk
USD vs. DFEN — Risk / Return Rank
USD
DFEN
USD vs. DFEN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Semiconductors (USD) 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.
| USD | DFEN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.03 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.22 | +0.20 |
| Calmar ratioReturn relative to maximum drawdown | 6.58 | 1.85 | +4.73 |
| Martin ratioReturn relative to average drawdown | 18.43 | 4.29 | +14.13 |
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Drawdowns
USD vs. DFEN - Drawdown Comparison
The maximum USD drawdown since its inception was -88.63%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for USD and DFEN.
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Drawdown Indicators
| USD | DFEN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.63% | -91.36% | +2.73% |
Max Drawdown (1Y)Largest decline over 1 year | -31.80% | -41.75% | +9.95% |
Max Drawdown (3Y)Largest decline over 3 years | -64.46% | -43.13% | -21.33% |
Max Drawdown (5Y)Largest decline over 5 years | -77.85% | -55.30% | -22.55% |
Max Drawdown (10Y)Largest decline over 10 years | -77.85% | — | — |
Current DrawdownCurrent decline from peak | -13.67% | -25.87% | +12.20% |
Average DrawdownAverage peak-to-trough decline | -32.32% | -45.20% | +12.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.34% | 17.99% | -6.65% |
Volatility
USD vs. DFEN - Volatility Comparison
ProShares Ultra Semiconductors (USD) has a higher volatility of 29.56% compared to Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) at 27.31%. This indicates that USD's price experiences larger fluctuations and is considered to be riskier 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
| USD | DFEN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.56% | 27.31% | +2.25% |
Volatility (6M)Calculated over the trailing 6-month period | 52.44% | 55.81% | -3.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 65.34% | 65.81% | -0.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.19% | 60.74% | +16.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.61% | 71.66% | -2.05% |
USD vs. DFEN - Expense Ratio Comparison
USD has a 0.95% expense ratio, which is lower than DFEN's 0.99% expense ratio.
Dividends
USD vs. DFEN - Dividend Comparison
USD's dividend yield for the trailing twelve months is around 0.25%, less than DFEN's 7.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
USD ProShares Ultra Semiconductors | 0.25% | 0.39% | 0.10% | 0.05% | 0.30% | 0.00% | 0.14% | 0.72% | 0.93% | 0.32% | 0.46% | 0.39% |
Frequently Asked Questions
USD and DFEN have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USD has higher volatility (29.56%) compared to DFEN (27.31%). In terms of maximum drawdown, USD dropped -88.63% vs DFEN's -91.36%.
On 5-year performance, USD leads with 65.02% vs 29.22% for DFEN. On fees, USD is cheaper at 0.95% per year. On volatility, DFEN has been the lower-risk option at 27.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USD has performed better with a 65.02% return vs 29.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USD is cheaper with a 0.95% expense ratio, compared with 0.99% for DFEN.
DFEN has the higher dividend yield at 7.89%, compared with 0.25% for USD.
USD tracks Dow Jones U.S. Semiconductors Index (200%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for USD and 0.99% for DFEN.
USD currently has the higher Sharpe Ratio (3.20 vs 1.18), 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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