VIGI vs. DFEN

Last updated Jun 21, 2026

VIGI (Vanguard International Dividend Appreciation ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - VIGI is a Dividend fund tracking the S&P Global Ex-U.S. Dividend Growers Index, 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, VIGI returned 4.66%/yr vs 33.49%/yr for DFEN. A 0.54 correlation means they provide meaningful diversification when combined. VIGI charges 0.15%/yr vs 0.96%/yr for DFEN.

Performance

VIGI vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard International Dividend Appreciation ETF (VIGI) 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, VIGI achieves a 3.17% return, which is significantly lower than DFEN's 20.97% return.

VIGI

• 1D: -0.18%
• 1M: -0.15%
• YTD: 3.17%
• 6M: 3.29%
• 1Y: 8.98%
• 3Y*: 9.31%
• 5Y*: 4.66%
• 10Y*: 8.04%

DFEN

• 1D: -4.32%
• 1M: 17.09%
• YTD: 20.97%
• 6M: 21.25%
• 1Y: 87.39%
• 3Y*: 67.96%
• 5Y*: 33.49%
• 10Y*: —

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

VIGI vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VIGI Vanguard International Dividend Appreciation ETF	3.17%	16.88%	2.73%	16.30%	-16.79%	12.51%	14.66%	27.53%	-11.50%	12.13%
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 VIGI and DFEN is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.54

The correlation between VIGI and DFEN has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.

VIGI vs. DFEN - Sectors Allocation Comparison

Sectors	VIGI	DFEN
Financial Services	29.0%	-
Industrials	17.1%	18.7%
Healthcare	14.6%	-
Technology	11.5%	0.0%
Consumer Defensive	9.7%	-
Utilities	4.8%	-
Basic Materials	4.1%	-
Consumer Cyclical	3.1%	-
Energy	2.8%	-
Communication Services	1.3%	-
Real Estate	1.3%	-

Return for Risk

VIGI vs. DFEN — Risk / Return Rank

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

VIGI

VIGI Risk / Return Rank: 18
VIGI Sharpe Ratio Rank: 18
VIGI Sortino Ratio Rank: 18
VIGI Omega Ratio Rank: 17
VIGI Calmar Ratio Rank: 18
VIGI Martin Ratio Rank: 22

DFEN

DFEN Risk / Return Rank: 40
DFEN Sharpe Ratio Rank: 41
DFEN Sortino Ratio Rank: 42
DFEN Omega Ratio Rank: 37
DFEN Calmar Ratio Rank: 46
DFEN Martin Ratio Rank: 36

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.

VIGI vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard International Dividend Appreciation ETF (VIGI) 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.

	VIGI	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.60	1.40	-0.80
Sortino ratio: Return per unit of downside risk	0.93	2.04	-1.11
Omega ratio: Gain probability vs. loss probability	1.11	1.24	-0.13
Calmar ratio: Return relative to maximum drawdown	0.74	2.21	-1.47
Martin ratio: Return relative to average drawdown	2.61	5.08	-2.47

VIGI vs. DFEN - Sharpe Ratio Comparison

The current VIGI Sharpe Ratio is 0.60, which is lower than the DFEN Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of VIGI 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

VIGI vs. DFEN - Drawdown Comparison

The maximum VIGI drawdown since its inception was -31.01%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for VIGI and DFEN.

Drawdown Indicators

	VIGI	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-31.01%	-91.36%	+60.35%
Max Drawdown (1Y) Largest decline over 1 year	-10.64%	-41.75%	+31.11%
Max Drawdown (3Y) Largest decline over 3 years	-14.50%	-43.13%	+28.63%
Max Drawdown (5Y) Largest decline over 5 years	-28.80%	-55.30%	+26.50%
Max Drawdown (10Y) Largest decline over 10 years	-31.01%	—	—
Current Drawdown Current decline from peak	-1.97%	-20.73%	+18.76%
Average Drawdown Average peak-to-trough decline	-6.16%	-45.15%	+38.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.01%	18.16%	-15.15%

Volatility

VIGI vs. DFEN - Volatility Comparison

The current volatility for Vanguard International Dividend Appreciation ETF (VIGI) is 3.22%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 25.14%. This indicates that VIGI 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

	VIGI	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.22%	25.14%	-21.92%
Volatility (6M) Calculated over the trailing 6-month period	10.35%	56.03%	-45.68%
Volatility (1Y) Calculated over the trailing 1-year period	13.07%	66.17%	-53.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.46%	60.80%	-46.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.87%	71.64%	-55.77%

VIGI vs. DFEN - Expense Ratio Comparison

VIGI has a 0.15% expense ratio, which is lower than DFEN's 0.96% expense ratio.

Dividends

VIGI vs. DFEN - Dividend Comparison

VIGI's dividend yield for the trailing twelve months is around 2.72%, less than DFEN's 7.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
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%	0.00%
VIGI Vanguard International Dividend Appreciation ETF	2.14%	2.14%	1.93%	1.92%	2.06%	7.02%	1.29%	1.83%	1.99%	1.75%	1.05%

Frequently Asked Questions

Can I hold both VIGI and DFEN in my portfolio?

VIGI and DFEN have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VIGI or DFEN?

DFEN has higher volatility (25.14%) compared to VIGI (3.22%). In terms of maximum drawdown, VIGI dropped -31.01% vs DFEN's -91.36%.

Which ETF is better, VIGI or DFEN?

On 5-year performance, DFEN leads with 33.49% vs 4.66% for VIGI. On fees, VIGI is cheaper at 0.15% per year. On volatility, VIGI has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VIGI or DFEN?

Over the 5-year period, DFEN has performed better with a 33.49% return vs 4.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VIGI or DFEN?

VIGI is cheaper with a 0.15% expense ratio, compared with 0.96% for DFEN.

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

DFEN has the higher dividend yield at 7.38%, compared with 2.14% for VIGI.

What is the main difference between VIGI and DFEN?

VIGI is categorized as Dividend, while DFEN is Leveraged Equities. VIGI tracks S&P Global Ex-U.S. Dividend Growers Index, while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). They also come from different issuers: Vanguard and Direxion. Their fees differ too: 0.15% for VIGI and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.40 vs 0.60), 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.