WANT vs. DFEN

Last updated Jun 13, 2026

WANT (Direxion Daily Consumer Discretionary Bull 3X Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both Leveraged Equities funds from Direxion - WANT tracks the S&P Consumer Discretionary Select Sector Index (-300%) while DFEN tracks the Dow Jones U.S. Select Aerospace & Defense Index (300%). Both are passively managed. Over the past 5 years, WANT returned -6.22%/yr vs 29.22%/yr for DFEN. A 0.56 correlation means they provide meaningful diversification when combined. WANT charges 0.98%/yr vs 0.99%/yr for DFEN.

Performance

WANT vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) 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, WANT achieves a -14.95% return, which is significantly lower than DFEN's 13.12% return.

WANT

• 1D: 0.66%
• 1M: -7.09%
• YTD: -14.95%
• 6M: -17.60%
• 1Y: 8.18%
• 3Y*: 12.79%
• 5Y*: -6.22%
• 10Y*: —

DFEN

• 1D: -2.71%
• 1M: 7.74%
• YTD: 13.12%
• 6M: 20.44%
• 1Y: 76.99%
• 3Y*: 64.38%
• 5Y*: 29.22%
• 10Y*: —

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

WANT vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
WANT Direxion Daily Consumer Discretionary Bull 3X Shares	-14.95%	-6.94%	60.52%	114.43%	-83.03%	84.81%	45.26%	90.07%	-24.44%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	13.12%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-27.56%

Correlation

The correlation between WANT and DFEN is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
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 Nov 29, 2018	0.56

The correlation between WANT and DFEN shifts across timeframes, from 0.45 (1 year) to 0.56 (all time), reflecting how their relationship changes across market environments.

WANT vs. DFEN - Sectors Allocation Comparison

Sectors	WANT	DFEN
Consumer Cyclical	18.4%	-
Communication Services	0.2%	-
Technology	0.2%	0.0%
Industrials	0.0%	19.7%
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

WANT vs. DFEN — Risk / Return Rank

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

WANT

WANT Risk / Return Rank: 13
WANT Sharpe Ratio Rank: 12
WANT Sortino Ratio Rank: 14
WANT Omega Ratio Rank: 14
WANT Calmar Ratio Rank: 12
WANT Martin Ratio Rank: 12

DFEN

DFEN Risk / Return Rank: 38
DFEN Sharpe Ratio Rank: 37
DFEN Sortino Ratio Rank: 40
DFEN Omega Ratio Rank: 36
DFEN Calmar Ratio Rank: 42
DFEN Martin Ratio Rank: 33

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.

WANT vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) 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.

	WANT	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	0.15	1.18	-1.03
Sortino ratio: Return per unit of downside risk	0.60	1.85	-1.25
Omega ratio: Gain probability vs. loss probability	1.07	1.22	-0.15
Calmar ratio: Return relative to maximum drawdown	0.20	1.85	-1.65
Martin ratio: Return relative to average drawdown	0.52	4.29	-3.77

WANT vs. DFEN - Sharpe Ratio Comparison

The current WANT Sharpe Ratio is 0.15, which is lower than the DFEN Sharpe Ratio of 1.18. The chart below compares the historical Sharpe Ratios of WANT 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

WANT vs. DFEN - Drawdown Comparison

The maximum WANT drawdown since its inception was -85.89%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for WANT and DFEN.

Drawdown Indicators

	WANT	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-85.89%	-91.36%	+5.47%
Max Drawdown (1Y) Largest decline over 1 year	-41.27%	-41.75%	+0.48%
Max Drawdown (3Y) Largest decline over 3 years	-63.53%	-43.13%	-20.40%
Max Drawdown (5Y) Largest decline over 5 years	-85.89%	-55.30%	-30.59%
Current Drawdown Current decline from peak	-59.01%	-25.87%	-33.14%
Average Drawdown Average peak-to-trough decline	-43.11%	-45.20%	+2.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.68%	17.99%	-2.31%

Volatility

WANT vs. DFEN - Volatility Comparison

The current volatility for Direxion Daily Consumer Discretionary Bull 3X Shares (WANT) is 18.43%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 27.31%. This indicates that WANT 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

	WANT	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.43%	27.31%	-8.88%
Volatility (6M) Calculated over the trailing 6-month period	39.93%	55.81%	-15.88%
Volatility (1Y) Calculated over the trailing 1-year period	54.30%	65.81%	-11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.78%	60.74%	+10.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.47%	71.66%	-0.19%

WANT vs. DFEN - Expense Ratio Comparison

WANT has a 0.98% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

WANT vs. DFEN - Dividend Comparison

WANT's dividend yield for the trailing twelve months is around 0.63%, less than DFEN's 7.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
WANT Direxion Daily Consumer Discretionary Bull 3X Shares	0.63%	0.65%	0.61%	0.46%	0.00%	0.00%	0.07%	0.64%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WANT and DFEN in my portfolio?

WANT and DFEN have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WANT or DFEN?

DFEN has higher volatility (27.31%) compared to WANT (18.43%). In terms of maximum drawdown, WANT dropped -85.89% vs DFEN's -91.36%.

Which ETF is better, WANT or DFEN?

On 5-year performance, DFEN leads with 29.22% vs -6.22% for WANT. On fees, WANT is cheaper at 0.98% per year. On volatility, WANT has been the lower-risk option at 18.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WANT or DFEN?

Over the 5-year period, DFEN has performed better with a 29.22% return vs -6.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WANT or DFEN?

WANT is cheaper with a 0.98% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 7.89%, compared with 0.63% for WANT.

What is the main difference between WANT and DFEN?

WANT tracks S&P Consumer Discretionary Select Sector Index (-300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300%). Their fees differ too: 0.98% for WANT and 0.99% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.18 vs 0.15), 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.