WAR vs. DFEN

Last updated Jun 4, 2026

WAR (U.S. Global Technology and Aerospace & Defense ETF) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - WAR is a Aerospace & Defense fund actively managed by US Global, while DFEN is a Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). WAR is actively managed, while DFEN is passively managed. At a 0.49 correlation, their price movements are largely independent. WAR charges 0.60%/yr vs 0.99%/yr for DFEN.

Performance

WAR vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in U.S. Global Technology and Aerospace & Defense ETF (WAR) and Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

WAR

• 1D: -1.92%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

WAR vs. DFEN - Yearly Performance Comparison

	2026 (YTD)
WAR U.S. Global Technology and Aerospace & Defense ETF	2.67%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	-6.59%

Correlation

The correlation between WAR and DFEN is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 27, 2026	0.49

WAR vs. DFEN - Sectors Allocation Comparison

Sectors	WAR	DFEN
Technology	63.8%	0.0%
Industrials	31.1%	19.7%
Communication Services	2.0%	-
Financial Services	0.5%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

WAR vs. DFEN — Risk / Return Rank

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

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.

WAR vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for U.S. Global Technology and Aerospace & Defense ETF (WAR) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	WAR	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.95	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (All Time) Calculated using the full available price history	5.18	0.21	+4.97

Drawdowns

WAR vs. DFEN - Drawdown Comparison

The maximum WAR drawdown since its inception was -1.92%, smaller than the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for WAR and DFEN.

Drawdown Indicators

	WAR	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-1.92%	-91.36%	+89.44%
Max Drawdown (1Y) Largest decline over 1 year	—	-41.75%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-43.13%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-56.23%	—
Current Drawdown Current decline from peak	-1.92%	-33.04%	+31.12%
Average Drawdown Average peak-to-trough decline	-0.88%	-45.27%	+44.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.36%	—

Volatility

Volatility by Period

	WAR	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	22.35%	—
Volatility (6M) Calculated over the trailing 6-month period	—	53.06%	—
Volatility (1Y) Calculated over the trailing 1-year period	42.90%	63.21%	-20.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.90%	60.16%	-17.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.90%	71.48%	-28.58%

WAR vs. DFEN - Expense Ratio Comparison

WAR has a 0.60% expense ratio, which is lower than DFEN's 0.99% expense ratio.

Dividends

WAR vs. DFEN - Dividend Comparison

WAR has not paid dividends to shareholders, while DFEN's dividend yield for the trailing twelve months is around 8.74%.

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%
WAR U.S. Global Technology and Aerospace & Defense ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WAR and DFEN in my portfolio?

WAR and DFEN have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, WAR or DFEN?

On fees, WAR is cheaper at 0.60% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, WAR or DFEN?

WAR is cheaper with a 0.60% expense ratio, compared with 0.99% for DFEN.

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

DFEN has the higher dividend yield at 8.74%, compared with 0.00% for WAR.

What is the main difference between WAR and DFEN?

WAR is categorized as Aerospace & Defense, while DFEN is Leveraged Equities. They also come from different issuers: US Global and Direxion. Their fees differ too: 0.60% for WAR and 0.99% for DFEN.