WDH vs. DFEN

Last updated Jun 3, 2026

WDH (Waterdrop Inc.) is a stock, while DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) is Leveraged Equities fund tracking the Dow Jones U.S. Select Aerospace & Defense Index (300%). Over the past 5 years, WDH returned -27.58%/yr vs 28.31%/yr for DFEN. At a 0.17 correlation, their price movements are largely independent.

Performance

WDH vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Waterdrop Inc. (WDH) 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, WDH achieves a -19.09% return, which is significantly lower than DFEN's 7.03% return.

WDH

• 1D: 2.03%
• 1M: -6.79%
• YTD: -19.09%
• 6M: -17.79%
• 1Y: 4.15%
• 3Y*: -10.69%
• 5Y*: -27.58%
• 10Y*: —

DFEN

• 1D: -2.33%
• 1M: 15.05%
• YTD: 7.03%
• 6M: 27.80%
• 1Y: 70.44%
• 3Y*: 65.73%
• 5Y*: 28.31%
• 10Y*: —

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

WDH vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WDH Waterdrop Inc.	-19.09%	66.25%	19.17%	-68.77%	141.30%	-85.77%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	7.03%	156.62%	27.07%	24.70%	6.99%	-18.83%

Correlation

The correlation between WDH and DFEN is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since May 10, 2021	0.17

Return for Risk

WDH vs. DFEN — Risk / Return Rank

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

WDH

WDH Risk / Return Rank: 44
WDH Sharpe Ratio Rank: 43
WDH Sortino Ratio Rank: 41
WDH Omega Ratio Rank: 40
WDH Calmar Ratio Rank: 47
WDH Martin Ratio Rank: 47

DFEN

DFEN Risk / Return Rank: 32
DFEN Sharpe Ratio Rank: 31
DFEN Sortino Ratio Rank: 33
DFEN Omega Ratio Rank: 31
DFEN Calmar Ratio Rank: 35
DFEN Martin Ratio Rank: 29

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.

WDH vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Waterdrop Inc. (WDH) 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.

	WDH	DFEN	Difference
Sharpe ratio Return per unit of total volatility	0.09	1.12	-1.03
Sortino ratio Return per unit of downside risk	0.50	1.75	-1.25
Omega ratio Gain probability vs. loss probability	1.06	1.21	-0.15
Calmar ratio Return relative to maximum drawdown	0.29	1.76	-1.47
Martin ratio Return relative to average drawdown	0.59	4.26	-3.67
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WDH vs. DFEN - Sharpe Ratio Comparison

The current WDH Sharpe Ratio is 0.09, which is lower than the DFEN Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of WDH 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.

Sharpe Ratios by Period

	WDH	DFEN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	1.12	-1.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	0.47	-0.92
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	0.22	-0.69

Drawdowns

WDH vs. DFEN - Drawdown Comparison

The maximum WDH drawdown since its inception was -90.62%, roughly equal to the maximum DFEN drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for WDH and DFEN.

Drawdown Indicators

	WDH	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-90.62%	-91.36%	+0.74%
Max Drawdown (1Y) Largest decline over 1 year	-26.97%	-41.75%	+14.78%
Max Drawdown (3Y) Largest decline over 3 years	-62.60%	-43.13%	-19.47%
Max Drawdown (5Y) Largest decline over 5 years	-89.26%	-56.23%	-33.03%
Current Drawdown Current decline from peak	-82.81%	-29.86%	-52.95%
Average Drawdown Average peak-to-trough decline	-80.12%	-45.27%	-34.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.05%	17.24%	-4.19%

Volatility

WDH vs. DFEN - Volatility Comparison

The current volatility for Waterdrop Inc. (WDH) is 13.58%, while Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) has a volatility of 21.97%. This indicates that WDH 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

	WDH	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.58%	21.97%	-8.39%
Volatility (6M) Calculated over the trailing 6-month period	25.20%	53.56%	-28.36%
Volatility (1Y) Calculated over the trailing 1-year period	44.82%	63.04%	-18.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.94%	60.12%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.88%	71.48%	-8.60%

Dividends

WDH vs. DFEN - Dividend Comparison

WDH's dividend yield for the trailing twelve months is around 3.97%, less than DFEN's 8.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.34%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
WDH Waterdrop Inc.	3.97%	2.63%	5.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WDH and DFEN in my portfolio?

WDH and DFEN have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WDH or DFEN?

DFEN has higher volatility (21.97%) compared to WDH (13.58%). In terms of maximum drawdown, WDH dropped -90.62% vs DFEN's -91.36%.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (1.12 vs 0.09), 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.