YINN vs. DFEN

Last updated Jul 22, 2026

YINN (Direxion Daily China 3x Bull Shares) and DFEN (Direxion Daily Aerospace & Defense Bull 3X Shares) are both exchange-traded funds - YINN is a China Equities fund tracking the FTSE China 50 Index (300%), 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, YINN returned -37.22%/yr vs 31.33%/yr for DFEN. At a 0.32 correlation, their price movements are largely independent. YINN charges 1.52%/yr vs 0.96%/yr for DFEN.

Performance

YINN vs. DFEN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily China 3x Bull Shares (YINN) 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, YINN achieves a -33.90% return, which is significantly lower than DFEN's 5.27% return.

YINN

• 1D: -3.53%
• 1M: 9.93%
• 6M: -35.93%
• YTD: -33.90%
• 1Y: -37.98%
• 3Y*: -5.40%
• 5Y*: -37.22%
• 10Y*: -20.67%
• ALL TIME*: -17.54%

DFEN

• 1D: 0.63%
• 1M: -12.98%
• 6M: -21.40%
• YTD: 5.27%
• 1Y: 31.08%
• 3Y*: 60.47%
• 5Y*: 31.33%
• 10Y*: —
• ALL TIME*: 15.24%

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

YINN vs. DFEN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
YINN Direxion Daily China 3x Bull Shares	-33.90%	54.21%	36.06%	-53.08%	-71.97%	-58.56%	-7.75%	28.92%	-48.47%	73.41%
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	5.27%	156.62%	27.07%	24.70%	6.99%	12.72%	-70.23%	95.09%	-32.86%	83.64%

Correlation

The correlation between YINN 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	0.19
Correlation (5Y) Calculated over the trailing 5-year period	0.24
Correlation (All Time) Calculated using the full available price history since May 3, 2017	0.32

The correlation between YINN and DFEN shifts across timeframes, from 0.19 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.

YINN vs. DFEN - Sectors Allocation Comparison

Sectors	YINN	DFEN
Financial Services	35.2%	-
Consumer Cyclical	25.3%	-
Communication Services	17.8%	-
Technology	5.9%	0.0%
Energy	4.8%	-
Basic Materials	3.4%	-
Industrials	2.8%	22.0%
Healthcare	2.6%	-
Real Estate	1.0%	-
Consumer Defensive	0.8%	-
Utilities	0.3%	-

Return for Risk

YINN vs. DFEN — Risk / Return Rank

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

YINN

YINN Risk / Return Rank: 4
YINN Sharpe Ratio Rank: 4
YINN Sortino Ratio Rank: 5
YINN Omega Ratio Rank: 5
YINN Calmar Ratio Rank: 4
YINN Martin Ratio Rank: 3

DFEN

DFEN Risk / Return Rank: 23
DFEN Sharpe Ratio Rank: 20
DFEN Sortino Ratio Rank: 27
DFEN Omega Ratio Rank: 24
DFEN Calmar Ratio Rank: 23
DFEN Martin Ratio Rank: 20

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.

YINN vs. DFEN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily China 3x Bull Shares (YINN) 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.

	YINN	DFEN	Difference
Sharpe ratio: Return per unit of total volatility	-0.64	0.47	-1.10
Sortino ratio: Return per unit of downside risk	-0.69	1.11	-1.81
Omega ratio: Gain probability vs. loss probability	0.92	1.13	-0.21
Calmar ratio: Return relative to maximum drawdown	-0.62	0.75	-1.37
Martin ratio: Return relative to average drawdown	-1.23	1.61	-2.84

YINN vs. DFEN - Sharpe Ratio Comparison

The current YINN Sharpe Ratio is -0.64, which is lower than the DFEN Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of YINN 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

YINN vs. DFEN - Drawdown Comparison

The maximum YINN drawdown since its inception was -98.87%, which is greater than DFEN's maximum drawdown of -91.36%. Use the drawdown chart below to compare losses from any high point for YINN and DFEN.

Drawdown Indicators

	YINN	DFEN	Difference
Max Drawdown Largest peak-to-trough decline	-98.87%	-91.36%	-7.51%
Max Drawdown (1Y) Largest decline over 1 year	-61.64%	-41.75%	-19.89%
Max Drawdown (3Y) Largest decline over 3 years	-69.08%	-43.13%	-25.95%
Max Drawdown (5Y) Largest decline over 5 years	-94.93%	-51.96%	-42.97%
Max Drawdown (10Y) Largest decline over 10 years	-98.59%	—	—
Current Drawdown Current decline from peak	-97.66%	-31.01%	-66.65%
Average Drawdown Average peak-to-trough decline	-68.69%	-44.95%	-23.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.89%	19.36%	+11.53%

Volatility

YINN vs. DFEN - Volatility Comparison

Direxion Daily China 3x Bull Shares (YINN) has a higher volatility of 18.40% compared to Direxion Daily Aerospace & Defense Bull 3X Shares (DFEN) at 16.39%. This indicates that YINN'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.

Volatility by Period

	YINN	DFEN	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.40%	16.39%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	43.29%	54.29%	-11.00%
Volatility (1Y) Calculated over the trailing 1-year period	59.89%	66.76%	-6.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.28%	60.52%	+33.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.59%	71.51%	+10.08%

YINN vs. DFEN - Expense Ratio Comparison

YINN has a 1.52% expense ratio, which is higher than DFEN's 0.96% expense ratio.

Dividends

YINN vs. DFEN - Dividend Comparison

YINN's dividend yield for the trailing twelve months is around 1.35%, less than DFEN's 8.43% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
DFEN Direxion Daily Aerospace & Defense Bull 3X Shares	8.43%	8.89%	14.12%	1.13%	0.46%	1.89%	0.48%	0.50%	1.07%	1.50%
YINN Direxion Daily China 3x Bull Shares	1.35%	1.12%	1.81%	4.17%	1.16%	0.73%	0.76%	1.38%	1.02%	1.11%

Frequently Asked Questions

Can I hold both YINN and DFEN in my portfolio?

YINN 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, YINN or DFEN?

YINN has higher volatility (18.40%) compared to DFEN (16.39%). In terms of maximum drawdown, YINN dropped -98.87% vs DFEN's -91.36%.

Which ETF is better, YINN or DFEN?

On 5-year performance, DFEN leads with 31.33% vs -37.22% for YINN. On fees, DFEN is cheaper at 0.96% per year. On volatility, DFEN has been the lower-risk option at 16.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YINN or DFEN?

Over the 5-year period, DFEN has performed better with a 31.33% return vs -37.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YINN or DFEN?

DFEN is cheaper with a 0.96% expense ratio, compared with 1.52% for YINN.

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

DFEN has the higher dividend yield at 8.43%, compared with 1.35% for YINN.

What is the main difference between YINN and DFEN?

YINN is categorized as China Equities, while DFEN is Leveraged Equities. YINN tracks FTSE China 50 Index (300%), while DFEN tracks Dow Jones U.S. Select Aerospace & Defense Index (300% Daily). Their fees differ too: 1.52% for YINN and 0.96% for DFEN.

Which has better risk-adjusted returns?

DFEN currently has the higher Sharpe Ratio (0.47 vs -0.64), 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.