Daily Aerospace & Defense Bull 3X ETF (DFEN) Performance
DFEN total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −32.1% since Dec 31, 2025
- 1 year
- −35.5% total return
- 5 years
- +19.6% a year
- Since first price
- +9.6% a year since 2017
DFEN trailing returns vs SPY, QQQ, AGG
| Period | DFEN total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −16.9% | −16.9% | −1.0% | −5.0% | +0.9% |
| 3 months | −42.1% | −42.1% | +3.2% | +1.9% | −0.4% |
| 6 months | −30.1% | −30.1% | +7.8% | +8.4% | −1.5% |
| YTD | −32.1% | −32.2% | +12.3% | +15.1% | −1.0% |
| 1 year | −35.5% | −41.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +261.7%+53.5%/yr | +187.7% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +144.3%+19.6%/yr | +88.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionMay 3, 2017 | +138.3%+9.6%/yr | +76.0% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: DFEN vs SPY
From May 3, 2017: DFEN grew to $23,834, SPY to $36,936.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
DFEN returns by calendar year
6 of 8 full years positive. Best 2025 (+156.6%), worst 2020 (−70.2%). 2026 is year to date.
DFEN annual returns table
| Year | DFEN | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −32.1% | −55.5% | +12.3% | +15.1% | −1.0% |
| 2025 | +156.6% | −42.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +27.1% | −26.4% | +24.9% | +25.6% | +1.3% |
| 2023 | +24.7% | −38.6% | +26.2% | +54.9% | +5.7% |
| 2022 | +7.0% | −52.0% | −18.2% | −32.6% | −13.0% |
| 2021 | +12.7% | −42.5% | +28.7% | +27.4% | −1.8% |
| 2020 | −70.2% | −91.4% | +18.3% | +48.6% | +7.5% |
| 2019 | +95.1% | −20.3% | +31.2% | +39.0% | +8.5% |
| 2018 | −32.9% | −61.1% | −4.6% | −0.1% | +0.1% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
DFEN largest drawdowns
Now 55.5% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 12, 2020 | −91.4% | Mar 23, 2020 | Aug 26, 2025 | 40 days | 5.5 years |
| Oct 3, 2018 | −61.1% | Dec 24, 2018 | Sep 16, 2019 | 3 months | 11 months |
| Mar 2, 2026 | −55.5% | Oct 23, 2026 | not yet | 8 months | 8 months so far |
| Oct 27, 2025 | −26.6% | Nov 21, 2025 | Jan 2, 2026 | 25 days | 2 months |
| Feb 1, 2018 | −25.7% | May 2, 2018 | Sep 6, 2018 | 3 months | 7 months |
| Jan 16, 2026 | −21.8% | Feb 5, 2026 | Mar 2, 2026 | 20 days | 45 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
DFEN risk statistics
| Statistic | 3 years | 5 years | Since 2017 |
|---|---|---|---|
| Annualized return | +58.1% | +24.4% | +9.6% |
| Volatility (annualized) | 56.6% | 60.2% | 66.8% |
| Sharpe ratio | 1.02 | 0.59 | 0.47 |
| Sortino ratio | 1.82 | 1.05 | 0.75 |
| Best month | +42.1% | +57.6% | +76.2% |
| Worst month | −30.1% | −30.1% | −75.4% |
| Best 12 months | +209.3% | +209.3% | +209.3% |
| Worst 12 months | −24.4% | −42.9% | −83.8% |
| Positive months | 61% | 52% | 54% |
| Beta vs S&P 500 | 2.55 | 2.29 | — |
| Correlation with S&P 500 | 0.56 | 0.59 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
DFEN rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 102 | −83.8% | +24.9% | +209.3% | 69% |
| 3-year (a year) | 78 | −41.6% | +10.7% | +90.4% | 56% |
| 5-year (a year) | 54 | −24.0% | −8.6% | +57.8% | 37% |
Every holding period starting at a month-end since 2017. Returns for 3 years and longer are annualized.
DFEN performance overview
Daily Aerospace & Defense Bull 3X ETF (DFEN) returned −35.5% over the past year and +19.6% a year over five years, with distributions reinvested. Since its first recorded price in 2017 it has returned +9.6% a year, turning $10,000 into about $23,834. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −91.4%, from Feb 12, 2020 to Mar 23, 2020, and it took 5.4 years to get back to the old high. DFEN finished 6 of its 8 full calendar years with a gain; the best year was 2025 (+156.6%) and the worst 2020 (−70.2%). Volatility has been 66.8% a year.
Related: DFEN chart, DFEN dividends. See the DFEN overview for the latest quote and fund facts.
DFEN performance FAQ
What is the DFEN return over the past year?
DFEN returned −35.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 41.5%.
What is the average annual return of DFEN?
DFEN has returned +19.6% a year over 5 years, +9.6% a year since May 3, 2017 (total return, distributions reinvested).
How much would $10,000 invested in DFEN be worth?
$10,000 invested in DFEN at its first recorded close on May 3, 2017 would be worth about $23,834 on October 23, 2026 with distributions reinvested.
What was the worst year for DFEN?
The worst calendar year was 2020, with a total return of −70.2%. The best was 2025 at +156.6%.
What is the biggest drawdown of DFEN?
The largest peak-to-trough decline was −91.4% between February 12, 2020 and March 23, 2020. It recovered to the old high on August 26, 2025, 5.4 years after the bottom.
How volatile is DFEN?
Over the past 3 years DFEN had an annualized volatility of 56.6% and a Sharpe ratio of 1.02 (excess return over 1–3 month T-bills per unit of risk).