Direxion Daily Aerospace & Defense Bull 3X ETF (DFEN) IV/HV History
Comparing implied volatility to historical (realized) volatility reveals whether options are priced rich or cheap relative to actual price movement. Persistent gaps can signal trading opportunities.
Direxion Daily Aerospace & Defense Bull 3X ETF (DFEN) operates in the Financial Services sector, specifically the Asset Management - Leveraged industry, with a market capitalization near $538.2M, listed on AMEX, carrying a beta of 2.71 to the broader market. The Direxion Daily Aerospace & Defense Bull 3X ETF seeks daily investment results, before fees and expenses, of 300% of the performance of the Dow Jones U. public since 2017-05-03.
Snapshot as of May 15, 2026.
- Spot Price
- $59.70
- ATM IV
- 68.1%
- HV 20-Day
- 82.8%
- HV 60-Day
- 83.5%
- IV Rank
- 50.3%
- IV Percentile
- 67.9%
As of May 15, 2026, Direxion Daily Aerospace & Defense Bull 3X ETF (DFEN) ATM implied volatility is 68.1%. 20-day realized volatility is 82.8%, producing an IV-HV spread of -14.7 vol points. Realized volatility currently exceeds implied, an inversion that can signal a pending IV expansion. IV rank is 50.3%.
How DFEN iv/hv history Data Feeds Strategy Selection
Strategy selection on Direxion Daily Aerospace & Defense Bull 3X ETF options does not derive from any single metric in isolation. The iv/hv history view above sits inside a broader read: ATM IV currently sits at 68.1% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the iv/hv history data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.
Learn how implied vs realized volatility is reported and how to read the data →
Frequently asked DFEN iv/hv history questions
- Is DFEN options pricing rich or cheap right now?
- As of May 15, 2026, Direxion Daily Aerospace & Defense Bull 3X ETF (DFEN) ATM IV is 68.1% against 20-day realized volatility of 82.8%. IV rank is 50.3%. Realized volatility currently exceeds implied: an inversion of the typical equity volatility risk premium that often precedes IV expansion.
- What is the DFEN variance risk premium?
- The variance risk premium is the persistent gap between implied and subsequently realized volatility. In equity markets it averages positive because option sellers demand compensation for bearing variance shocks. DFEN is currently pricing inverted to the historical pattern, which is one input to whether short-vol or long-vol structures carry their typical edge.
- What does DFEN IV rank mean for strategy selection?
- IV rank normalizes the current ATM IV to its 1-year range: 0% is the low, 100% is the high. DFEN's current rank of 50.3% signals where current pricing sits in its own 1-year history. High-rank regimes typically favor premium-selling structures (credit spreads, condors, covered calls); low-rank regimes typically favor premium-buying or long-volatility structures.