AAPD vs. NFXS

Last updated Aug 5, 2026

AAPD (Direxion Daily AAPL Bear 1X Shares) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both Inverse Equities funds from Direxion. AAPD is passively managed, while NFXS is actively managed. Over the past year, AAPD returned -34.80% vs 50.72% for NFXS. Their 0.23 correlation means their historical movements had little consistent relationship. AAPD charges 1.06%/yr vs 1.03%/yr for NFXS.

Performance

AAPD vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion Daily NFLX Bear 1X Shares (NFXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AAPD achieves a -13.18% return, which is significantly lower than NFXS's 21.94% return.

AAPD

• 1D: -1.92%
• 1M: -1.06%
• 6M: -13.97%
• YTD: -13.18%
• 1Y: -34.80%
• 3Y*: -16.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -15.73%

NFXS

• 1D: -0.35%
• 1M: 5.11%
• 6M: 3.86%
• YTD: 21.94%
• 1Y: 50.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -6.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
AAPD Direxion Daily AAPL Bear 1X Shares	$133.85M	$121.65M	$106.46M
NFXS Direxion Daily NFLX Bear 1X Shares	$409.21K	$927.21K	$648.45K

AAPD vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
AAPD Direxion Daily AAPL Bear 1X Shares	-13.18%	-11.41%	-8.68%
NFXS Direxion Daily NFLX Bear 1X Shares	21.94%	-8.56%	-21.49%

Correlation

The correlation between AAPD and NFXS is 0.20, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.20
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.23

Return for Risk

AAPD vs. NFXS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

AAPD

AAPD Risk / Return Rank: 1
AAPD Sharpe Ratio Rank: 0
AAPD Sortino Ratio Rank: 0
AAPD Omega Ratio Rank: 0
AAPD Calmar Ratio Rank: 2
AAPD Martin Ratio Rank: 1

NFXS

NFXS Risk / Return Rank: 48
NFXS Sharpe Ratio Rank: 52
NFXS Sortino Ratio Rank: 51
NFXS Omega Ratio Rank: 58
NFXS Calmar Ratio Rank: 40
NFXS Martin Ratio Rank: 38

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

AAPD vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AAPL Bear 1X Shares (AAPD) and Direxion Daily NFLX Bear 1X Shares (NFXS). 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.

	AAPD	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-1.35	1.45	-2.81
Sortino ratio: Return per unit of downside risk	-2.03	2.06	-4.09
Omega ratio: Gain probability vs. loss probability	0.76	1.29	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.86	1.63	-2.49
Martin ratio: Return relative to average drawdown	-1.38	4.40	-5.78

AAPD vs. NFXS - Sharpe Ratio Comparison

The current AAPD Sharpe Ratio is -1.35, which is lower than the NFXS Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of AAPD and NFXS, 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

AAPD vs. NFXS - Drawdown Comparison

The maximum AAPD drawdown since its inception was -63.02%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for AAPD and NFXS.

Drawdown Indicators

	AAPD	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-63.02%	-50.37%	-12.65%
Max Drawdown (1Y) Largest decline over 1 year	-40.60%	-31.31%	-9.29%
Max Drawdown (3Y) Largest decline over 3 years	-53.16%	—	—
Current Drawdown Current decline from peak	-59.53%	-14.47%	-45.06%
Average Drawdown Average peak-to-trough decline	-35.21%	-30.74%	-4.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.30%	11.56%	+13.74%

Volatility

AAPD vs. NFXS - Volatility Comparison

Direxion Daily AAPL Bear 1X Shares (AAPD) has a higher volatility of 10.59% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 9.76%. This indicates that AAPD's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AAPD	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.59%	9.76%	+0.83%
Volatility (6M) Calculated over the trailing 6-month period	20.23%	28.51%	-8.28%
Volatility (1Y) Calculated over the trailing 1-year period	25.84%	35.07%	-9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.45%	34.89%	-7.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.45%	34.89%	-7.44%

AAPD vs. NFXS - Expense Ratio Comparison

AAPD has a 1.06% expense ratio, which is higher than NFXS's 1.03% expense ratio.

Dividends

AAPD vs. NFXS - Dividend Comparison

AAPD's dividend yield for the trailing twelve months is around 3.52%, more than NFXS's 2.91% yield.

Position	TTM	2025	2024	2023	2022
AAPD Direxion Daily AAPL Bear 1X Shares	3.52%	3.60%	4.55%	4.37%	0.53%
NFXS Direxion Daily NFLX Bear 1X Shares	2.91%	3.53%	0.87%	0.00%	0.00%

Frequently Asked Questions

Can I hold both AAPD and NFXS in my portfolio?

AAPD and NFXS have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AAPD or NFXS?

AAPD has higher volatility (10.59%) compared to NFXS (9.76%). In terms of maximum drawdown, AAPD dropped -63.02% vs NFXS's -50.37%.

Which ETF is better, AAPD or NFXS?

On 1-year performance, NFXS leads with 50.72% vs -34.80% for AAPD. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 9.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AAPD or NFXS?

Over the 1-year period, NFXS has performed better with a 50.72% return vs -34.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AAPD or NFXS?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.06% for AAPD.

Which ETF pays a higher dividend yield, AAPD or NFXS?

AAPD has the higher dividend yield at 3.52%, compared with 2.91% for NFXS.

What is the main difference between AAPD and NFXS?

Their fees differ too: 1.06% for AAPD and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.45 vs -1.35), 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.