APOC vs. NFXS

Last updated Jun 24, 2026

APOC (Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - APOC is a Defined Outcome fund actively managed by Innovator, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, APOC returned 2.71% vs 64.26% for NFXS. At a correlation of -0.29, they often move in opposite directions. APOC charges 0.79%/yr vs 1.03%/yr for NFXS.

Performance

APOC vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) 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, APOC achieves a -0.05% return, which is significantly lower than NFXS's 24.21% return.

APOC

• 1D: -0.17%
• 1M: 0.06%
• YTD: -0.05%
• 6M: -0.09%
• 1Y: 2.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NFXS

• 1D: 0.09%
• 1M: 21.28%
• YTD: 24.21%
• 6M: 24.00%
• 1Y: 64.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APOC vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	-0.05%	2.90%	1.13%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between APOC and NFXS is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.29

The correlation between APOC and NFXS shifts across timeframes, from -0.29 (all time) to -0.12 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

APOC vs. NFXS — Risk / Return Rank

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

APOC

APOC Risk / Return Rank: 29
APOC Sharpe Ratio Rank: 31
APOC Sortino Ratio Rank: 30
APOC Omega Ratio Rank: 40
APOC Calmar Ratio Rank: 19
APOC Martin Ratio Rank: 27

NFXS

NFXS Risk / Return Rank: 55
NFXS Sharpe Ratio Rank: 65
NFXS Sortino Ratio Rank: 60
NFXS Omega Ratio Rank: 68
NFXS Calmar Ratio Rank: 45
NFXS Martin Ratio Rank: 39

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.

APOC vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) 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.

	APOC	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.03	1.91	-0.88
Sortino ratio: Return per unit of downside risk	1.51	2.55	-1.04
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	0.80	2.06	-1.27
Martin ratio: Return relative to average drawdown	3.39	5.64	-2.25

APOC vs. NFXS - Sharpe Ratio Comparison

The current APOC Sharpe Ratio is 1.03, which is lower than the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of APOC 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

APOC vs. NFXS - Drawdown Comparison

The maximum APOC drawdown since its inception was -4.17%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for APOC and NFXS.

Drawdown Indicators

	APOC	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-4.17%	-50.37%	+46.20%
Max Drawdown (1Y) Largest decline over 1 year	-3.40%	-31.31%	+27.91%
Current Drawdown Current decline from peak	-0.95%	-12.88%	+11.93%
Average Drawdown Average peak-to-trough decline	-0.84%	-31.93%	+31.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.80%	11.45%	-10.65%

Volatility

APOC vs. NFXS - Volatility Comparison

The current volatility for Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct (APOC) is 0.43%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that APOC experiences smaller price fluctuations and is considered to be less risky than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APOC	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.43%	7.74%	-7.31%
Volatility (6M) Calculated over the trailing 6-month period	2.39%	26.22%	-23.83%
Volatility (1Y) Calculated over the trailing 1-year period	2.64%	33.81%	-31.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.99%	34.65%	-31.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.99%	34.65%	-31.66%

APOC vs. NFXS - Expense Ratio Comparison

APOC has a 0.79% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

APOC vs. NFXS - Dividend Comparison

APOC has not paid dividends to shareholders, while NFXS's dividend yield for the trailing twelve months is around 3.23%.

Position	TTM	2025	2024
APOC Innovator Equity Defined Protection ETF - 6 Mo Apr/Oct	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both APOC and NFXS in my portfolio?

APOC and NFXS have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APOC or NFXS?

NFXS has higher volatility (7.74%) compared to APOC (0.43%). In terms of maximum drawdown, APOC dropped -4.17% vs NFXS's -50.37%.

Which ETF is better, APOC or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 2.71% for APOC. On fees, APOC is cheaper at 0.79% per year. On volatility, APOC has been the lower-risk option at 0.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APOC or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 2.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APOC or NFXS?

APOC is cheaper with a 0.79% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 0.00% for APOC.

What is the main difference between APOC and NFXS?

APOC is categorized as Defined Outcome, while NFXS is Inverse Equities. They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.79% for APOC and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs 1.03), 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.