APPX vs. NFXS

Last updated Jun 26, 2026

APPX (Tradr 2X Long APP Daily ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - APPX is a Leveraged Equities fund actively managed by Tradr, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, APPX returned -10.16% vs 69.91% for NFXS. At a correlation of -0.25, they often move in opposite directions. APPX charges 1.30%/yr vs 1.03%/yr for NFXS.

Performance

APPX vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Long APP Daily ETF (APPX) 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, APPX achieves a -71.23% return, which is significantly lower than NFXS's 26.00% return.

APPX

• 1D: -8.17%
• 1M: -28.01%
• YTD: -71.23%
• 6M: -75.42%
• 1Y: -10.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NFXS

• 1D: 1.44%
• 1M: 23.02%
• YTD: 26.00%
• 6M: 25.81%
• 1Y: 69.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

APPX vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025
APPX Tradr 2X Long APP Daily ETF	-71.23%	344.96%
NFXS Direxion Daily NFLX Bear 1X Shares	26.00%	16.27%

Correlation

The correlation between APPX and NFXS is -0.24, 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	-0.24
Correlation (All Time) Calculated using the full available price history since Apr 25, 2025	-0.25

Return for Risk

APPX vs. NFXS — Risk / Return Rank

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

APPX

APPX Risk / Return Rank: 12
APPX Sharpe Ratio Rank: 9
APPX Sortino Ratio Rank: 18
APPX Omega Ratio Rank: 18
APPX Calmar Ratio Rank: 8
APPX Martin Ratio Rank: 8

NFXS

NFXS Risk / Return Rank: 63
NFXS Sharpe Ratio Rank: 75
NFXS Sortino Ratio Rank: 69
NFXS Omega Ratio Rank: 76
NFXS Calmar Ratio Rank: 52
NFXS Martin Ratio Rank: 43

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.

APPX vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Long APP Daily ETF (APPX) 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.

	APPX	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.07	2.08	-2.16
Sortino ratio: Return per unit of downside risk	0.92	2.72	-1.79
Omega ratio: Gain probability vs. loss probability	1.12	1.39	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.12	2.24	-2.37
Martin ratio: Return relative to average drawdown	-0.20	6.13	-6.33

APPX vs. NFXS - Sharpe Ratio Comparison

The current APPX Sharpe Ratio is -0.07, which is lower than the NFXS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of APPX 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

APPX vs. NFXS - Drawdown Comparison

The maximum APPX drawdown since its inception was -82.40%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for APPX and NFXS.

Drawdown Indicators

	APPX	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-82.40%	-50.37%	-32.03%
Max Drawdown (1Y) Largest decline over 1 year	-82.40%	-31.31%	-51.09%
Current Drawdown Current decline from peak	-77.63%	-11.63%	-66.00%
Average Drawdown Average peak-to-trough decline	-38.85%	-31.89%	-6.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.33%	11.44%	+38.89%

Volatility

APPX vs. NFXS - Volatility Comparison

Tradr 2X Long APP Daily ETF (APPX) has a higher volatility of 39.68% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.76%. This indicates that APPX'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

	APPX	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	39.68%	7.76%	+31.92%
Volatility (6M) Calculated over the trailing 6-month period	122.36%	26.25%	+96.11%
Volatility (1Y) Calculated over the trailing 1-year period	141.26%	33.78%	+107.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	139.52%	34.63%	+104.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	139.52%	34.63%	+104.89%

APPX vs. NFXS - Expense Ratio Comparison

APPX has a 1.30% expense ratio, which is higher than NFXS's 1.03% expense ratio.

Dividends

APPX vs. NFXS - Dividend Comparison

APPX's dividend yield for the trailing twelve months is around 32.61%, more than NFXS's 2.81% yield.

Position	TTM	2025	2024
APPX Tradr 2X Long APP Daily ETF	32.61%	9.38%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%

Frequently Asked Questions

Can I hold both APPX and NFXS in my portfolio?

APPX and NFXS have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APPX or NFXS?

APPX has higher volatility (39.68%) compared to NFXS (7.76%). In terms of maximum drawdown, APPX dropped -82.40% vs NFXS's -50.37%.

Which ETF is better, APPX or NFXS?

On 1-year performance, NFXS leads with 69.91% vs -10.16% for APPX. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, APPX or NFXS?

Over the 1-year period, NFXS has performed better with a 69.91% return vs -10.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, APPX or NFXS?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.30% for APPX.

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

APPX has the higher dividend yield at 32.61%, compared with 2.81% for NFXS.

What is the main difference between APPX and NFXS?

APPX is categorized as Leveraged Equities, while NFXS is Inverse Equities. They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.30% for APPX and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.08 vs -0.07), 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.