BETH vs. NFXS

Last updated Jun 26, 2026

BETH (ProShares Bitcoin & Ether Market Cap Weight Strategy ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - BETH is a Cryptocurrency fund actively managed by ProShares, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, BETH returned -46.20% vs 69.91% for NFXS. At a correlation of -0.22, they often move in opposite directions. BETH charges 0.95%/yr vs 1.03%/yr for NFXS.

Performance

BETH vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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, BETH achieves a -36.08% return, which is significantly lower than NFXS's 26.00% return.

BETH

• 1D: -0.96%
• 1M: -22.53%
• YTD: -36.08%
• 6M: -35.85%
• 1Y: -46.20%
• 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)

BETH vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	-36.08%	-11.20%	48.60%
NFXS Direxion Daily NFLX Bear 1X Shares	26.00%	-8.56%	-21.49%

Correlation

The correlation between BETH and NFXS is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.22

Return for Risk

BETH vs. NFXS — Risk / Return Rank

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

BETH

BETH Risk / Return Rank: 2
BETH Sharpe Ratio Rank: 2
BETH Sortino Ratio Rank: 2
BETH Omega Ratio Rank: 2
BETH Calmar Ratio Rank: 2
BETH Martin Ratio Rank: 2

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.

BETH vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) 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.

	BETH	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	2.08	-3.06
Sortino ratio: Return per unit of downside risk	-1.44	2.72	-4.16
Omega ratio: Gain probability vs. loss probability	0.84	1.39	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.82	2.24	-3.06
Martin ratio: Return relative to average drawdown	-1.38	6.13	-7.52

BETH vs. NFXS - Sharpe Ratio Comparison

The current BETH Sharpe Ratio is -0.97, which is lower than the NFXS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of BETH 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

BETH vs. NFXS - Drawdown Comparison

The maximum BETH drawdown since its inception was -56.81%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for BETH and NFXS.

Drawdown Indicators

	BETH	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-56.81%	-50.37%	-6.44%
Max Drawdown (1Y) Largest decline over 1 year	-56.81%	-31.31%	-25.50%
Current Drawdown Current decline from peak	-56.81%	-11.63%	-45.18%
Average Drawdown Average peak-to-trough decline	-18.42%	-31.89%	+13.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.40%	11.44%	+21.96%

Volatility

BETH vs. NFXS - Volatility Comparison

ProShares Bitcoin & Ether Market Cap Weight Strategy ETF (BETH) has a higher volatility of 13.97% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.76%. This indicates that BETH'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

	BETH	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.97%	7.76%	+6.21%
Volatility (6M) Calculated over the trailing 6-month period	36.53%	26.25%	+10.28%
Volatility (1Y) Calculated over the trailing 1-year period	47.59%	33.78%	+13.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.17%	34.63%	+16.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.17%	34.63%	+16.54%

BETH vs. NFXS - Expense Ratio Comparison

BETH has a 0.95% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

BETH vs. NFXS - Dividend Comparison

BETH's dividend yield for the trailing twelve months is around 63.94%, more than NFXS's 2.81% yield.

Position	TTM	2025	2024	2023
BETH ProShares Bitcoin & Ether Market Cap Weight Strategy ETF	63.94%	57.68%	19.71%	0.36%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%	0.00%

Frequently Asked Questions

Can I hold both BETH and NFXS in my portfolio?

BETH and NFXS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BETH or NFXS?

BETH has higher volatility (13.97%) compared to NFXS (7.76%). In terms of maximum drawdown, BETH dropped -56.81% vs NFXS's -50.37%.

Which ETF is better, BETH or NFXS?

On 1-year performance, NFXS leads with 69.91% vs -46.20% for BETH. On fees, BETH is cheaper at 0.95% 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, BETH or NFXS?

Over the 1-year period, NFXS has performed better with a 69.91% return vs -46.20%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BETH or NFXS?

BETH is cheaper with a 0.95% expense ratio, compared with 1.03% for NFXS.

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

BETH has the higher dividend yield at 63.94%, compared with 2.81% for NFXS.

What is the main difference between BETH and NFXS?

BETH is categorized as Cryptocurrency, while NFXS is Inverse Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for BETH and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.08 vs -0.97), 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.