BSTP vs. NFXS

Last updated Jun 24, 2026

BSTP (Innovator Buffer Step-Up Strategy ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - BSTP is a Options Trading fund tracking the S&P 500, while NFXS is a Inverse Equities fund actively managed by Direxion. BSTP is passively managed, while NFXS is actively managed. Over the past year, BSTP returned 14.54% vs 64.26% for NFXS. At a correlation of -0.33, they often move in opposite directions. BSTP charges 0.89%/yr vs 1.03%/yr for NFXS.

Performance

BSTP vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Buffer Step-Up Strategy ETF (BSTP) 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, BSTP achieves a 4.83% return, which is significantly lower than NFXS's 24.21% return.

BSTP

• 1D: -0.74%
• 1M: -0.49%
• YTD: 4.83%
• 6M: 4.35%
• 1Y: 14.54%
• 3Y*: 13.39%
• 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)

BSTP vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BSTP Innovator Buffer Step-Up Strategy ETF	4.83%	11.80%	2.27%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between BSTP and NFXS is -0.18, 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	-0.18
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.33

The correlation between BSTP and NFXS shifts across timeframes, from -0.33 (all time) to -0.18 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BSTP vs. NFXS — Risk / Return Rank

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

BSTP

BSTP Risk / Return Rank: 58
BSTP Sharpe Ratio Rank: 56
BSTP Sortino Ratio Rank: 56
BSTP Omega Ratio Rank: 60
BSTP Calmar Ratio Rank: 51
BSTP Martin Ratio Rank: 66

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.

BSTP vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Buffer Step-Up Strategy ETF (BSTP) 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.

	BSTP	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.76	1.91	-0.15
Sortino ratio: Return per unit of downside risk	2.48	2.55	-0.07
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.03
Calmar ratio: Return relative to maximum drawdown	2.34	2.06	+0.28
Martin ratio: Return relative to average drawdown	11.17	5.64	+5.53

BSTP vs. NFXS - Sharpe Ratio Comparison

The current BSTP Sharpe Ratio is 1.76, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of BSTP 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

BSTP vs. NFXS - Drawdown Comparison

The maximum BSTP drawdown since its inception was -16.69%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for BSTP and NFXS.

Drawdown Indicators

	BSTP	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-16.69%	-50.37%	+33.68%
Max Drawdown (1Y) Largest decline over 1 year	-6.23%	-31.31%	+25.08%
Max Drawdown (3Y) Largest decline over 3 years	-13.69%	—	—
Current Drawdown Current decline from peak	-1.48%	-12.88%	+11.40%
Average Drawdown Average peak-to-trough decline	-3.49%	-31.93%	+28.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	11.45%	-10.14%

Volatility

BSTP vs. NFXS - Volatility Comparison

The current volatility for Innovator Buffer Step-Up Strategy ETF (BSTP) is 2.92%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that BSTP 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

	BSTP	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.92%	7.74%	-4.82%
Volatility (6M) Calculated over the trailing 6-month period	6.61%	26.22%	-19.61%
Volatility (1Y) Calculated over the trailing 1-year period	8.30%	33.81%	-25.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.10%	34.65%	-22.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.10%	34.65%	-22.55%

BSTP vs. NFXS - Expense Ratio Comparison

BSTP has a 0.89% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

BSTP vs. NFXS - Dividend Comparison

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

Position	TTM	2025	2024
BSTP Innovator Buffer Step-Up Strategy ETF	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 BSTP and NFXS in my portfolio?

BSTP and NFXS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSTP or NFXS?

NFXS has higher volatility (7.74%) compared to BSTP (2.92%). In terms of maximum drawdown, BSTP dropped -16.69% vs NFXS's -50.37%.

Which ETF is better, BSTP or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 14.54% for BSTP. On fees, BSTP is cheaper at 0.89% per year. On volatility, BSTP has been the lower-risk option at 2.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSTP or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 14.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSTP or NFXS?

BSTP is cheaper with a 0.89% expense ratio, compared with 1.03% for NFXS.

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

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

What is the main difference between BSTP and NFXS?

BSTP is categorized as Options Trading, while NFXS is Inverse Equities. They also come from different issuers: Innovator and Direxion. Their fees differ too: 0.89% for BSTP and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs 1.76), 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.