BTCI vs. NFXS

Last updated Jun 24, 2026

BTCI (NEOS Bitcoin High Income ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - BTCI is a Cryptocurrency fund actively managed by Neos, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, BTCI returned -35.09% vs 64.26% for NFXS. At a correlation of -0.24, they often move in opposite directions. BTCI charges 0.99%/yr vs 1.03%/yr for NFXS.

Performance

BTCI vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -26.19% return, which is significantly lower than NFXS's 24.21% return.

BTCI

• 1D: -3.23%
• 1M: -17.15%
• YTD: -26.19%
• 6M: -26.22%
• 1Y: -35.09%
• 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)

BTCI vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-26.19%	-1.09%	26.12%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.74%

Correlation

The correlation between BTCI and NFXS is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	-0.24

The correlation between BTCI and NFXS shifts across timeframes, from -0.24 (all time) to -0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BTCI vs. NFXS — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 2
BTCI Sharpe Ratio Rank: 2
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 3
BTCI Martin Ratio Rank: 2

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.

BTCI vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

	BTCI	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.89	1.91	-2.80
Sortino ratio: Return per unit of downside risk	-1.19	2.55	-3.74
Omega ratio: Gain probability vs. loss probability	0.86	1.36	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.75	2.06	-2.81
Martin ratio: Return relative to average drawdown	-1.30	5.64	-6.94

BTCI vs. NFXS - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -0.89, which is lower than the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of BTCI 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

BTCI vs. NFXS - Drawdown Comparison

The maximum BTCI drawdown since its inception was -47.16%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for BTCI and NFXS.

Drawdown Indicators

	BTCI	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-47.16%	-50.37%	+3.21%
Max Drawdown (1Y) Largest decline over 1 year	-47.16%	-31.31%	-15.85%
Current Drawdown Current decline from peak	-45.42%	-12.88%	-32.54%
Average Drawdown Average peak-to-trough decline	-16.05%	-31.93%	+15.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.00%	11.45%	+15.55%

Volatility

BTCI vs. NFXS - Volatility Comparison

NEOS Bitcoin High Income ETF (BTCI) has a higher volatility of 12.63% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.74%. This indicates that BTCI'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

	BTCI	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.63%	7.74%	+4.89%
Volatility (6M) Calculated over the trailing 6-month period	31.38%	26.22%	+5.16%
Volatility (1Y) Calculated over the trailing 1-year period	39.73%	33.81%	+5.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.33%	34.65%	+5.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.33%	34.65%	+5.68%

BTCI vs. NFXS - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

BTCI vs. NFXS - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 48.44%, more than NFXS's 3.23% yield.

Position	TTM	2025	2024
BTCI NEOS Bitcoin High Income ETF	48.44%	36.46%	6.76%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both BTCI and NFXS in my portfolio?

BTCI and NFXS have a correlation of -0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCI or NFXS?

BTCI has higher volatility (12.63%) compared to NFXS (7.74%). In terms of maximum drawdown, BTCI dropped -47.16% vs NFXS's -50.37%.

Which ETF is better, BTCI or NFXS?

On 1-year performance, NFXS leads with 64.26% vs -35.09% for BTCI. On fees, BTCI is cheaper at 0.99% per year. On volatility, NFXS has been the lower-risk option at 7.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs -35.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or NFXS?

BTCI is cheaper with a 0.99% expense ratio, compared with 1.03% for NFXS.

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

BTCI has the higher dividend yield at 48.44%, compared with 3.23% for NFXS.

What is the main difference between BTCI and NFXS?

BTCI is categorized as Cryptocurrency, while NFXS is Inverse Equities. They also come from different issuers: Neos and Direxion. Their fees differ too: 0.99% for BTCI and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs -0.89), 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.