BUFB vs. NFXS

Last updated Jun 25, 2026

BUFB (Innovator Laddered Allocation Buffer ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - BUFB is a Defined Outcome fund tracking the MerQube U.S. Large Cap Equity Buffer Laddered Index - Benchmark TR Gross, while NFXS is a Inverse Equities fund actively managed by Direxion. BUFB is passively managed, while NFXS is actively managed. Over the past year, BUFB returned 16.02% vs 69.91% for NFXS. At a correlation of -0.34, they often move in opposite directions. BUFB charges 0.89%/yr vs 1.03%/yr for NFXS.

Performance

BUFB vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Innovator Laddered Allocation Buffer ETF (BUFB) 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, BUFB achieves a 5.97% return, which is significantly lower than NFXS's 26.00% return.

BUFB

• 1D: -0.31%
• 1M: -0.43%
• YTD: 5.97%
• 6M: 5.58%
• 1Y: 16.02%
• 3Y*: 14.83%
• 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)

BUFB vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BUFB Innovator Laddered Allocation Buffer ETF	5.97%	13.42%	2.56%
NFXS Direxion Daily NFLX Bear 1X Shares	26.00%	-8.56%	-21.49%

Correlation

The correlation between BUFB and NFXS is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.34

The correlation between BUFB and NFXS shifts across timeframes, from -0.34 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

BUFB vs. NFXS — Risk / Return Rank

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

BUFB

BUFB Risk / Return Rank: 78
BUFB Sharpe Ratio Rank: 75
BUFB Sortino Ratio Rank: 78
BUFB Omega Ratio Rank: 80
BUFB Calmar Ratio Rank: 71
BUFB Martin Ratio Rank: 86

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.

BUFB vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Innovator Laddered Allocation Buffer ETF (BUFB) 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.

	BUFB	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	2.11	2.08	+0.03
Sortino ratio: Return per unit of downside risk	3.06	2.72	+0.34
Omega ratio: Gain probability vs. loss probability	1.41	1.39	+0.02
Calmar ratio: Return relative to maximum drawdown	3.15	2.24	+0.90
Martin ratio: Return relative to average drawdown	16.22	6.13	+10.09

BUFB vs. NFXS - Sharpe Ratio Comparison

The current BUFB Sharpe Ratio is 2.11, which is comparable to the NFXS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of BUFB 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

BUFB vs. NFXS - Drawdown Comparison

The maximum BUFB drawdown since its inception was -14.88%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for BUFB and NFXS.

Drawdown Indicators

	BUFB	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-14.88%	-50.37%	+35.49%
Max Drawdown (1Y) Largest decline over 1 year	-5.12%	-31.31%	+26.19%
Max Drawdown (3Y) Largest decline over 3 years	-13.75%	—	—
Current Drawdown Current decline from peak	-1.32%	-11.63%	+10.31%
Average Drawdown Average peak-to-trough decline	-2.85%	-31.89%	+29.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.99%	11.44%	-10.45%

Volatility

BUFB vs. NFXS - Volatility Comparison

The current volatility for Innovator Laddered Allocation Buffer ETF (BUFB) is 2.53%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.76%. This indicates that BUFB 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

	BUFB	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.53%	7.76%	-5.23%
Volatility (6M) Calculated over the trailing 6-month period	6.17%	26.25%	-20.08%
Volatility (1Y) Calculated over the trailing 1-year period	7.67%	33.78%	-26.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.98%	34.63%	-22.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.98%	34.63%	-22.65%

BUFB vs. NFXS - Expense Ratio Comparison

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

Dividends

BUFB vs. NFXS - Dividend Comparison

BUFB has not paid dividends to shareholders, while NFXS's dividend yield for the trailing twelve months is around 2.81%.

Position	TTM	2025	2024
BUFB Innovator Laddered Allocation Buffer ETF	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%

Frequently Asked Questions

Can I hold both BUFB and NFXS in my portfolio?

BUFB and NFXS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BUFB or NFXS?

NFXS has higher volatility (7.76%) compared to BUFB (2.53%). In terms of maximum drawdown, BUFB dropped -14.88% vs NFXS's -50.37%.

Which ETF is better, BUFB or NFXS?

On 1-year performance, NFXS leads with 69.91% vs 16.02% for BUFB. On fees, BUFB is cheaper at 0.89% per year. On volatility, BUFB has been the lower-risk option at 2.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BUFB or NFXS?

Over the 1-year period, NFXS has performed better with a 69.91% return vs 16.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BUFB or NFXS?

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

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

NFXS has the higher dividend yield at 2.81%, compared with 0.00% for BUFB.

What is the main difference between BUFB and NFXS?

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

Which has better risk-adjusted returns?

BUFB currently has the higher Sharpe Ratio (2.11 vs 2.08), 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.