CNEQ vs. NFXS

Last updated Jun 25, 2026

CNEQ (Alger Concentrated Equity ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, CNEQ returned 39.65% vs 69.91% for NFXS. At a correlation of -0.38, they often move in opposite directions. CNEQ charges 0.55%/yr vs 1.03%/yr for NFXS.

Performance

CNEQ vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) 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, CNEQ achieves a 16.03% return, which is significantly lower than NFXS's 26.00% return.

CNEQ

• 1D: -0.32%
• 1M: -0.32%
• YTD: 16.03%
• 6M: 13.52%
• 1Y: 39.65%
• 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)

CNEQ vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CNEQ Alger Concentrated Equity ETF	16.03%	33.61%	13.26%
NFXS Direxion Daily NFLX Bear 1X Shares	26.00%	-8.56%	-21.49%

Correlation

The correlation between CNEQ 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	-0.38

The correlation between CNEQ and NFXS shifts across timeframes, from -0.38 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CNEQ vs. NFXS — Risk / Return Rank

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

CNEQ

CNEQ Risk / Return Rank: 49
CNEQ Sharpe Ratio Rank: 54
CNEQ Sortino Ratio Rank: 50
CNEQ Omega Ratio Rank: 51
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 43

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.

CNEQ vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) 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.

	CNEQ	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.66	2.08	-0.42
Sortino ratio: Return per unit of downside risk	2.22	2.72	-0.50
Omega ratio: Gain probability vs. loss probability	1.29	1.39	-0.10
Calmar ratio: Return relative to maximum drawdown	2.06	2.24	-0.18
Martin ratio: Return relative to average drawdown	6.40	6.13	+0.27

CNEQ vs. NFXS - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 1.66, which is comparable to the NFXS Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of CNEQ 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

CNEQ vs. NFXS - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for CNEQ and NFXS.

Drawdown Indicators

	CNEQ	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-50.37%	+22.79%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-31.31%	+12.01%
Current Drawdown Current decline from peak	-4.64%	-11.63%	+6.99%
Average Drawdown Average peak-to-trough decline	-4.86%	-31.89%	+27.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.21%	11.44%	-5.23%

Volatility

CNEQ vs. NFXS - Volatility Comparison

Alger Concentrated Equity ETF (CNEQ) has a higher volatility of 9.80% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.76%. This indicates that CNEQ'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

	CNEQ	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	7.76%	+2.04%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	26.25%	-7.62%
Volatility (1Y) Calculated over the trailing 1-year period	24.07%	33.78%	-9.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	34.63%	-7.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	34.63%	-7.66%

CNEQ vs. NFXS - Expense Ratio Comparison

CNEQ has a 0.55% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

CNEQ vs. NFXS - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.45%, less than NFXS's 2.81% yield.

Position	TTM	2025	2024
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%

Frequently Asked Questions

Can I hold both CNEQ and NFXS in my portfolio?

CNEQ 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, CNEQ or NFXS?

CNEQ has higher volatility (9.80%) compared to NFXS (7.76%). In terms of maximum drawdown, CNEQ dropped -27.58% vs NFXS's -50.37%.

Which ETF is better, CNEQ or NFXS?

On 1-year performance, NFXS leads with 69.91% vs 39.65% for CNEQ. On fees, CNEQ is cheaper at 0.55% 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, CNEQ or NFXS?

Over the 1-year period, NFXS has performed better with a 69.91% return vs 39.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or NFXS?

CNEQ is cheaper with a 0.55% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 2.81%, compared with 0.45% for CNEQ.

What is the main difference between CNEQ and NFXS?

CNEQ is categorized as Large Cap Growth Equities, while NFXS is Inverse Equities. They also come from different issuers: Alger and Direxion. Their fees differ too: 0.55% for CNEQ and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.08 vs 1.66), 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.