CSM vs. NFXS

Last updated Jun 24, 2026

CSM (Proshares Large Cap Core Plus) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while NFXS is a Inverse Equities fund actively managed by Direxion. CSM is passively managed, while NFXS is actively managed. Over the past year, CSM returned 24.27% vs 64.26% for NFXS. At a correlation of -0.32, they often move in opposite directions. CSM charges 0.45%/yr vs 1.03%/yr for NFXS.

Performance

CSM vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) 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, CSM achieves a 6.09% return, which is significantly lower than NFXS's 24.21% return.

CSM

• 1D: -1.20%
• 1M: -1.28%
• YTD: 6.09%
• 6M: 5.46%
• 1Y: 24.27%
• 3Y*: 20.69%
• 5Y*: 12.67%
• 10Y*: 14.43%

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)

CSM vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CSM Proshares Large Cap Core Plus	6.09%	21.84%	2.27%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between CSM 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	-0.32

The correlation between CSM and NFXS shifts across timeframes, from -0.32 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

CSM vs. NFXS — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 60
CSM Sharpe Ratio Rank: 63
CSM Sortino Ratio Rank: 61
CSM Omega Ratio Rank: 59
CSM Calmar Ratio Rank: 56
CSM Martin Ratio Rank: 63

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.

CSM vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.

	CSM	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.97	1.91	+0.05
Sortino ratio: Return per unit of downside risk	2.71	2.55	+0.16
Omega ratio: Gain probability vs. loss probability	1.34	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	2.59	2.06	+0.53
Martin ratio: Return relative to average drawdown	10.87	5.64	+5.24

CSM vs. NFXS - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 1.97, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of CSM 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

CSM vs. NFXS - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for CSM and NFXS.

Drawdown Indicators

	CSM	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-50.37%	+14.26%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-31.31%	+21.91%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	—	—
Current Drawdown Current decline from peak	-3.47%	-12.88%	+9.41%
Average Drawdown Average peak-to-trough decline	-4.03%	-31.93%	+27.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.24%	11.45%	-9.21%

Volatility

CSM vs. NFXS - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 4.50%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that CSM 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

	CSM	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	7.74%	-3.24%
Volatility (6M) Calculated over the trailing 6-month period	9.57%	26.22%	-16.65%
Volatility (1Y) Calculated over the trailing 1-year period	12.42%	33.81%	-21.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.19%	34.65%	-17.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.39%	34.65%	-16.26%

CSM vs. NFXS - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

CSM vs. NFXS - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.03%, less than NFXS's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.03%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSM and NFXS in my portfolio?

CSM 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, CSM or NFXS?

NFXS has higher volatility (7.74%) compared to CSM (4.50%). In terms of maximum drawdown, CSM dropped -36.11% vs NFXS's -50.37%.

Which ETF is better, CSM or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 24.27% for CSM. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSM or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 24.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSM or NFXS?

CSM is cheaper with a 0.45% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 1.03% for CSM.

What is the main difference between CSM and NFXS?

CSM is categorized as Long-Short, while NFXS is Inverse Equities. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.45% for CSM and 1.03% for NFXS.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (1.97 vs 1.91), 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.