CVAR vs. NFXS

Last updated Jun 26, 2026

CVAR (Cultivar ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - CVAR is a Mid Cap Value Equities fund actively managed by Cultivar, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, CVAR returned 10.43% vs 71.85% for NFXS. At a correlation of -0.13, they often move in opposite directions. CVAR charges 0.87%/yr vs 1.03%/yr for NFXS.

Performance

CVAR vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cultivar ETF (CVAR) 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, CVAR achieves a 0.20% return, which is significantly lower than NFXS's 27.73% return.

CVAR

• 1D: 0.31%
• 1M: -0.78%
• YTD: 0.20%
• 6M: -0.59%
• 1Y: 10.43%
• 3Y*: 8.18%
• 5Y*: —
• 10Y*: —

NFXS

• 1D: 1.37%
• 1M: 23.42%
• YTD: 27.73%
• 6M: 27.53%
• 1Y: 71.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVAR vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
CVAR Cultivar ETF	0.20%	14.95%	-3.50%
NFXS Direxion Daily NFLX Bear 1X Shares	27.73%	-8.56%	-21.49%

Correlation

The correlation between CVAR and NFXS is -0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.08
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.13

Return for Risk

CVAR vs. NFXS — Risk / Return Rank

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

CVAR

CVAR Risk / Return Rank: 25
CVAR Sharpe Ratio Rank: 26
CVAR Sortino Ratio Rank: 26
CVAR Omega Ratio Rank: 24
CVAR Calmar Ratio Rank: 27
CVAR Martin Ratio Rank: 23

NFXS

NFXS Risk / Return Rank: 63
NFXS Sharpe Ratio Rank: 76
NFXS Sortino Ratio Rank: 69
NFXS Omega Ratio Rank: 77
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.

CVAR vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cultivar ETF (CVAR) 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.

	CVAR	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	0.90	2.14	-1.24
Sortino ratio: Return per unit of downside risk	1.35	2.77	-1.42
Omega ratio: Gain probability vs. loss probability	1.16	1.40	-0.24
Calmar ratio: Return relative to maximum drawdown	1.24	2.31	-1.07
Martin ratio: Return relative to average drawdown	2.75	6.31	-3.56

CVAR vs. NFXS - Sharpe Ratio Comparison

The current CVAR Sharpe Ratio is 0.90, which is lower than the NFXS Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CVAR 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

CVAR vs. NFXS - Drawdown Comparison

The maximum CVAR drawdown since its inception was -19.39%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for CVAR and NFXS.

Drawdown Indicators

	CVAR	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-19.39%	-50.37%	+30.98%
Max Drawdown (1Y) Largest decline over 1 year	-8.45%	-31.31%	+22.86%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	—	—
Current Drawdown Current decline from peak	-6.61%	-10.41%	+3.80%
Average Drawdown Average peak-to-trough decline	-5.51%	-31.84%	+26.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.80%	11.44%	-7.64%

Volatility

CVAR vs. NFXS - Volatility Comparison

The current volatility for Cultivar ETF (CVAR) is 3.44%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.76%. This indicates that CVAR 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

	CVAR	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	7.76%	-4.32%
Volatility (6M) Calculated over the trailing 6-month period	7.78%	26.25%	-18.47%
Volatility (1Y) Calculated over the trailing 1-year period	11.65%	33.73%	-22.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.43%	34.61%	-19.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.43%	34.61%	-19.18%

CVAR vs. NFXS - Expense Ratio Comparison

CVAR has a 0.87% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

CVAR vs. NFXS - Dividend Comparison

CVAR's dividend yield for the trailing twelve months is around 1.52%, less than NFXS's 2.77% yield.

Position	TTM	2025	2024	2023	2022
CVAR Cultivar ETF	1.52%	1.53%	3.57%	1.41%	5.52%
NFXS Direxion Daily NFLX Bear 1X Shares	2.77%	3.53%	0.87%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CVAR and NFXS in my portfolio?

CVAR and NFXS have a correlation of -0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVAR or NFXS?

NFXS has higher volatility (7.76%) compared to CVAR (3.44%). In terms of maximum drawdown, CVAR dropped -19.39% vs NFXS's -50.37%.

Which ETF is better, CVAR or NFXS?

On 1-year performance, NFXS leads with 71.85% vs 10.43% for CVAR. On fees, CVAR is cheaper at 0.87% per year. On volatility, CVAR has been the lower-risk option at 3.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CVAR or NFXS?

Over the 1-year period, NFXS has performed better with a 71.85% return vs 10.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CVAR or NFXS?

CVAR is cheaper with a 0.87% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 2.77%, compared with 1.52% for CVAR.

What is the main difference between CVAR and NFXS?

CVAR is categorized as Mid Cap Value Equities, while NFXS is Inverse Equities. They also come from different issuers: Cultivar and Direxion. Their fees differ too: 0.87% for CVAR and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.14 vs 0.90), 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.