ETCO vs. NFXS

Last updated Aug 2, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - ETCO is a Cryptocurrency fund actively managed by Grayscale, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Their -0.14 correlation means they have often moved in opposite directions in the past. ETCO charges 0.66%/yr vs 1.03%/yr for NFXS.

Performance

ETCO vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) 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, ETCO achieves a -34.69% return, which is significantly lower than NFXS's 24.98% return.

ETCO

• 1D: -2.50%
• 1M: 5.77%
• 6M: -27.08%
• YTD: -34.69%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

NFXS

• 1D: 2.11%
• 1M: 7.73%
• 6M: 11.04%
• YTD: 24.98%
• 1Y: 52.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.77%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ETCO Grayscale Ethereum Covered Call ETF	$41.84K	$37.58K	$56.92K
NFXS Direxion Daily NFLX Bear 1X Shares	$587.15K	$968.11K	$646.26K

ETCO vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-34.69%	-26.08%
NFXS Direxion Daily NFLX Bear 1X Shares	24.98%	28.77%

Correlation

The correlation between ETCO and NFXS is -0.14, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	-0.15

Return for Risk

ETCO vs. NFXS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

ETCO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NFXS

NFXS Risk / Return Rank: 58
NFXS Sharpe Ratio Rank: 65
NFXS Sortino Ratio Rank: 64
NFXS Omega Ratio Rank: 72
NFXS Calmar Ratio Rank: 47
NFXS Martin Ratio Rank: 42

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

ETCO vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.

	ETCO	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.52	—
Sortino ratio: Return per unit of downside risk	—	2.13	—
Omega ratio: Gain probability vs. loss probability	—	1.30	—
Calmar ratio: Return relative to maximum drawdown	—	1.70	—
Martin ratio: Return relative to average drawdown	—	4.60	—

Drawdowns

ETCO vs. NFXS - Drawdown Comparison

The maximum ETCO drawdown since its inception was -59.43%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for ETCO and NFXS.

Drawdown Indicators

	ETCO	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-59.43%	-50.37%	-9.06%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.31%	—
Current Drawdown Current decline from peak	-55.22%	-12.34%	-42.88%
Average Drawdown Average peak-to-trough decline	-38.17%	-30.81%	-7.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.54%	—

Volatility

Volatility by Period

	ETCO	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.93%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.44%	—
Volatility (1Y) Calculated over the trailing 1-year period	50.60%	35.05%	+15.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.60%	34.93%	+15.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	50.60%	34.93%	+15.67%

ETCO vs. NFXS - Expense Ratio Comparison

ETCO has a 0.66% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

ETCO vs. NFXS - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 153.50%, more than NFXS's 2.83% yield.

Position	TTM	2025	2024
ETCO Grayscale Ethereum Covered Call ETF	153.50%	42.29%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.83%	3.53%	0.87%

Frequently Asked Questions

Can I hold both ETCO and NFXS in my portfolio?

ETCO 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 ETF is better, ETCO or NFXS?

On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or NFXS?

ETCO is cheaper with a 0.66% expense ratio, compared with 1.03% for NFXS.

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

ETCO has the higher dividend yield at 153.50%, compared with 2.83% for NFXS.

What is the main difference between ETCO and NFXS?

ETCO is categorized as Cryptocurrency, while NFXS is Inverse Equities. They also come from different issuers: Grayscale and Direxion. Their fees differ too: 0.66% for ETCO and 1.03% for NFXS.