ETHE vs. NFXS

Last updated Jul 18, 2026

ETHE (Grayscale Ethereum Trust ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - ETHE is a Cryptocurrency fund tracking the CoinDesk Ether Price Index, while NFXS is a Inverse Equities fund actively managed by Direxion. ETHE is passively managed, while NFXS is actively managed. Over the past year, ETHE returned -46.75% vs 73.24% for NFXS. At a correlation of -0.19, they often move in opposite directions. ETHE charges 2.50%/yr vs 1.03%/yr for NFXS.

Performance

ETHE vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -38.25% return, which is significantly lower than NFXS's 30.13% return.

ETHE

• 1D: -1.65%
• 1M: 6.37%
• 6M: -44.28%
• YTD: -38.25%
• 1Y: -46.75%
• 3Y*: 9.31%
• 5Y*: -3.29%
• 10Y*: —

NFXS

• 1D: 7.40%
• 1M: 10.36%
• 6M: 21.84%
• YTD: 30.13%
• 1Y: 73.24%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ETHE vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
ETHE Grayscale Ethereum Trust ETF	-38.25%	-13.03%	40.24%
NFXS Direxion Daily NFLX Bear 1X Shares	30.13%	-8.56%	-21.49%

Correlation

The correlation between ETHE and NFXS is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.19

Return for Risk

ETHE vs. NFXS — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 4
ETHE Sharpe Ratio Rank: 4
ETHE Sortino Ratio Rank: 4
ETHE Omega Ratio Rank: 4
ETHE Calmar Ratio Rank: 4
ETHE Martin Ratio Rank: 4

NFXS

NFXS Risk / Return Rank: 72
NFXS Sharpe Ratio Rank: 85
NFXS Sortino Ratio Rank: 79
NFXS Omega Ratio Rank: 85
NFXS Calmar Ratio Rank: 62
NFXS Martin Ratio Rank: 50

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.

ETHE vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.

	ETHE	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	2.09	-2.79
Sortino ratio: Return per unit of downside risk	-0.84	2.71	-3.55
Omega ratio: Gain probability vs. loss probability	0.91	1.39	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.69	2.35	-3.04
Martin ratio: Return relative to average drawdown	-1.06	6.39	-7.45

ETHE vs. NFXS - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.70, which is lower than the NFXS Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of ETHE 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

ETHE vs. NFXS - Drawdown Comparison

The maximum ETHE drawdown since its inception was -96.26%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for ETHE and NFXS.

Drawdown Indicators

	ETHE	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-96.26%	-50.37%	-45.89%
Max Drawdown (1Y) Largest decline over 1 year	-68.17%	-31.31%	-36.86%
Max Drawdown (3Y) Largest decline over 3 years	-68.17%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-89.85%	—	—
Current Drawdown Current decline from peak	-76.65%	-8.73%	-67.92%
Average Drawdown Average peak-to-trough decline	-72.29%	-31.26%	-41.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.99%	11.50%	+32.49%

Volatility

ETHE vs. NFXS - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 14.65% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 13.36%. This indicates that ETHE'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

	ETHE	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.65%	13.36%	+1.29%
Volatility (6M) Calculated over the trailing 6-month period	46.93%	28.40%	+18.53%
Volatility (1Y) Calculated over the trailing 1-year period	67.40%	35.18%	+32.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.70%	35.12%	+46.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	190.34%	35.12%	+155.22%

ETHE vs. NFXS - Expense Ratio Comparison

ETHE has a 2.50% expense ratio, which is higher than NFXS's 1.03% expense ratio.

Dividends

ETHE vs. NFXS - Dividend Comparison

ETHE's dividend yield for the trailing twelve months is around 1.47%, less than NFXS's 2.72% yield.

Position	TTM	2025	2024
ETHE Grayscale Ethereum Trust ETF	1.47%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.72%	3.53%	0.87%

Frequently Asked Questions

Can I hold both ETHE and NFXS in my portfolio?

ETHE 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 is riskier, ETHE or NFXS?

ETHE has higher volatility (14.65%) compared to NFXS (13.36%). In terms of maximum drawdown, ETHE dropped -96.26% vs NFXS's -50.37%.

Which ETF is better, ETHE or NFXS?

On 1-year performance, NFXS leads with 73.24% vs -46.75% for ETHE. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 13.36%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or NFXS?

Over the 1-year period, NFXS has performed better with a 73.24% return vs -46.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or NFXS?

NFXS is cheaper with a 1.03% expense ratio, compared with 2.50% for ETHE.

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

NFXS has the higher dividend yield at 2.72%, compared with 1.47% for ETHE.

What is the main difference between ETHE and NFXS?

ETHE is categorized as Cryptocurrency, while NFXS is Inverse Equities. They also come from different issuers: Grayscale and Direxion. Their fees differ too: 2.50% for ETHE and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.09 vs -0.70), 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.