EWC vs. NFXS

Last updated Jun 24, 2026

EWC (iShares MSCI Canada ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - EWC is a Canada Equities fund tracking the MSCI Canada Index, while NFXS is a Inverse Equities fund actively managed by Direxion. EWC is passively managed, while NFXS is actively managed. Over the past year, EWC returned 28.96% vs 64.26% for NFXS. At a correlation of -0.28, they often move in opposite directions. EWC charges 0.49%/yr vs 1.03%/yr for NFXS.

Performance

EWC vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Canada ETF (EWC) 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, EWC achieves a 7.44% return, which is significantly lower than NFXS's 24.21% return.

EWC

• 1D: -0.38%
• 1M: -0.97%
• YTD: 7.44%
• 6M: 6.24%
• 1Y: 28.96%
• 3Y*: 21.74%
• 5Y*: 11.16%
• 10Y*: 11.38%

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)

EWC vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
EWC iShares MSCI Canada ETF	7.44%	35.92%	-1.83%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between EWC 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	-0.28

The correlation between EWC and NFXS shifts across timeframes, from -0.28 (all time) to -0.14 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

EWC vs. NFXS — Risk / Return Rank

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

EWC

EWC Risk / Return Rank: 66
EWC Sharpe Ratio Rank: 64
EWC Sortino Ratio Rank: 59
EWC Omega Ratio Rank: 59
EWC Calmar Ratio Rank: 71
EWC Martin Ratio Rank: 76

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.

EWC vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Canada ETF (EWC) 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.

	EWC	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.91	+0.10
Sortino ratio: Return per unit of downside risk	2.66	2.55	+0.11
Omega ratio: Gain probability vs. loss probability	1.35	1.36	-0.02
Calmar ratio: Return relative to maximum drawdown	3.42	2.06	+1.35
Martin ratio: Return relative to average drawdown	13.81	5.64	+8.17

EWC vs. NFXS - Sharpe Ratio Comparison

The current EWC Sharpe Ratio is 2.02, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of EWC 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

EWC vs. NFXS - Drawdown Comparison

The maximum EWC drawdown since its inception was -60.75%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for EWC and NFXS.

Drawdown Indicators

	EWC	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-60.75%	-50.37%	-10.38%
Max Drawdown (1Y) Largest decline over 1 year	-8.51%	-31.31%	+22.80%
Max Drawdown (3Y) Largest decline over 3 years	-12.97%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-24.81%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.66%	—	—
Current Drawdown Current decline from peak	-2.55%	-12.88%	+10.33%
Average Drawdown Average peak-to-trough decline	-13.12%	-31.93%	+18.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	11.45%	-9.35%

Volatility

EWC vs. NFXS - Volatility Comparison

The current volatility for iShares MSCI Canada ETF (EWC) is 4.34%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that EWC 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

	EWC	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.34%	7.74%	-3.40%
Volatility (6M) Calculated over the trailing 6-month period	11.41%	26.22%	-14.81%
Volatility (1Y) Calculated over the trailing 1-year period	14.44%	33.81%	-19.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.29%	34.65%	-17.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.71%	34.65%	-15.94%

EWC vs. NFXS - Expense Ratio Comparison

EWC has a 0.49% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

EWC vs. NFXS - Dividend Comparison

EWC's dividend yield for the trailing twelve months is around 1.30%, less than NFXS's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EWC iShares MSCI Canada ETF	1.30%	1.45%	2.23%	2.27%	2.34%	1.85%	2.09%	2.16%	2.65%	1.97%	1.75%	2.34%
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 EWC and NFXS in my portfolio?

EWC 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, EWC or NFXS?

NFXS has higher volatility (7.74%) compared to EWC (4.34%). In terms of maximum drawdown, EWC dropped -60.75% vs NFXS's -50.37%.

Which ETF is better, EWC or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 28.96% for EWC. On fees, EWC is cheaper at 0.49% per year. On volatility, EWC has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EWC or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 28.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EWC or NFXS?

EWC is cheaper with a 0.49% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 1.30% for EWC.

What is the main difference between EWC and NFXS?

EWC is categorized as Canada Equities, while NFXS is Inverse Equities. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.49% for EWC and 1.03% for NFXS.

Which has better risk-adjusted returns?

EWC currently has the higher Sharpe Ratio (2.02 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.