FBUF vs. NFXS

Last updated Jun 24, 2026

FBUF (Fidelity Dynamic Buffered Equity ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - FBUF is a Defined Outcome fund actively managed by Fidelity, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. Over the past year, FBUF returned 16.49% vs 64.26% for NFXS. At a correlation of -0.36, they often move in opposite directions. FBUF charges 0.48%/yr vs 1.03%/yr for NFXS.

Performance

FBUF vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Dynamic Buffered Equity ETF (FBUF) 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, FBUF achieves a 3.62% return, which is significantly lower than NFXS's 24.21% return.

FBUF

• 1D: -0.89%
• 1M: -0.79%
• YTD: 3.62%
• 6M: 3.09%
• 1Y: 16.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

FBUF vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	3.62%	14.01%	3.74%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between FBUF and NFXS is -0.21, 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	-0.21
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.36

The correlation between FBUF and NFXS shifts across timeframes, from -0.36 (all time) to -0.21 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FBUF vs. NFXS — Risk / Return Rank

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

FBUF

FBUF Risk / Return Rank: 68
FBUF Sharpe Ratio Rank: 67
FBUF Sortino Ratio Rank: 63
FBUF Omega Ratio Rank: 73
FBUF Calmar Ratio Rank: 63
FBUF Martin Ratio Rank: 72

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.

FBUF vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Dynamic Buffered Equity ETF (FBUF) 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.

	FBUF	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	2.05	1.91	+0.13
Sortino ratio: Return per unit of downside risk	2.74	2.55	+0.19
Omega ratio: Gain probability vs. loss probability	1.40	1.36	+0.04
Calmar ratio: Return relative to maximum drawdown	2.95	2.06	+0.89
Martin ratio: Return relative to average drawdown	12.59	5.64	+6.95

FBUF vs. NFXS - Sharpe Ratio Comparison

The current FBUF Sharpe Ratio is 2.05, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of FBUF 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

FBUF vs. NFXS - Drawdown Comparison

The maximum FBUF drawdown since its inception was -11.09%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for FBUF and NFXS.

Drawdown Indicators

	FBUF	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-11.09%	-50.37%	+39.28%
Max Drawdown (1Y) Largest decline over 1 year	-5.61%	-31.31%	+25.70%
Current Drawdown Current decline from peak	-1.83%	-12.88%	+11.05%
Average Drawdown Average peak-to-trough decline	-1.38%	-31.93%	+30.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.31%	11.45%	-10.14%

Volatility

FBUF vs. NFXS - Volatility Comparison

The current volatility for Fidelity Dynamic Buffered Equity ETF (FBUF) is 3.44%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that FBUF 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

	FBUF	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.44%	7.74%	-4.30%
Volatility (6M) Calculated over the trailing 6-month period	6.11%	26.22%	-20.11%
Volatility (1Y) Calculated over the trailing 1-year period	8.11%	33.81%	-25.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.69%	34.65%	-24.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.69%	34.65%	-24.96%

FBUF vs. NFXS - Expense Ratio Comparison

FBUF has a 0.48% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

FBUF vs. NFXS - Dividend Comparison

FBUF's dividend yield for the trailing twelve months is around 0.60%, less than NFXS's 3.23% yield.

Position	TTM	2025	2024
FBUF Fidelity Dynamic Buffered Equity ETF	0.60%	0.64%	0.54%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both FBUF and NFXS in my portfolio?

FBUF and NFXS have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FBUF or NFXS?

NFXS has higher volatility (7.74%) compared to FBUF (3.44%). In terms of maximum drawdown, FBUF dropped -11.09% vs NFXS's -50.37%.

Which ETF is better, FBUF or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 16.49% for FBUF. On fees, FBUF is cheaper at 0.48% per year. On volatility, FBUF 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, FBUF or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 16.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FBUF or NFXS?

FBUF is cheaper with a 0.48% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 0.60% for FBUF.

What is the main difference between FBUF and NFXS?

FBUF is categorized as Defined Outcome, while NFXS is Inverse Equities. They also come from different issuers: Fidelity and Direxion. Their fees differ too: 0.48% for FBUF and 1.03% for NFXS.

Which has better risk-adjusted returns?

FBUF currently has the higher Sharpe Ratio (2.05 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.