FLYD vs. BUL

Last updated Aug 2, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and BUL (Pacer US Cash Cows Growth ETF) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while BUL is a Mid Cap Blend Equities fund tracking the Pacer US Cash Cows Growth Index. Both are passively managed. Over the past 3 years, FLYD returned -52.04%/yr vs 19.41%/yr for BUL. Their -0.72 correlation means they have often moved in opposite directions in the past. FLYD charges 0.95%/yr vs 0.60%/yr for BUL.

Performance

FLYD vs. BUL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Pacer US Cash Cows Growth ETF (BUL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -29.08% return, which is significantly lower than BUL's 11.05% return.

FLYD

• 1D: 2.07%
• 1M: 4.87%
• 6M: -35.29%
• YTD: -29.08%
• 1Y: -48.77%
• 3Y*: -52.04%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -62.88%

BUL

• 1D: -0.32%
• 1M: 1.73%
• 6M: 9.52%
• YTD: 11.05%
• 1Y: 21.64%
• 3Y*: 19.41%
• 5Y*: 10.18%
• 10Y*: —
• ALL TIME*: 14.03%

*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)
BUL Pacer US Cash Cows Growth ETF	$396.12K	$366.07K	$502.18K
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	$95.69K	$124.77K	$139.75K

FLYD vs. BUL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-29.08%	-60.42%	-54.13%	-75.14%	-46.63%
BUL Pacer US Cash Cows Growth ETF	11.05%	19.18%	27.39%	3.68%	11.64%

Correlation

The correlation between FLYD and BUL is -0.82, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.82
Correlation (3Y) Balances recent behavior with more history.	-0.75
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022	-0.72

The correlation between FLYD and BUL shifts across timeframes, from -0.82 (1 year) to -0.72 (all time), reflecting how their relationship changes across market environments.

FLYD vs. BUL - Sectors Allocation Comparison

Sectors	FLYD	BUL
Consumer Cyclical	50.0%	28.2%
Industrials	25.5%	3.2%
Technology	17.1%	21.9%
Communication Services	7.4%	1.5%
Real Estate	0.1%	-
Basic Materials	-	9.1%
Consumer Defensive	-	2.6%
Energy	-	5.5%
Financial Services	-	-
Healthcare	-	27.8%
Utilities	-	-

Return for Risk

FLYD vs. BUL — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 4
FLYD Sharpe Ratio Rank: 4
FLYD Sortino Ratio Rank: 5
FLYD Omega Ratio Rank: 5
FLYD Calmar Ratio Rank: 3
FLYD Martin Ratio Rank: 0

BUL

BUL Risk / Return Rank: 57
BUL Sharpe Ratio Rank: 50
BUL Sortino Ratio Rank: 54
BUL Omega Ratio Rank: 48
BUL Calmar Ratio Rank: 67
BUL Martin Ratio Rank: 67

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.

FLYD vs. BUL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Pacer US Cash Cows Growth ETF (BUL). 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.

	FLYD	BUL	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.23	-1.82
Sortino ratio: Return per unit of downside risk	-0.53	1.89	-2.41
Omega ratio: Gain probability vs. loss probability	0.94	1.22	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.81	2.33	-3.14
Martin ratio: Return relative to average drawdown	-1.51	8.20	-9.70

FLYD vs. BUL - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.59, which is lower than the BUL Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of FLYD and BUL, 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

FLYD vs. BUL - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.49%, which is greater than BUL's maximum drawdown of -37.08%. Use the drawdown chart below to compare losses from any high point for FLYD and BUL.

Drawdown Indicators

	FLYD	BUL	Difference
Max Drawdown Largest peak-to-trough decline	-98.49%	-37.08%	-61.41%
Max Drawdown (1Y) Largest decline over 1 year	-56.11%	-8.93%	-47.18%
Max Drawdown (3Y) Largest decline over 3 years	-94.73%	-23.55%	-71.18%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.85%	—
Current Drawdown Current decline from peak	-98.36%	-0.32%	-98.04%
Average Drawdown Average peak-to-trough decline	-83.63%	-7.52%	-76.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.18%	2.53%	+27.65%

Volatility

FLYD vs. BUL - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 21.84% compared to Pacer US Cash Cows Growth ETF (BUL) at 4.26%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than BUL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	BUL	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.84%	4.26%	+17.58%
Volatility (6M) Calculated over the trailing 6-month period	64.55%	12.94%	+51.61%
Volatility (1Y) Calculated over the trailing 1-year period	76.98%	17.00%	+59.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.54%	21.90%	+61.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.54%	24.11%	+59.43%

FLYD vs. BUL - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is higher than BUL's 0.60% expense ratio.

Dividends

FLYD vs. BUL - Dividend Comparison

FLYD has not paid dividends to shareholders, while BUL's dividend yield for the trailing twelve months is around 0.21%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BUL Pacer US Cash Cows Growth ETF	0.21%	0.28%	0.30%	2.11%	0.67%	0.08%	0.69%	0.81%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLYD and BUL in my portfolio?

FLYD and BUL have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FLYD or BUL?

FLYD has higher volatility (21.84%) compared to BUL (4.26%). In terms of maximum drawdown, FLYD dropped -98.49% vs BUL's -37.08%.

Which ETF is better, FLYD or BUL?

On 3-year performance, BUL leads with 19.41% vs -52.04% for FLYD. On fees, BUL is cheaper at 0.60% per year. On volatility, BUL has been the lower-risk option at 4.26%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or BUL?

Over the 3-year period, BUL has performed better with a 19.41% return vs -52.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or BUL?

BUL is cheaper with a 0.60% expense ratio, compared with 0.95% for FLYD.

Which ETF pays a higher dividend yield, FLYD or BUL?

BUL has the higher dividend yield at 0.21%, compared with 0.00% for FLYD.

What is the main difference between FLYD and BUL?

FLYD is categorized as Inverse Equities, while BUL is Mid Cap Blend Equities. FLYD tracks MerQube MicroSectors U.S. Travel Index, while BUL tracks Pacer US Cash Cows Growth Index. They also come from different issuers: REX and Pacer. Their fees differ too: 0.95% for FLYD and 0.60% for BUL.

Which has better risk-adjusted returns?

BUL currently has the higher Sharpe Ratio (1.23 vs -0.59), 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.