FLYD vs. CEPI

Last updated Jun 23, 2026

FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - FLYD is a Inverse Equities fund tracking the MerQube MicroSectors U.S. Travel Index, while CEPI is a Cryptocurrency fund actively managed by REX. FLYD is passively managed, while CEPI is actively managed. Over the past year, FLYD returned -57.21% vs 35.91% for CEPI. At a correlation of -0.58, they often move in opposite directions. FLYD charges 0.95%/yr vs 0.85%/yr for CEPI.

Performance

FLYD vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FLYD achieves a -25.81% return, which is significantly lower than CEPI's 24.60% return.

FLYD

• 1D: 3.14%
• 1M: -24.23%
• YTD: -25.81%
• 6M: -19.69%
• 1Y: -57.21%
• 3Y*: -55.32%
• 5Y*: —
• 10Y*: —

CEPI

• 1D: 0.40%
• 1M: 5.52%
• YTD: 24.60%
• 6M: 21.43%
• 1Y: 35.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FLYD vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	-25.81%	-60.42%	13.67%
CEPI REX Crypto Equity Premium Income ETF	24.60%	10.75%	-7.02%

Correlation

The correlation between FLYD and CEPI is -0.50, 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	-0.50
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	-0.58

The correlation between FLYD and CEPI has been stable across timeframes, ranging from -0.58 to -0.50 - a consistent structural relationship.

Return for Risk

FLYD vs. CEPI — Risk / Return Rank

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

FLYD

FLYD Risk / Return Rank: 2
FLYD Sharpe Ratio Rank: 3
FLYD Sortino Ratio Rank: 3
FLYD Omega Ratio Rank: 3
FLYD Calmar Ratio Rank: 0
FLYD Martin Ratio Rank: 0

CEPI

CEPI Risk / Return Rank: 35
CEPI Sharpe Ratio Rank: 38
CEPI Sortino Ratio Rank: 36
CEPI Omega Ratio Rank: 38
CEPI Calmar Ratio Rank: 33
CEPI Martin Ratio Rank: 29

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.

FLYD vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.76	1.32	-2.08
Sortino ratio: Return per unit of downside risk	-0.97	1.82	-2.78
Omega ratio: Gain probability vs. loss probability	0.89	1.25	-0.36
Calmar ratio: Return relative to maximum drawdown	-1.01	1.61	-2.61
Martin ratio: Return relative to average drawdown	-1.69	3.81	-5.50

FLYD vs. CEPI - Sharpe Ratio Comparison

The current FLYD Sharpe Ratio is -0.76, which is lower than the CEPI Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of FLYD and CEPI, 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. CEPI - Drawdown Comparison

The maximum FLYD drawdown since its inception was -98.34%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for FLYD and CEPI.

Drawdown Indicators

	FLYD	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-98.34%	-29.48%	-68.86%
Max Drawdown (1Y) Largest decline over 1 year	-57.02%	-22.47%	-34.55%
Max Drawdown (3Y) Largest decline over 3 years	-94.22%	—	—
Current Drawdown Current decline from peak	-98.29%	0.00%	-98.29%
Average Drawdown Average peak-to-trough decline	-83.22%	-8.43%	-74.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.12%	9.45%	+26.67%

Volatility

FLYD vs. CEPI - Volatility Comparison

MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 24.54% compared to REX Crypto Equity Premium Income ETF (CEPI) at 8.07%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FLYD	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.54%	8.07%	+16.47%
Volatility (6M) Calculated over the trailing 6-month period	62.41%	21.51%	+40.90%
Volatility (1Y) Calculated over the trailing 1-year period	75.93%	27.36%	+48.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.81%	31.61%	+52.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	83.81%	31.61%	+52.20%

FLYD vs. CEPI - Expense Ratio Comparison

FLYD has a 0.95% expense ratio, which is higher than CEPI's 0.85% expense ratio.

Dividends

FLYD vs. CEPI - Dividend Comparison

FLYD has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 43.65%.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	43.65%	50.78%
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs	0.00%	0.00%

Frequently Asked Questions

Can I hold both FLYD and CEPI in my portfolio?

FLYD and CEPI have a correlation of -0.50, 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 CEPI?

FLYD has higher volatility (24.54%) compared to CEPI (8.07%). In terms of maximum drawdown, FLYD dropped -98.34% vs CEPI's -29.48%.

Which ETF is better, FLYD or CEPI?

On 1-year performance, CEPI leads with 35.91% vs -57.21% for FLYD. On fees, CEPI is cheaper at 0.85% per year. On volatility, CEPI has been the lower-risk option at 8.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FLYD or CEPI?

Over the 1-year period, CEPI has performed better with a 35.91% return vs -57.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FLYD or CEPI?

CEPI is cheaper with a 0.85% expense ratio, compared with 0.95% for FLYD.

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

CEPI has the higher dividend yield at 43.65%, compared with 0.00% for FLYD.

What is the main difference between FLYD and CEPI?

FLYD is categorized as Inverse Equities, while CEPI is Cryptocurrency. Their fees differ too: 0.95% for FLYD and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (1.32 vs -0.76), 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.