GAUG vs. NFXS

Last updated Jun 24, 2026

GAUG (FT Cboe Vest U.S. Equity Moderate Buffer ETF - August) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - GAUG is a Options Trading fund tracking the S&P 500, while NFXS is a Inverse Equities fund actively managed by Direxion. GAUG is passively managed, while NFXS is actively managed. Over the past year, GAUG returned 13.13% vs 64.26% for NFXS. At a correlation of -0.33, they often move in opposite directions. GAUG charges 0.85%/yr vs 1.03%/yr for NFXS.

Performance

GAUG vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) 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, GAUG achieves a 4.89% return, which is significantly lower than NFXS's 24.21% return.

GAUG

• 1D: -0.29%
• 1M: 0.26%
• YTD: 4.89%
• 6M: 4.49%
• 1Y: 13.13%
• 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)

GAUG vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	4.89%	11.28%	1.98%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between GAUG and NFXS is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.33

The correlation between GAUG and NFXS shifts across timeframes, from -0.33 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GAUG vs. NFXS — Risk / Return Rank

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

GAUG

GAUG Risk / Return Rank: 81
GAUG Sharpe Ratio Rank: 80
GAUG Sortino Ratio Rank: 86
GAUG Omega Ratio Rank: 85
GAUG Calmar Ratio Rank: 70
GAUG Martin Ratio Rank: 87

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.

GAUG vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) 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.

	GAUG	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	2.36	1.91	+0.44
Sortino ratio: Return per unit of downside risk	3.52	2.55	+0.97
Omega ratio: Gain probability vs. loss probability	1.47	1.36	+0.11
Calmar ratio: Return relative to maximum drawdown	3.29	2.06	+1.23
Martin ratio: Return relative to average drawdown	17.10	5.64	+11.46

GAUG vs. NFXS - Sharpe Ratio Comparison

The current GAUG Sharpe Ratio is 2.36, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of GAUG 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

GAUG vs. NFXS - Drawdown Comparison

The maximum GAUG drawdown since its inception was -10.08%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for GAUG and NFXS.

Drawdown Indicators

	GAUG	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-10.08%	-50.37%	+40.29%
Max Drawdown (1Y) Largest decline over 1 year	-4.01%	-31.31%	+27.30%
Current Drawdown Current decline from peak	-0.34%	-12.88%	+12.54%
Average Drawdown Average peak-to-trough decline	-0.72%	-31.93%	+31.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.77%	11.45%	-10.68%

Volatility

GAUG vs. NFXS - Volatility Comparison

The current volatility for FT Cboe Vest U.S. Equity Moderate Buffer ETF - August (GAUG) is 1.30%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 7.74%. This indicates that GAUG 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

	GAUG	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.30%	7.74%	-6.44%
Volatility (6M) Calculated over the trailing 6-month period	4.41%	26.22%	-21.81%
Volatility (1Y) Calculated over the trailing 1-year period	5.62%	33.81%	-28.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.49%	34.65%	-27.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.49%	34.65%	-27.16%

GAUG vs. NFXS - Expense Ratio Comparison

GAUG has a 0.85% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

GAUG vs. NFXS - Dividend Comparison

GAUG has not paid dividends to shareholders, while NFXS's dividend yield for the trailing twelve months is around 3.23%.

Position	TTM	2025	2024
GAUG FT Cboe Vest U.S. Equity Moderate Buffer ETF - August	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both GAUG and NFXS in my portfolio?

GAUG and NFXS have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GAUG or NFXS?

NFXS has higher volatility (7.74%) compared to GAUG (1.30%). In terms of maximum drawdown, GAUG dropped -10.08% vs NFXS's -50.37%.

Which ETF is better, GAUG or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 13.13% for GAUG. On fees, GAUG is cheaper at 0.85% per year. On volatility, GAUG has been the lower-risk option at 1.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GAUG or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 13.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GAUG or NFXS?

GAUG is cheaper with a 0.85% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 0.00% for GAUG.

What is the main difference between GAUG and NFXS?

GAUG is categorized as Options Trading, while NFXS is Inverse Equities. They also come from different issuers: FT Vest and Direxion. Their fees differ too: 0.85% for GAUG and 1.03% for NFXS.

Which has better risk-adjusted returns?

GAUG currently has the higher Sharpe Ratio (2.36 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.