IBIT vs. NFXS
IBIT (iShares Bitcoin Trust ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - IBIT is a Cryptocurrency fund tracking the CME CF Bitcoin Reference Rate - New York Variant, while NFXS is a Inverse Equities fund actively managed by Direxion. IBIT is passively managed, while NFXS is actively managed. Over the past year, IBIT returned -43.61% vs 69.91% for NFXS. At a correlation of -0.22, they often move in opposite directions. IBIT charges 0.25%/yr vs 1.03%/yr for NFXS.
Performance
IBIT vs. NFXS - Performance Comparison
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Returns By Period
In the year-to-date period, IBIT achieves a -31.78% return, which is significantly lower than NFXS's 26.00% return.
IBIT
- 1D
- -4.08%
- 1M
- -21.16%
- YTD
- -31.78%
- 6M
- -31.52%
- 1Y
- -43.61%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NFXS
- 1D
- 1.44%
- 1M
- 23.02%
- YTD
- 26.00%
- 6M
- 25.81%
- 1Y
- 69.91%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
IBIT vs. NFXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | -31.78% | -6.41% | 54.94% |
NFXS Direxion Daily NFLX Bear 1X Shares | 26.00% | -8.56% | -21.49% |
Correlation
The correlation between IBIT and NFXS is -0.13, 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 | -0.13 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.22 |
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Return for Risk
IBIT vs. NFXS — Risk / Return Rank
IBIT
NFXS
IBIT vs. NFXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Bitcoin Trust ETF (IBIT) 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.
| IBIT | NFXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.07 | ||
| Sortino ratioReturn per unit of downside risk | -4.16 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.39 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.24 | -3.08 |
| Martin ratioReturn relative to average drawdown | -1.42 | 6.13 | -7.55 |
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Drawdowns
IBIT vs. NFXS - Drawdown Comparison
The maximum IBIT drawdown since its inception was -52.49%, roughly equal to the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for IBIT and NFXS.
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Drawdown Indicators
| IBIT | NFXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.49% | -50.37% | -2.12% |
Max Drawdown (1Y)Largest decline over 1 year | -52.49% | -31.31% | -21.18% |
Current DrawdownCurrent decline from peak | -52.49% | -11.63% | -40.86% |
Average DrawdownAverage peak-to-trough decline | -16.91% | -31.89% | +14.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.76% | 11.44% | +19.32% |
Volatility
IBIT vs. NFXS - Volatility Comparison
iShares Bitcoin Trust ETF (IBIT) has a higher volatility of 13.48% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.76%. This indicates that IBIT's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IBIT | NFXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.48% | 7.76% | +5.72% |
Volatility (6M)Calculated over the trailing 6-month period | 34.60% | 26.25% | +8.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.48% | 33.78% | +10.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.25% | 34.63% | +15.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 50.25% | 34.63% | +15.62% |
IBIT vs. NFXS - Expense Ratio Comparison
IBIT has a 0.25% expense ratio, which is lower than NFXS's 1.03% expense ratio.
Dividends
IBIT vs. NFXS - Dividend Comparison
IBIT has not paid dividends to shareholders, while NFXS's dividend yield for the trailing twelve months is around 2.81%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
IBIT iShares Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% |
NFXS Direxion Daily NFLX Bear 1X Shares | 2.81% | 3.53% | 0.87% |
Frequently Asked Questions
IBIT and NFXS have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBIT has higher volatility (13.48%) compared to NFXS (7.76%). In terms of maximum drawdown, IBIT dropped -52.49% vs NFXS's -50.37%.
On 1-year performance, NFXS leads with 69.91% vs -43.61% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, NFXS has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, NFXS has performed better with a 69.91% return vs -43.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBIT is cheaper with a 0.25% expense ratio, compared with 1.03% for NFXS.
NFXS has the higher dividend yield at 2.81%, compared with 0.00% for IBIT.
IBIT is categorized as Cryptocurrency, while NFXS is Inverse Equities. They also come from different issuers: iShares and Direxion. Their fees differ too: 0.25% for IBIT and 1.03% for NFXS.
NFXS currently has the higher Sharpe Ratio (2.08 vs -0.98), 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.
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