IETH vs. NFXS

Last updated Jun 24, 2026

IETH (Bitwise Ethereum Option Income Strategy ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - IETH is a Derivative Income fund actively managed by Bitwise, while NFXS is a Inverse Equities fund actively managed by Direxion. Both are actively managed. At a correlation of -0.18, they often move in opposite directions. IETH charges 0.97%/yr vs 1.03%/yr for NFXS.

Performance

IETH vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Ethereum Option Income Strategy ETF (IETH) 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, IETH achieves a -38.45% return, which is significantly lower than NFXS's 24.21% return.

IETH

• 1D: -3.27%
• 1M: -17.57%
• YTD: -38.45%
• 6M: -35.98%
• 1Y: —
• 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)

IETH vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025
IETH Bitwise Ethereum Option Income Strategy ETF	-38.45%	-27.34%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	22.93%

Correlation

The correlation between IETH and NFXS is -0.18, 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 (All Time) Calculated using the full available price history since Oct 2, 2025	-0.18

Return for Risk

IETH vs. NFXS — Risk / Return Rank

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

IETH

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

IETH vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Ethereum Option Income Strategy ETF (IETH) 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.

	IETH	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.91	—
Sortino ratio: Return per unit of downside risk	—	2.55	—
Omega ratio: Gain probability vs. loss probability	—	1.36	—
Calmar ratio: Return relative to maximum drawdown	—	2.06	—
Martin ratio: Return relative to average drawdown	—	5.64	—

Drawdowns

IETH vs. NFXS - Drawdown Comparison

The maximum IETH drawdown since its inception was -59.55%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for IETH and NFXS.

Drawdown Indicators

	IETH	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-59.55%	-50.37%	-9.18%
Max Drawdown (1Y) Largest decline over 1 year	—	-31.31%	—
Current Drawdown Current decline from peak	-57.45%	-12.88%	-44.57%
Average Drawdown Average peak-to-trough decline	-38.29%	-31.93%	-6.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.45%	—

Volatility

Volatility by Period

	IETH	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	7.74%	—
Volatility (6M) Calculated over the trailing 6-month period	—	26.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.54%	33.81%	+26.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.54%	34.65%	+25.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.54%	34.65%	+25.89%

IETH vs. NFXS - Expense Ratio Comparison

IETH has a 0.97% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

IETH vs. NFXS - Dividend Comparison

IETH's dividend yield for the trailing twelve months is around 50.52%, more than NFXS's 3.23% yield.

Position	TTM	2025	2024
IETH Bitwise Ethereum Option Income Strategy ETF	50.52%	18.26%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both IETH and NFXS in my portfolio?

IETH and NFXS have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IETH or NFXS?

On fees, IETH is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IETH or NFXS?

IETH is cheaper with a 0.97% expense ratio, compared with 1.03% for NFXS.

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

IETH has the higher dividend yield at 50.52%, compared with 3.23% for NFXS.

What is the main difference between IETH and NFXS?

IETH is categorized as Derivative Income, while NFXS is Inverse Equities. They also come from different issuers: Bitwise and Direxion. Their fees differ too: 0.97% for IETH and 1.03% for NFXS.