INVN vs. NFXS

Last updated Jun 24, 2026

INVN (Alger Russell Innovation ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - INVN is a Mid Cap Blend Equities fund tracking the Alger Russell Innovation Index, while NFXS is a Inverse Equities fund actively managed by Direxion. INVN is passively managed, while NFXS is actively managed. Over the past year, INVN returned 11.07% vs 64.26% for NFXS. At a correlation of -0.24, they often move in opposite directions. INVN charges 0.55%/yr vs 1.03%/yr for NFXS.

Performance

INVN vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Russell Innovation ETF (INVN) 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, INVN achieves a -4.42% return, which is significantly lower than NFXS's 24.21% return.

INVN

• 1D: 0.51%
• 1M: -0.92%
• YTD: -4.42%
• 6M: -5.37%
• 1Y: 11.07%
• 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)

INVN vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025
INVN Alger Russell Innovation ETF	-4.42%	6.56%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-9.66%

Correlation

The correlation between INVN and NFXS is -0.17, 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	-0.17
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	-0.24

Return for Risk

INVN vs. NFXS — Risk / Return Rank

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

INVN

INVN Risk / Return Rank: 16
INVN Sharpe Ratio Rank: 17
INVN Sortino Ratio Rank: 17
INVN Omega Ratio Rank: 16
INVN Calmar Ratio Rank: 15
INVN Martin Ratio Rank: 16

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.

INVN vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Russell Innovation ETF (INVN) 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.

	INVN	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	0.51	1.91	-1.40
Sortino ratio: Return per unit of downside risk	0.86	2.55	-1.69
Omega ratio: Gain probability vs. loss probability	1.10	1.36	-0.26
Calmar ratio: Return relative to maximum drawdown	0.55	2.06	-1.52
Martin ratio: Return relative to average drawdown	1.39	5.64	-4.25

INVN vs. NFXS - Sharpe Ratio Comparison

The current INVN Sharpe Ratio is 0.51, which is lower than the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of INVN 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

INVN vs. NFXS - Drawdown Comparison

The maximum INVN drawdown since its inception was -26.01%, smaller than the maximum NFXS drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for INVN and NFXS.

Drawdown Indicators

	INVN	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-26.01%	-50.37%	+24.36%
Max Drawdown (1Y) Largest decline over 1 year	-20.39%	-31.31%	+10.92%
Current Drawdown Current decline from peak	-9.82%	-12.88%	+3.06%
Average Drawdown Average peak-to-trough decline	-7.68%	-31.93%	+24.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.98%	11.45%	-3.47%

Volatility

INVN vs. NFXS - Volatility Comparison

Alger Russell Innovation ETF (INVN) has a higher volatility of 9.06% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.74%. This indicates that INVN'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.

Volatility by Period

	INVN	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.06%	7.74%	+1.32%
Volatility (6M) Calculated over the trailing 6-month period	17.99%	26.22%	-8.23%
Volatility (1Y) Calculated over the trailing 1-year period	21.67%	33.81%	-12.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.77%	34.65%	-10.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.77%	34.65%	-10.88%

INVN vs. NFXS - Expense Ratio Comparison

INVN has a 0.55% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

INVN vs. NFXS - Dividend Comparison

INVN's dividend yield for the trailing twelve months is around 0.30%, less than NFXS's 3.23% yield.

Position	TTM	2025	2024
INVN Alger Russell Innovation ETF	0.30%	0.29%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both INVN and NFXS in my portfolio?

INVN and NFXS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, INVN or NFXS?

INVN has higher volatility (9.06%) compared to NFXS (7.74%). In terms of maximum drawdown, INVN dropped -26.01% vs NFXS's -50.37%.

Which ETF is better, INVN or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 11.07% for INVN. On fees, INVN is cheaper at 0.55% per year. On volatility, NFXS has been the lower-risk option at 7.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, INVN or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 11.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, INVN or NFXS?

INVN is cheaper with a 0.55% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 0.30% for INVN.

What is the main difference between INVN and NFXS?

INVN is categorized as Mid Cap Blend Equities, while NFXS is Inverse Equities. They also come from different issuers: Alger and Direxion. Their fees differ too: 0.55% for INVN and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs 0.51), 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.