NFXL vs. HWAY

Last updated Jun 24, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and HWAY (Themes US Infrastructure ETF) are both exchange-traded funds - NFXL is a Leveraged Equities fund actively managed by Direxion, while HWAY is a Industrials Equities fund tracking the Solactive United States Infrastructure Index. NFXL is actively managed, while HWAY is passively managed. Over the past year, NFXL returned -73.19% vs 42.65% for HWAY. At a 0.08 correlation, their price movements are largely independent. NFXL charges 1.06%/yr vs 0.29%/yr for HWAY.

Performance

NFXL vs. HWAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bull 2X Shares (NFXL) and Themes US Infrastructure ETF (HWAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXL achieves a -46.29% return, which is significantly lower than HWAY's 24.28% return.

NFXL

• 1D: -0.46%
• 1M: -33.63%
• YTD: -46.29%
• 6M: -46.11%
• 1Y: -73.19%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HWAY

• 1D: -2.18%
• 1M: 5.82%
• YTD: 24.28%
• 6M: 21.92%
• 1Y: 42.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXL vs. HWAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	-46.29%	-11.98%	51.02%
HWAY Themes US Infrastructure ETF	24.28%	19.99%	-2.68%

Correlation

The correlation between NFXL and HWAY is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.08

The correlation between NFXL and HWAY shifts across timeframes, from -0.11 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

NFXL vs. HWAY - Sectors Allocation Comparison

Sectors	NFXL	HWAY
Communication Services	100.0%	-
Basic Materials	-	18.1%
Consumer Cyclical	-	1.2%
Consumer Defensive	-	0.0%
Energy	-	0.2%
Financial Services	-	-
Healthcare	-	-
Industrials	-	79.8%
Real Estate	-	-
Technology	-	0.3%
Utilities	-	0.1%

Return for Risk

NFXL vs. HWAY — Risk / Return Rank

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

NFXL

NFXL Risk / Return Rank: 1
NFXL Sharpe Ratio Rank: 1
NFXL Sortino Ratio Rank: 0
NFXL Omega Ratio Rank: 0
NFXL Calmar Ratio Rank: 1
NFXL Martin Ratio Rank: 1

HWAY

HWAY Risk / Return Rank: 71
HWAY Sharpe Ratio Rank: 72
HWAY Sortino Ratio Rank: 71
HWAY Omega Ratio Rank: 64
HWAY Calmar Ratio Rank: 73
HWAY Martin Ratio Rank: 73

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.

NFXL vs. HWAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) and Themes US Infrastructure ETF (HWAY). 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.

	NFXL	HWAY	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	2.11	-3.20
Sortino ratio: Return per unit of downside risk	-2.10	2.92	-5.02
Omega ratio: Gain probability vs. loss probability	0.74	1.35	-0.61
Calmar ratio: Return relative to maximum drawdown	-0.96	3.39	-4.35
Martin ratio: Return relative to average drawdown	-1.50	12.47	-13.97

NFXL vs. HWAY - Sharpe Ratio Comparison

The current NFXL Sharpe Ratio is -1.09, which is lower than the HWAY Sharpe Ratio of 2.11. The chart below compares the historical Sharpe Ratios of NFXL and HWAY, 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

NFXL vs. HWAY - Drawdown Comparison

The maximum NFXL drawdown since its inception was -76.44%, which is greater than HWAY's maximum drawdown of -25.96%. Use the drawdown chart below to compare losses from any high point for NFXL and HWAY.

Drawdown Indicators

	NFXL	HWAY	Difference
Max Drawdown Largest peak-to-trough decline	-76.44%	-25.96%	-50.48%
Max Drawdown (1Y) Largest decline over 1 year	-76.44%	-12.63%	-63.81%
Current Drawdown Current decline from peak	-76.44%	-2.18%	-74.26%
Average Drawdown Average peak-to-trough decline	-29.33%	-5.25%	-24.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.86%	3.43%	+45.43%

Volatility

NFXL vs. HWAY - Volatility Comparison

Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 15.90% compared to Themes US Infrastructure ETF (HWAY) at 6.59%. This indicates that NFXL's price experiences larger fluctuations and is considered to be riskier than HWAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXL	HWAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.90%	6.59%	+9.31%
Volatility (6M) Calculated over the trailing 6-month period	50.66%	16.68%	+33.98%
Volatility (1Y) Calculated over the trailing 1-year period	67.58%	20.30%	+47.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.38%	22.46%	+46.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.38%	22.46%	+46.92%

NFXL vs. HWAY - Expense Ratio Comparison

NFXL has a 1.06% expense ratio, which is higher than HWAY's 0.29% expense ratio.

Dividends

NFXL vs. HWAY - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 15.44%, more than HWAY's 1.04% yield.

Position	TTM	2025	2024
HWAY Themes US Infrastructure ETF	1.04%	1.29%	0.22%
NFXL Direxion Daily NFLX Bull 2X Shares	15.44%	7.97%	0.59%

Frequently Asked Questions

Can I hold both NFXL and HWAY in my portfolio?

NFXL and HWAY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFXL or HWAY?

NFXL has higher volatility (15.90%) compared to HWAY (6.59%). In terms of maximum drawdown, NFXL dropped -76.44% vs HWAY's -25.96%.

Which ETF is better, NFXL or HWAY?

On 1-year performance, HWAY leads with 42.65% vs -73.19% for NFXL. On fees, HWAY is cheaper at 0.29% per year. On volatility, HWAY has been the lower-risk option at 6.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXL or HWAY?

Over the 1-year period, HWAY has performed better with a 42.65% return vs -73.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXL or HWAY?

HWAY is cheaper with a 0.29% expense ratio, compared with 1.06% for NFXL.

Which ETF pays a higher dividend yield, NFXL or HWAY?

NFXL has the higher dividend yield at 15.44%, compared with 1.04% for HWAY.

What is the main difference between NFXL and HWAY?

NFXL is categorized as Leveraged Equities, while HWAY is Industrials Equities. They also come from different issuers: Direxion and Themes. Their fees differ too: 1.06% for NFXL and 0.29% for HWAY.

Which has better risk-adjusted returns?

HWAY currently has the higher Sharpe Ratio (2.11 vs -1.09), 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.