NFXL vs. NFLY

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily NFLX Bull 2X Shares (NFXL) and YieldMax NFLX Option Income Strategy ETF (NFLY).

NFXL and NFLY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. NFXL is an actively managed fund by Direxion. It was launched on Oct 2, 2024. NFLY is an actively managed fund by YieldMax. It was launched on Aug 7, 2023.

Performance

NFXL vs. NFLY - Performance Comparison

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

NFXL vs. NFLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	-1.24%	-11.98%	50.97%
NFLY YieldMax NFLX Option Income Strategy ETF	3.21%	1.66%	21.59%

Returns By Period

In the year-to-date period, NFXL achieves a -1.24% return, which is significantly lower than NFLY's 3.21% return.

NFXL

• 1D: 6.82%
• 1M: -1.72%
• YTD: -1.24%
• 6M: -43.47%
• 1Y: -15.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NFLY

• 1D: 1.57%
• 1M: -0.25%
• YTD: 3.21%
• 6M: -16.09%
• 1Y: 1.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXL vs. NFLY - Expense Ratio Comparison

NFXL has a 1.06% expense ratio, which is higher than NFLY's 0.99% expense ratio.

NFXL

Direxion Daily NFLX Bull 2X Shares

NFLY

YieldMax NFLX Option Income Strategy ETF

Return for Risk

NFXL vs. NFLY — Risk / Return Rank

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

NFXL

NFXL Risk / Return Rank: 9
NFXL Sharpe Ratio Rank: 8
NFXL Sortino Ratio Rank: 11
NFXL Omega Ratio Rank: 11
NFXL Calmar Ratio Rank: 8
NFXL Martin Ratio Rank: 9

NFLY

NFLY Risk / Return Rank: 14
NFLY Sharpe Ratio Rank: 14
NFLY Sortino Ratio Rank: 15
NFLY Omega Ratio Rank: 15
NFLY Calmar Ratio Rank: 13
NFLY Martin Ratio Rank: 13

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. NFLY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) and YieldMax NFLX Option Income Strategy ETF (NFLY). 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.

	NFXL	NFLY	Difference
Sharpe ratio Return per unit of total volatility	-0.23	0.07	-0.29
Sortino ratio Return per unit of downside risk	0.13	0.31	-0.18
Omega ratio Gain probability vs. loss probability	1.02	1.04	-0.02
Calmar ratio Return relative to maximum drawdown	-0.22	0.05	-0.26
Martin ratio Return relative to average drawdown	-0.40	0.10	-0.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFXL vs. NFLY - Sharpe Ratio Comparison

The current NFXL Sharpe Ratio is -0.23, which is lower than the NFLY Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of NFXL and NFLY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	NFXL	NFLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.23	0.07	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.89	-0.60

Correlation

The correlation between NFXL and NFLY is 0.94, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

NFXL vs. NFLY - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 8.08%, less than NFLY's 60.91% yield.

	TTM	2025	2024	2023
NFXL Direxion Daily NFLX Bull 2X Shares	8.08%	7.97%	0.59%	0.00%
NFLY YieldMax NFLX Option Income Strategy ETF	60.91%	61.53%	49.91%	11.84%

Drawdowns

NFXL vs. NFLY - Drawdown Comparison

The maximum NFXL drawdown since its inception was -71.97%, which is greater than NFLY's maximum drawdown of -37.18%. Use the drawdown chart below to compare losses from any high point for NFXL and NFLY.

Drawdown Indicators

	NFXL	NFLY	Difference
Max Drawdown Largest peak-to-trough decline	-71.97%	-37.18%	-34.79%
Max Drawdown (1Y) Largest decline over 1 year	-71.97%	-37.18%	-34.79%
Current Drawdown Current decline from peak	-56.68%	-23.36%	-33.32%
Average Drawdown Average peak-to-trough decline	-24.23%	-7.37%	-16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.45%	17.46%	+20.99%

Volatility

NFXL vs. NFLY - Volatility Comparison

Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 13.85% compared to YieldMax NFLX Option Income Strategy ETF (NFLY) at 4.66%. This indicates that NFXL's price experiences larger fluctuations and is considered to be riskier than NFLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXL	NFLY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.85%	4.66%	+9.19%
Volatility (6M) Calculated over the trailing 6-month period	52.90%	22.24%	+30.66%
Volatility (1Y) Calculated over the trailing 1-year period	68.25%	28.94%	+39.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.70%	28.39%	+41.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.70%	28.39%	+41.31%