NFXL vs. NFLY

Last updated Jun 4, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and NFLY (YieldMax NFLX Option Income Strategy ETF) are both exchange-traded funds - NFXL is a Leveraged Equities fund actively managed by Direxion, while NFLY is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, NFXL returned -64.17% vs -27.58% for NFLY. Their correlation of 0.94 suggests significant overlap in exposure. NFXL charges 1.06%/yr vs 0.99%/yr for NFLY.

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.

Returns By Period

In the year-to-date period, NFXL achieves a -31.65% return, which is significantly lower than NFLY's -8.84% return.

NFXL

• 1D: -4.28%
• 1M: -20.99%
• YTD: -31.65%
• 6M: -45.39%
• 1Y: -64.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

NFLY

• 1D: -1.96%
• 1M: -7.89%
• YTD: -8.84%
• 6M: -15.99%
• 1Y: -27.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXL vs. NFLY - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	-31.65%	-11.98%	50.97%
NFLY YieldMax NFLX Option Income Strategy ETF	-8.84%	1.66%	21.59%

Correlation

The correlation between NFXL and NFLY is 0.94, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.94
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.94

The correlation between NFXL and NFLY has been stable across timeframes, ranging from 0.94 to 0.94 - a consistent structural relationship.

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: 1
NFXL Sharpe Ratio Rank: 2
NFXL Sortino Ratio Rank: 1
NFXL Omega Ratio Rank: 1
NFXL Calmar Ratio Rank: 1
NFXL Martin Ratio Rank: 2

NFLY

NFLY Risk / Return Rank: 2
NFLY Sharpe Ratio Rank: 1
NFLY Sortino Ratio Rank: 2
NFLY Omega Ratio Rank: 1
NFLY Calmar Ratio Rank: 3
NFLY Martin Ratio Rank: 2

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	-0.97	-1.00	+0.03
Sortino ratio: Return per unit of downside risk	-1.62	-1.38	-0.24
Omega ratio: Gain probability vs. loss probability	0.80	0.82	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.74	-0.15
Martin ratio: Return relative to average drawdown	-1.39	-1.34	-0.05
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 -0.97, which is comparable to the NFLY Sharpe Ratio of -1.00. The chart below compares the historical Sharpe Ratios of NFXL and NFLY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NFXL	NFLY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	-1.00	+0.03
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.64	-0.72

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	-70.02%	-32.30%	-37.72%
Average Drawdown Average peak-to-trough decline	-28.07%	-8.51%	-19.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.07%	20.55%	+25.52%

Volatility

NFXL vs. NFLY - Volatility Comparison

Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 14.37% compared to YieldMax NFLX Option Income Strategy ETF (NFLY) at 6.12%. 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	14.37%	6.12%	+8.25%
Volatility (6M) Calculated over the trailing 6-month period	51.09%	21.18%	+29.91%
Volatility (1Y) Calculated over the trailing 1-year period	66.34%	27.67%	+38.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.51%	28.32%	+41.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.51%	28.32%	+41.19%

NFXL vs. NFLY - Expense Ratio Comparison

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

Dividends

NFXL vs. NFLY - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 11.67%, less than NFLY's 58.24% yield.

Position	TTM	2025	2024	2023
NFLY YieldMax NFLX Option Income Strategy ETF	58.24%	61.53%	49.91%	11.84%
NFXL Direxion Daily NFLX Bull 2X Shares	11.67%	7.97%	0.59%	0.00%

Frequently Asked Questions

Can I hold both NFXL and NFLY in my portfolio?

With a correlation of 0.94, NFXL and NFLY move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, NFXL or NFLY?

NFXL has higher volatility (14.37%) compared to NFLY (6.12%). In terms of maximum drawdown, NFXL dropped -71.97% vs NFLY's -37.18%.

Which ETF is better, NFXL or NFLY?

On 1-year performance, NFLY leads with -27.58% vs -64.17% for NFXL. On fees, NFLY is cheaper at 0.99% per year. On volatility, NFLY has been the lower-risk option at 6.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXL or NFLY?

Over the 1-year period, NFLY has performed better with a -27.58% return vs -64.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXL or NFLY?

NFLY is cheaper with a 0.99% expense ratio, compared with 1.06% for NFXL.

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

NFLY has the higher dividend yield at 58.24%, compared with 11.67% for NFXL.

What is the main difference between NFXL and NFLY?

NFXL is categorized as Leveraged Equities, while NFLY is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.06% for NFXL and 0.99% for NFLY.

Which has better risk-adjusted returns?

NFXL currently has the higher Sharpe Ratio (-0.97 vs -1.00), 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.