NFXL vs. PYPG

Last updated Jul 17, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and PYPG (Leverage Shares 2X Long PYPL Daily ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, NFXL returned -71.84% vs -56.05% for PYPG. At a 0.29 correlation, their price movements are largely independent. NFXL charges 1.06%/yr vs 0.75%/yr for PYPG.

Performance

NFXL vs. PYPG - Performance Comparison

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

Returns By Period

In the year-to-date period, NFXL achieves a -44.41% return, which is significantly lower than PYPG's -23.41% return.

NFXL

• 1D: 2.43%
• 1M: -12.25%
• 6M: -36.66%
• YTD: -44.41%
• 1Y: -71.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PYPG

• 1D: 4.02%
• 1M: 61.13%
• 6M: -18.36%
• YTD: -23.41%
• 1Y: -56.05%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXL vs. PYPG - Yearly Performance Comparison

	2026 (YTD)	2025
NFXL Direxion Daily NFLX Bull 2X Shares	-44.41%	-11.19%
PYPG Leverage Shares 2X Long PYPL Daily ETF	-23.41%	-20.19%

Correlation

The correlation between NFXL and PYPG is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.28
Correlation (All Time) Calculated using the full available price history since Apr 4, 2025	0.29

Return for Risk

NFXL vs. PYPG — 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: 1
NFXL Omega Ratio Rank: 0
NFXL Calmar Ratio Rank: 1
NFXL Martin Ratio Rank: 1

PYPG

PYPG Risk / Return Rank: 4
PYPG Sharpe Ratio Rank: 4
PYPG Sortino Ratio Rank: 5
PYPG Omega Ratio Rank: 4
PYPG Calmar Ratio Rank: 4
PYPG Martin Ratio Rank: 5

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. PYPG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) and Leverage Shares 2X Long PYPL Daily ETF (PYPG). 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	PYPG	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	-0.66	-0.39
Sortino ratio: Return per unit of downside risk	-1.99	-0.67	-1.31
Omega ratio: Gain probability vs. loss probability	0.75	0.91	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.71	-0.25
Martin ratio: Return relative to average drawdown	-1.49	-1.00	-0.49

NFXL vs. PYPG - Sharpe Ratio Comparison

The current NFXL Sharpe Ratio is -1.05, which is lower than the PYPG Sharpe Ratio of -0.66. The chart below compares the historical Sharpe Ratios of NFXL and PYPG, 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. PYPG - Drawdown Comparison

The maximum NFXL drawdown since its inception was -77.64%, roughly equal to the maximum PYPG drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for NFXL and PYPG.

Drawdown Indicators

	NFXL	PYPG	Difference
Max Drawdown Largest peak-to-trough decline	-77.64%	-79.52%	+1.88%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	-79.52%	+4.30%
Current Drawdown Current decline from peak	-75.62%	-61.72%	-13.90%
Average Drawdown Average peak-to-trough decline	-30.99%	-41.31%	+10.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.22%	56.30%	-8.08%

Volatility

NFXL vs. PYPG - Volatility Comparison

The current volatility for Direxion Daily NFLX Bull 2X Shares (NFXL) is 23.22%, while Leverage Shares 2X Long PYPL Daily ETF (PYPG) has a volatility of 34.53%. This indicates that NFXL experiences smaller price fluctuations and is considered to be less risky than PYPG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXL	PYPG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.22%	34.53%	-11.31%
Volatility (6M) Calculated over the trailing 6-month period	53.13%	77.11%	-23.98%
Volatility (1Y) Calculated over the trailing 1-year period	68.75%	85.35%	-16.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.44%	83.28%	-13.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.44%	83.28%	-13.84%

NFXL vs. PYPG - Expense Ratio Comparison

NFXL has a 1.06% expense ratio, which is higher than PYPG's 0.75% expense ratio.

Dividends

NFXL vs. PYPG - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 12.83%, while PYPG has not paid dividends to shareholders.

Position	TTM	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	12.83%	7.97%	0.59%
PYPG Leverage Shares 2X Long PYPL Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFXL and PYPG in my portfolio?

NFXL and PYPG have a correlation of 0.28, 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 PYPG?

PYPG has higher volatility (34.53%) compared to NFXL (23.22%). In terms of maximum drawdown, NFXL dropped -77.64% vs PYPG's -79.52%.

Which ETF is better, NFXL or PYPG?

On 1-year performance, PYPG leads with -56.05% vs -71.84% for NFXL. On fees, PYPG is cheaper at 0.75% per year. On volatility, NFXL has been the lower-risk option at 23.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXL or PYPG?

Over the 1-year period, PYPG has performed better with a -56.05% return vs -71.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXL or PYPG?

PYPG is cheaper with a 0.75% expense ratio, compared with 1.06% for NFXL.

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

NFXL has the higher dividend yield at 12.83%, compared with 0.00% for PYPG.

What is the main difference between NFXL and PYPG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.06% for NFXL and 0.75% for PYPG.

Which has better risk-adjusted returns?

PYPG currently has the higher Sharpe Ratio (-0.66 vs -1.05), 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.