NFXL vs. QQQE

Last updated Aug 4, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and QQQE (Direxion NASDAQ-100 Equal Weighted Index Shares) are both exchange-traded funds - NFXL is a Leveraged Equities fund actively managed by Direxion, while QQQE is a Nasdaq-100 fund tracking the NASDAQ-100 Equal Weighted Index. NFXL is actively managed, while QQQE is passively managed. Over the past year, NFXL returned -68.22% vs 23.25% for QQQE. Their 0.27 correlation means their historical movements had little consistent relationship. NFXL charges 1.06%/yr vs 0.35%/yr for QQQE.

Performance

NFXL vs. QQQE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bull 2X Shares (NFXL) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXL achieves a -46.98% return, which is significantly lower than QQQE's 16.27% return.

NFXL

• 1D: 4.63%
• 1M: -12.43%
• 6M: -31.11%
• YTD: -46.98%
• 1Y: -68.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -17.39%

QQQE

• 1D: 1.29%
• 1M: -1.31%
• 6M: 13.79%
• YTD: 16.27%
• 1Y: 23.25%
• 3Y*: 15.78%
• 5Y*: 8.28%
• 10Y*: 14.69%
• ALL TIME*: 14.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NFXL Direxion Daily NFLX Bull 2X Shares	$17.34M	$25.07M	$22.41M
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	$23.47M	$22.17M	$24.25M

NFXL vs. QQQE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	-46.98%	-11.98%	51.02%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	16.27%	14.58%	0.42%

Correlation

The correlation between NFXL and QQQE is 0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.07
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.27

Over the past year, the correlation between NFXL and QQQE has dropped to 0.07 - well below their long-term average of 0.27, suggesting their price drivers have been diverging.

NFXL vs. QQQE - Sectors Allocation Comparison

Sectors	NFXL	QQQE
Communication Services	100.0%	9.6%
Basic Materials	-	1.0%
Consumer Cyclical	-	10.9%
Consumer Defensive	-	8.0%
Energy	-	1.8%
Financial Services	-	1.0%
Healthcare	-	8.8%
Industrials	-	10.8%
Real Estate	-	0.7%
Technology	-	44.3%
Utilities	-	3.9%

Return for Risk

NFXL vs. QQQE — Risk / Return Rank

Compare historical risk-adjusted metric ranks 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: 2
NFXL Martin Ratio Rank: 1

QQQE

QQQE Risk / Return Rank: 62
QQQE Sharpe Ratio Rank: 61
QQQE Sortino Ratio Rank: 59
QQQE Omega Ratio Rank: 57
QQQE Calmar Ratio Rank: 70
QQQE Martin Ratio Rank: 64

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NFXL vs. QQQE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) and Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE). 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	QQQE	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	1.47	-2.45
Sortino ratio: Return per unit of downside risk	-1.71	2.05	-3.76
Omega ratio: Gain probability vs. loss probability	0.78	1.25	-0.47
Calmar ratio: Return relative to maximum drawdown	-0.89	2.48	-3.37
Martin ratio: Return relative to average drawdown	-1.40	7.91	-9.31

NFXL vs. QQQE - Sharpe Ratio Comparison

The current NFXL Sharpe Ratio is -0.98, which is lower than the QQQE Sharpe Ratio of 1.47. The chart below compares the historical Sharpe Ratios of NFXL and QQQE, 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. QQQE - Drawdown Comparison

The maximum NFXL drawdown since its inception was -80.15%, which is greater than QQQE's maximum drawdown of -32.14%. Use the drawdown chart below to compare losses from any high point for NFXL and QQQE.

Drawdown Indicators

	NFXL	QQQE	Difference
Max Drawdown Largest peak-to-trough decline	-80.15%	-32.14%	-48.01%
Max Drawdown (1Y) Largest decline over 1 year	-76.83%	-9.41%	-67.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-21.38%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-32.14%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-32.14%	—
Current Drawdown Current decline from peak	-76.75%	-3.22%	-73.53%
Average Drawdown Average peak-to-trough decline	-32.23%	-5.14%	-27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.80%	2.94%	+45.86%

Volatility

NFXL vs. QQQE - Volatility Comparison

Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 21.79% compared to Direxion NASDAQ-100 Equal Weighted Index Shares (QQQE) at 3.89%. This indicates that NFXL's price experiences larger fluctuations and is considered to be riskier than QQQE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXL	QQQE	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	3.89%	+17.90%
Volatility (6M) Calculated over the trailing 6-month period	55.84%	12.92%	+42.92%
Volatility (1Y) Calculated over the trailing 1-year period	69.89%	15.92%	+53.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.95%	20.59%	+49.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.95%	20.76%	+49.19%

NFXL vs. QQQE - Expense Ratio Comparison

NFXL has a 1.06% expense ratio, which is higher than QQQE's 0.35% expense ratio.

Dividends

NFXL vs. QQQE - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 13.45%, more than QQQE's 0.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NFXL Direxion Daily NFLX Bull 2X Shares	13.45%	7.97%	0.59%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
QQQE Direxion NASDAQ-100 Equal Weighted Index Shares	0.57%	0.52%	0.86%	0.79%	0.98%	3.83%	0.54%	0.74%	0.80%	0.65%	1.17%	0.57%

Frequently Asked Questions

Can I hold both NFXL and QQQE in my portfolio?

NFXL and QQQE have a correlation of 0.07, 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 QQQE?

NFXL has higher volatility (21.79%) compared to QQQE (3.89%). In terms of maximum drawdown, NFXL dropped -80.15% vs QQQE's -32.14%.

Which ETF is better, NFXL or QQQE?

On 1-year performance, QQQE leads with 23.25% vs -68.22% for NFXL. On fees, QQQE is cheaper at 0.35% per year. On volatility, QQQE has been the lower-risk option at 3.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXL or QQQE?

Over the 1-year period, QQQE has performed better with a 23.25% return vs -68.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXL or QQQE?

QQQE is cheaper with a 0.35% expense ratio, compared with 1.06% for NFXL.

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

NFXL has the higher dividend yield at 13.45%, compared with 0.57% for QQQE.

What is the main difference between NFXL and QQQE?

NFXL is categorized as Leveraged Equities, while QQQE is Nasdaq-100. Their fees differ too: 1.06% for NFXL and 0.35% for QQQE.

Which has better risk-adjusted returns?

QQQE currently has the higher Sharpe Ratio (1.47 vs -0.98), 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.