NFXL vs. SPXS
NFXL (Direxion Daily NFLX Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - NFXL is a Leveraged Equities fund actively managed by Direxion, while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). NFXL is actively managed, while SPXS is passively managed. Over the past year, NFXL returned -64.17% vs -48.73% for SPXS. At a correlation of -0.34, they often move in opposite directions. NFXL charges 1.06%/yr vs 1.08%/yr for SPXS.
Performance
NFXL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, NFXL achieves a -31.65% return, which is significantly lower than SPXS's -25.49% return.
NFXL
- 1D
- -4.28%
- 1M
- -20.99%
- YTD
- -31.65%
- 6M
- -45.39%
- 1Y
- -64.17%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
NFXL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NFXL Direxion Daily NFLX Bull 2X Shares | -31.65% | -11.98% | 50.97% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -7.85% |
Correlation
The correlation between NFXL and SPXS is -0.17, 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 | -0.17 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | -0.34 |
The correlation between NFXL and SPXS shifts across timeframes, from -0.34 (all time) to -0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
NFXL vs. SPXS — Risk / Return Rank
NFXL
SPXS
NFXL vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bull 2X Shares (NFXL) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.41 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.75 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.96 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.39 | -1.62 | +0.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NFXL | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.97 | -1.38 | +0.41 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.69 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.08 | -0.83 | +0.75 |
Drawdowns
NFXL vs. SPXS - Drawdown Comparison
The maximum NFXL drawdown since its inception was -71.97%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for NFXL and SPXS.
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Drawdown Indicators
| NFXL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.97% | -100.00% | +28.03% |
Max Drawdown (1Y)Largest decline over 1 year | -71.97% | -50.77% | -21.20% |
Max Drawdown (3Y)Largest decline over 3 years | — | -84.13% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -70.02% | -100.00% | +29.98% |
Average DrawdownAverage peak-to-trough decline | -28.07% | -96.30% | +68.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.07% | 30.04% | +16.03% |
Volatility
NFXL vs. SPXS - Volatility Comparison
Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 14.37% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.51%. This indicates that NFXL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NFXL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.37% | 8.51% | +5.86% |
Volatility (6M)Calculated over the trailing 6-month period | 51.09% | 26.82% | +24.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.34% | 35.54% | +30.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.51% | 50.39% | +19.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.51% | 53.54% | +15.97% |
NFXL vs. SPXS - Expense Ratio Comparison
NFXL has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
NFXL vs. SPXS - Dividend Comparison
NFXL's dividend yield for the trailing twelve months is around 11.67%, more than SPXS's 4.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
NFXL Direxion Daily NFLX Bull 2X Shares | 11.67% | 7.97% | 0.59% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
NFXL and SPXS have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFXL has higher volatility (14.37%) compared to SPXS (8.51%). In terms of maximum drawdown, NFXL dropped -71.97% vs SPXS's -100.00%.
On 1-year performance, SPXS leads with -48.73% vs -64.17% for NFXL. On fees, NFXL is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 8.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, SPXS has performed better with a -48.73% return vs -64.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
NFXL is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
NFXL has the higher dividend yield at 11.67%, compared with 4.91% for SPXS.
NFXL is categorized as Leveraged Equities, while SPXS is Inverse Equities. Their fees differ too: 1.06% for NFXL and 1.08% for SPXS.
NFXL currently has the higher Sharpe Ratio (-0.97 vs -1.38), 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.
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