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 -68.22% vs -43.54% for SPXS. Their -0.30 correlation means they have often moved in opposite directions in the past. 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 -46.98% return, which is significantly lower than SPXS's -26.94% return.
NFXL
- 1D
- 4.63%
- 1M
- -12.43%
- 6M
- -31.11%
- YTD
- -46.98%
- 1Y
- -68.22%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -17.39%
SPXS
- 1D
- -4.25%
- 1M
- -4.72%
- 6M
- -23.08%
- YTD
- -26.94%
- 1Y
- -43.54%
- 3Y*
- -40.76%
- 5Y*
- -33.22%
- 10Y*
- -41.26%
- ALL TIME*
- -44.80%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $17.34M | $25.07M | $22.41M | |
| $311.03M | $277.03M | $339.25M |
NFXL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NFXL Direxion Daily NFLX Bull 2X Shares | -46.98% | -11.98% | 51.02% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -26.94% | -41.53% | -7.31% |
Correlation
The correlation between NFXL and SPXS is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.12 |
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024 | -0.30 |
The correlation between NFXL and SPXS shifts across timeframes, from -0.30 (all time) to -0.12 (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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.81 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -1.04 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.40 | -1.74 | +0.34 |
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Drawdowns
NFXL vs. SPXS - Drawdown Comparison
The maximum NFXL drawdown since its inception was -80.15%, 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 | -80.15% | -100.00% | +19.85% |
Max Drawdown (1Y)Largest decline over 1 year | -76.83% | -42.15% | -34.68% |
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 | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -76.75% | -100.00% | +23.25% |
Average DrawdownAverage peak-to-trough decline | -32.23% | -96.32% | +64.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 48.80% | 26.84% | +21.96% |
Volatility
NFXL vs. SPXS - Volatility Comparison
Direxion Daily NFLX Bull 2X Shares (NFXL) has a higher volatility of 21.79% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 11.58%. 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 | 21.79% | 11.58% | +10.21% |
Volatility (6M)Calculated over the trailing 6-month period | 55.84% | 30.75% | +25.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.89% | 38.54% | +31.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.95% | 50.81% | +19.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.95% | 53.61% | +16.34% |
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 13.45%, more than SPXS's 4.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.65% | 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 -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NFXL has higher volatility (21.79%) compared to SPXS (11.58%). In terms of maximum drawdown, NFXL dropped -80.15% vs SPXS's -100.00%.
On 1-year performance, SPXS leads with -43.54% vs -68.22% for NFXL. On fees, NFXL is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 11.58%. 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 -43.54% return vs -68.22%. 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 13.45%, compared with 4.65% 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 (-0.98 vs -1.14), 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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