NFXL vs. VALG

Last updated Jul 15, 2026

NFXL (Direxion Daily NFLX Bull 2X Shares) and VALG (Leverage Shares 2X Long VALE Daily ETF) are both Leveraged Equities funds. NFXL is actively managed, while VALG is passively managed. At a correlation of -0.13, they often move in opposite directions. NFXL charges 1.06%/yr vs 0.75%/yr for VALG.

Performance

NFXL vs. VALG - 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 VALE Daily ETF (VALG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXL achieves a -45.89% return, which is significantly lower than VALG's 9.11% return.

NFXL

• 1D: -0.97%
• 1M: -18.12%
• 6M: -41.46%
• YTD: -45.89%
• 1Y: -73.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

VALG

• 1D: 6.09%
• 1M: -15.01%
• 6M: -6.08%
• YTD: 9.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXL vs. VALG - Yearly Performance Comparison

	2026 (YTD)	2025
NFXL Direxion Daily NFLX Bull 2X Shares	-45.89%	-2.68%
VALG Leverage Shares 2X Long VALE Daily ETF	9.11%	1.57%

Correlation

The correlation between NFXL and VALG is -0.13, 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 (All Time) Calculated using the full available price history since Dec 18, 2025	-0.13

Return for Risk

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

VALG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. VALG - 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 VALE Daily ETF (VALG). 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	VALG	Difference
Sharpe ratio: Return per unit of total volatility	-1.07	—	—
Sortino ratio: Return per unit of downside risk	-2.07	—	—
Omega ratio: Gain probability vs. loss probability	0.74	—	—
Calmar ratio: Return relative to maximum drawdown	-0.97	—	—
Martin ratio: Return relative to average drawdown	-1.53	—	—

Drawdowns

NFXL vs. VALG - Drawdown Comparison

The maximum NFXL drawdown since its inception was -77.64%, which is greater than VALG's maximum drawdown of -41.01%. Use the drawdown chart below to compare losses from any high point for NFXL and VALG.

Drawdown Indicators

	NFXL	VALG	Difference
Max Drawdown Largest peak-to-trough decline	-77.64%	-41.01%	-36.63%
Max Drawdown (1Y) Largest decline over 1 year	-75.22%	—	—
Current Drawdown Current decline from peak	-76.27%	-36.85%	-39.42%
Average Drawdown Average peak-to-trough decline	-30.79%	-15.47%	-15.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	47.77%	—	—

Volatility

Volatility by Period

	NFXL	VALG	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	53.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	68.76%	73.64%	-4.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	69.57%	73.64%	-4.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	69.57%	73.64%	-4.07%

NFXL vs. VALG - Expense Ratio Comparison

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

Dividends

NFXL vs. VALG - Dividend Comparison

NFXL's dividend yield for the trailing twelve months is around 13.18%, while VALG has not paid dividends to shareholders.

Position	TTM	2025	2024
NFXL Direxion Daily NFLX Bull 2X Shares	13.18%	7.97%	0.59%
VALG Leverage Shares 2X Long VALE Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFXL and VALG in my portfolio?

NFXL and VALG have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NFXL or VALG?

On fees, VALG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NFXL or VALG?

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

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

NFXL has the higher dividend yield at 13.18%, compared with 0.00% for VALG.

What is the main difference between NFXL and VALG?

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