NFXS vs. CPNQ

Last updated Jun 24, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and CPNQ (Calamos Nasdaq-100 Structured Alt Protection ETF - December) are both exchange-traded funds - NFXS is a Inverse Equities fund actively managed by Direxion, while CPNQ is a Defined Outcome fund actively managed by Calamos. Both are actively managed. Over the past year, NFXS returned 64.26% vs 8.11% for CPNQ. At a correlation of -0.39, they often move in opposite directions. NFXS charges 1.03%/yr vs 0.69%/yr for CPNQ.

Performance

NFXS vs. CPNQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXS achieves a 24.21% return, which is significantly higher than CPNQ's 2.86% return.

NFXS

• 1D: 0.09%
• 1M: 21.28%
• YTD: 24.21%
• 6M: 24.00%
• 1Y: 64.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

CPNQ

• 1D: -0.21%
• 1M: 0.15%
• YTD: 2.86%
• 6M: 2.86%
• 1Y: 8.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXS vs. CPNQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-0.38%
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	2.86%	7.80%	0.29%

Correlation

The correlation between NFXS and CPNQ is -0.26, 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	-0.26
Correlation (All Time) Calculated using the full available price history since Dec 2, 2024	-0.39

The correlation between NFXS and CPNQ shifts across timeframes, from -0.39 (all time) to -0.26 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

NFXS vs. CPNQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

NFXS

NFXS Risk / Return Rank: 55
NFXS Sharpe Ratio Rank: 65
NFXS Sortino Ratio Rank: 60
NFXS Omega Ratio Rank: 68
NFXS Calmar Ratio Rank: 45
NFXS Martin Ratio Rank: 39

CPNQ

CPNQ Risk / Return Rank: 94
CPNQ Sharpe Ratio Rank: 93
CPNQ Sortino Ratio Rank: 96
CPNQ Omega Ratio Rank: 94
CPNQ Calmar Ratio Rank: 91
CPNQ Martin Ratio Rank: 95

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.

NFXS vs. CPNQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ). 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.

	NFXS	CPNQ	Difference
Sharpe ratio: Return per unit of total volatility	1.91	3.00	-1.08
Sortino ratio: Return per unit of downside risk	2.55	4.89	-2.34
Omega ratio: Gain probability vs. loss probability	1.36	1.63	-0.26
Calmar ratio: Return relative to maximum drawdown	2.06	5.38	-3.31
Martin ratio: Return relative to average drawdown	5.64	25.89	-20.25

NFXS vs. CPNQ - Sharpe Ratio Comparison

The current NFXS Sharpe Ratio is 1.91, which is lower than the CPNQ Sharpe Ratio of 3.00. The chart below compares the historical Sharpe Ratios of NFXS and CPNQ, 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

NFXS vs. CPNQ - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, which is greater than CPNQ's maximum drawdown of -3.52%. Use the drawdown chart below to compare losses from any high point for NFXS and CPNQ.

Drawdown Indicators

	NFXS	CPNQ	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-3.52%	-46.85%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-1.52%	-29.79%
Current Drawdown Current decline from peak	-12.88%	-0.35%	-12.53%
Average Drawdown Average peak-to-trough decline	-31.93%	-0.42%	-31.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.45%	0.31%	+11.14%

Volatility

NFXS vs. CPNQ - Volatility Comparison

Direxion Daily NFLX Bear 1X Shares (NFXS) has a higher volatility of 7.74% compared to Calamos Nasdaq-100 Structured Alt Protection ETF - December (CPNQ) at 0.92%. This indicates that NFXS's price experiences larger fluctuations and is considered to be riskier than CPNQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXS	CPNQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.74%	0.92%	+6.82%
Volatility (6M) Calculated over the trailing 6-month period	26.22%	2.23%	+23.99%
Volatility (1Y) Calculated over the trailing 1-year period	33.81%	2.73%	+31.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.65%	3.38%	+31.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.65%	3.38%	+31.27%

NFXS vs. CPNQ - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is higher than CPNQ's 0.69% expense ratio.

Dividends

NFXS vs. CPNQ - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 3.23%, while CPNQ has not paid dividends to shareholders.

Position	TTM	2025	2024
CPNQ Calamos Nasdaq-100 Structured Alt Protection ETF - December	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%

Frequently Asked Questions

Can I hold both NFXS and CPNQ in my portfolio?

NFXS and CPNQ have a correlation of -0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFXS or CPNQ?

NFXS has higher volatility (7.74%) compared to CPNQ (0.92%). In terms of maximum drawdown, NFXS dropped -50.37% vs CPNQ's -3.52%.

Which ETF is better, NFXS or CPNQ?

On 1-year performance, NFXS leads with 64.26% vs 8.11% for CPNQ. On fees, CPNQ is cheaper at 0.69% per year. On volatility, CPNQ has been the lower-risk option at 0.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXS or CPNQ?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 8.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXS or CPNQ?

CPNQ is cheaper with a 0.69% expense ratio, compared with 1.03% for NFXS.

Which ETF pays a higher dividend yield, NFXS or CPNQ?

NFXS has the higher dividend yield at 3.23%, compared with 0.00% for CPNQ.

What is the main difference between NFXS and CPNQ?

NFXS is categorized as Inverse Equities, while CPNQ is Defined Outcome. They also come from different issuers: Direxion and Calamos. Their fees differ too: 1.03% for NFXS and 0.69% for CPNQ.

Which has better risk-adjusted returns?

CPNQ currently has the higher Sharpe Ratio (3.00 vs 1.91), 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.