NFXS vs. FDLO

Last updated Jun 3, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and FDLO (Fidelity Low Volatility Factor ETF) are both exchange-traded funds - NFXS is a Inverse Equities fund actively managed by Direxion, while FDLO is a Volatility Hedged Equity fund tracking the Fidelity U.S. Low Volatility Factor Index. NFXS is actively managed, while FDLO is passively managed. Over the past year, NFXS returned 40.25% vs 15.16% for FDLO. At a correlation of -0.32, they often move in opposite directions. NFXS charges 1.03%/yr vs 0.29%/yr for FDLO.

Performance

NFXS vs. FDLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and Fidelity Low Volatility Factor ETF (FDLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXS achieves a 8.89% return, which is significantly higher than FDLO's 5.00% return.

NFXS

• 1D: 2.94%
• 1M: 10.36%
• YTD: 8.89%
• 6M: 26.62%
• 1Y: 40.25%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FDLO

• 1D: -0.85%
• 1M: 1.29%
• YTD: 5.00%
• 6M: 4.24%
• 1Y: 15.16%
• 3Y*: 14.30%
• 5Y*: 10.12%
• 10Y*: —

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

NFXS vs. FDLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXS Direxion Daily NFLX Bear 1X Shares	8.89%	-8.56%	-21.19%
FDLO Fidelity Low Volatility Factor ETF	5.00%	11.77%	0.18%

Correlation

The correlation between NFXS and FDLO 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 Oct 4, 2024	-0.32

Return for Risk

NFXS vs. FDLO — Risk / Return Rank

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

NFXS

NFXS Risk / Return Rank: 31
NFXS Sharpe Ratio Rank: 33
NFXS Sortino Ratio Rank: 33
NFXS Omega Ratio Rank: 37
NFXS Calmar Ratio Rank: 26
NFXS Martin Ratio Rank: 25

FDLO

FDLO Risk / Return Rank: 49
FDLO Sharpe Ratio Rank: 50
FDLO Sortino Ratio Rank: 50
FDLO Omega Ratio Rank: 48
FDLO Calmar Ratio Rank: 43
FDLO Martin Ratio Rank: 53

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. FDLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and Fidelity Low Volatility Factor ETF (FDLO). 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.

	NFXS	FDLO	Difference
Sharpe ratio Return per unit of total volatility	1.22	1.74	-0.52
Sortino ratio Return per unit of downside risk	1.80	2.48	-0.68
Omega ratio Gain probability vs. loss probability	1.25	1.31	-0.06
Calmar ratio Return relative to maximum drawdown	1.25	2.13	-0.88
Martin ratio Return relative to average drawdown	3.44	9.30	-5.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NFXS vs. FDLO - Sharpe Ratio Comparison

The current NFXS Sharpe Ratio is 1.22, which is comparable to the FDLO Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of NFXS and FDLO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	NFXS	FDLO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	1.74	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	0.83	-1.22

Drawdowns

NFXS vs. FDLO - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, which is greater than FDLO's maximum drawdown of -34.35%. Use the drawdown chart below to compare losses from any high point for NFXS and FDLO.

Drawdown Indicators

	NFXS	FDLO	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-34.35%	-16.02%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-7.13%	-24.18%
Max Drawdown (3Y) Largest decline over 3 years	—	-13.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-19.23%	—
Current Drawdown Current decline from peak	-23.62%	-0.91%	-22.71%
Average Drawdown Average peak-to-trough decline	-32.41%	-3.38%	-29.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.37%	1.63%	+9.74%

Volatility

NFXS vs. FDLO - Volatility Comparison

Direxion Daily NFLX Bear 1X Shares (NFXS) has a higher volatility of 7.06% compared to Fidelity Low Volatility Factor ETF (FDLO) at 1.91%. This indicates that NFXS's price experiences larger fluctuations and is considered to be riskier than FDLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXS	FDLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	1.91%	+5.15%
Volatility (6M) Calculated over the trailing 6-month period	26.35%	6.41%	+19.94%
Volatility (1Y) Calculated over the trailing 1-year period	33.08%	8.75%	+24.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.68%	13.07%	+21.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.68%	15.50%	+19.18%

NFXS vs. FDLO - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is higher than FDLO's 0.29% expense ratio.

Dividends

NFXS vs. FDLO - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 2.87%, more than FDLO's 1.36% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
FDLO Fidelity Low Volatility Factor ETF	1.36%	1.37%	1.40%	1.35%	1.49%	1.11%	1.38%	1.55%	1.76%	1.61%	0.55%
NFXS Direxion Daily NFLX Bear 1X Shares	2.87%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFXS and FDLO in my portfolio?

NFXS and FDLO 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 FDLO?

NFXS has higher volatility (7.06%) compared to FDLO (1.91%). In terms of maximum drawdown, NFXS dropped -50.37% vs FDLO's -34.35%.

Which ETF is better, NFXS or FDLO?

On 1-year performance, NFXS leads with 40.25% vs 15.16% for FDLO. On fees, FDLO is cheaper at 0.29% per year. On volatility, FDLO has been the lower-risk option at 1.91%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXS or FDLO?

Over the 1-year period, NFXS has performed better with a 40.25% return vs 15.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXS or FDLO?

FDLO is cheaper with a 0.29% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 2.87%, compared with 1.36% for FDLO.

What is the main difference between NFXS and FDLO?

NFXS is categorized as Inverse Equities, while FDLO is Volatility Hedged Equity. They also come from different issuers: Direxion and Fidelity. Their fees differ too: 1.03% for NFXS and 0.29% for FDLO.

Which has better risk-adjusted returns?

FDLO currently has the higher Sharpe Ratio (1.74 vs 1.22), 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.