NFXS vs. MSTZ

Last updated Aug 4, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and MSTZ (T-REX 2X Inverse MSTR Daily Target ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NFXS returned 49.59% vs 150.38% for MSTZ. Their 0.28 correlation means their historical movements had little consistent relationship. NFXS charges 1.03%/yr vs 1.05%/yr for MSTZ.

Performance

NFXS vs. MSTZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXS achieves a 22.37% return, which is significantly higher than MSTZ's -32.77% return.

NFXS

• 1D: -2.09%
• 1M: 5.48%
• 6M: 7.74%
• YTD: 22.37%
• 1Y: 49.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -6.83%

MSTZ

• 1D: -3.35%
• 1M: 3.78%
• 6M: -35.30%
• YTD: -32.77%
• 1Y: 150.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -86.70%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	$99.07M	$124.74M	$178.48M
NFXS Direxion Daily NFLX Bear 1X Shares	$438.99K	$959.25K	$649.73K

NFXS vs. MSTZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXS Direxion Daily NFLX Bear 1X Shares	22.37%	-8.56%	-21.49%
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	-32.77%	-38.95%	-90.43%

Correlation

The correlation between NFXS and MSTZ is 0.19, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.19
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.28

Return for Risk

NFXS vs. MSTZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NFXS

NFXS Risk / Return Rank: 49
NFXS Sharpe Ratio Rank: 53
NFXS Sortino Ratio Rank: 53
NFXS Omega Ratio Rank: 60
NFXS Calmar Ratio Rank: 41
NFXS Martin Ratio Rank: 39

MSTZ

MSTZ Risk / Return Rank: 46
MSTZ Sharpe Ratio Rank: 40
MSTZ Sortino Ratio Rank: 56
MSTZ Omega Ratio Rank: 56
MSTZ Calmar Ratio Rank: 47
MSTZ Martin Ratio Rank: 34

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NFXS vs. MSTZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and T-REX 2X Inverse MSTR Daily Target ETF (MSTZ). 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	MSTZ	Difference
Sharpe ratio: Return per unit of total volatility	1.42	1.01	+0.41
Sortino ratio: Return per unit of downside risk	2.03	2.01	+0.02
Omega ratio: Gain probability vs. loss probability	1.28	1.26	+0.03
Calmar ratio: Return relative to maximum drawdown	1.59	1.78	-0.19
Martin ratio: Return relative to average drawdown	4.30	3.30	+1.00

NFXS vs. MSTZ - Sharpe Ratio Comparison

The current NFXS Sharpe Ratio is 1.42, which is higher than the MSTZ Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of NFXS and MSTZ, 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. MSTZ - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, smaller than the maximum MSTZ drawdown of -99.38%. Use the drawdown chart below to compare losses from any high point for NFXS and MSTZ.

Drawdown Indicators

	NFXS	MSTZ	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-99.38%	+49.01%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-84.89%	+53.58%
Current Drawdown Current decline from peak	-14.17%	-97.71%	+83.54%
Average Drawdown Average peak-to-trough decline	-30.77%	-94.63%	+63.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	45.77%	-34.22%

Volatility

NFXS vs. MSTZ - Volatility Comparison

The current volatility for Direxion Daily NFLX Bear 1X Shares (NFXS) is 9.93%, while T-REX 2X Inverse MSTR Daily Target ETF (MSTZ) has a volatility of 33.58%. This indicates that NFXS experiences smaller price fluctuations and is considered to be less risky than MSTZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXS	MSTZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	33.58%	-23.65%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	134.23%	-105.71%
Volatility (1Y) Calculated over the trailing 1-year period	35.14%	149.52%	-114.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.93%	169.71%	-134.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	169.71%	-134.78%

NFXS vs. MSTZ - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is lower than MSTZ's 1.05% expense ratio.

Dividends

NFXS vs. MSTZ - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 2.90%, while MSTZ has not paid dividends to shareholders.

Position	TTM	2025	2024
MSTZ T-REX 2X Inverse MSTR Daily Target ETF	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.90%	3.53%	0.87%

Frequently Asked Questions

Can I hold both NFXS and MSTZ in my portfolio?

NFXS and MSTZ have a correlation of 0.19, 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 MSTZ?

MSTZ has higher volatility (33.58%) compared to NFXS (9.93%). In terms of maximum drawdown, NFXS dropped -50.37% vs MSTZ's -99.38%.

Which ETF is better, NFXS or MSTZ?

On 1-year performance, MSTZ leads with 150.38% vs 49.59% for NFXS. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXS or MSTZ?

Over the 1-year period, MSTZ has performed better with a 150.38% return vs 49.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXS or MSTZ?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.05% for MSTZ.

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

NFXS has the higher dividend yield at 2.90%, compared with 0.00% for MSTZ.

What is the main difference between NFXS and MSTZ?

They also come from different issuers: Direxion and REX. Their fees differ too: 1.03% for NFXS and 1.05% for MSTZ.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.42 vs 1.01), 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.