NFXS vs. SMST.L
NFXS (Direxion Daily NFLX Bear 1X Shares) and SMST.L (Leverage Shares -3x Short MicroStrategy ETP) are both Inverse Equities funds. Over the past year, NFXS returned 40.25% vs 44.26% for SMST.L. At a 0.15 correlation, their price movements are largely independent. NFXS charges 1.03%/yr vs 0.75%/yr for SMST.L.
Performance
NFXS vs. SMST.L - Performance Comparison
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Different Trading Currencies
NFXS is traded in USD, while SMST.L is traded in GBP. To make them comparable, the SMST.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, NFXS achieves a 8.89% return, which is significantly higher than SMST.L's -71.28% return.
NFXS
- 1D
- 2.94%
- 1M
- 10.36%
- YTD
- 8.89%
- 6M
- 26.62%
- 1Y
- 40.25%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SMST.L
- 1D
- 32.62%
- 1M
- 82.11%
- YTD
- -71.28%
- 6M
- -58.79%
- 1Y
- 44.26%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
NFXS vs. SMST.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
NFXS Direxion Daily NFLX Bear 1X Shares | 8.89% | -8.56% | -21.19% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | -71.28% | 9,859.17% | -98.55% |
Correlation
The correlation between NFXS and SMST.L is 0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024 | 0.15 |
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Return for Risk
NFXS vs. SMST.L — Risk / Return Rank
NFXS
SMST.L
NFXS vs. SMST.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and Leverage Shares -3x Short MicroStrategy ETP (SMST.L). 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 | SMST.L | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.22 | 0.12 | +1.10 |
Sortino ratioReturn per unit of downside risk | 1.80 | 1.73 | +0.07 |
Omega ratioGain probability vs. loss probability | 1.25 | 1.22 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.25 | 0.27 | +0.98 |
Martin ratioReturn relative to average drawdown | 3.44 | 0.53 | +2.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NFXS | SMST.L | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.22 | 0.12 | +1.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.40 | -0.00 | -0.39 |
Drawdowns
NFXS vs. SMST.L - Drawdown Comparison
The maximum NFXS drawdown since its inception was -50.37%, smaller than the maximum SMST.L drawdown of -99.31%. Use the drawdown chart below to compare losses from any high point for NFXS and SMST.L.
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Drawdown Indicators
| NFXS | SMST.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.37% | -99.31% | +48.94% |
Max Drawdown (1Y)Largest decline over 1 year | -31.31% | -93.20% | +61.89% |
Current DrawdownCurrent decline from peak | -23.62% | -92.37% | +68.75% |
Average DrawdownAverage peak-to-trough decline | -32.41% | -79.99% | +47.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.37% | 47.41% | -36.04% |
Volatility
NFXS vs. SMST.L - Volatility Comparison
The current volatility for Direxion Daily NFLX Bear 1X Shares (NFXS) is 7.06%, while Leverage Shares -3x Short MicroStrategy ETP (SMST.L) has a volatility of 65.62%. This indicates that NFXS experiences smaller price fluctuations and is considered to be less risky than SMST.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NFXS | SMST.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.06% | 65.62% | -58.56% |
Volatility (6M)Calculated over the trailing 6-month period | 26.35% | 179.49% | -153.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.08% | 202.93% | -169.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 34.68% | 19,063.79% | -19,029.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.68% | 19,063.79% | -19,029.11% |
NFXS vs. SMST.L - Expense Ratio Comparison
NFXS has a 1.03% expense ratio, which is higher than SMST.L's 0.75% expense ratio.
Dividends
NFXS vs. SMST.L - Dividend Comparison
NFXS's dividend yield for the trailing twelve months is around 2.87%, while SMST.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
NFXS Direxion Daily NFLX Bear 1X Shares | 2.87% | 3.53% | 0.87% |
SMST.L Leverage Shares -3x Short MicroStrategy ETP | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NFXS and SMST.L have a correlation of 0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SMST.L is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SMST.L is cheaper with a 0.75% expense ratio, compared with 1.03% for NFXS.
They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.03% for NFXS and 0.75% for SMST.L.
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