NFXS vs. TSDD

Last updated Jun 3, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past year, NFXS returned 40.25% vs -62.89% for TSDD. At a 0.23 correlation, their price movements are largely independent. NFXS charges 1.03%/yr vs 1.50%/yr for TSDD.

Performance

NFXS vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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 TSDD's -4.27% return.

NFXS

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

TSDD

• 1D: 0.14%
• 1M: -17.41%
• YTD: -4.27%
• 6M: -7.92%
• 1Y: -62.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXS vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXS Direxion Daily NFLX Bear 1X Shares	8.89%	-8.56%	-21.19%
TSDD GraniteShares 2x Short TSLA Daily ETF	-4.27%	-74.84%	-78.21%

Correlation

The correlation between NFXS and TSDD is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.23

Over the past year, the correlation between NFXS and TSDD has dropped to 0.03 - well below their long-term average of 0.23, suggesting their price drivers have been diverging.

Return for Risk

NFXS vs. TSDD — 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

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 3
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

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. TSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio Return per unit of total volatility	1.22	-0.68	+1.90
Sortino ratio Return per unit of downside risk	1.80	-0.87	+2.67
Omega ratio Gain probability vs. loss probability	1.25	0.90	+0.35
Calmar ratio Return relative to maximum drawdown	1.25	-0.83	+2.08
Martin ratio Return relative to average drawdown	3.44	-1.05	+4.49
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. TSDD - Sharpe Ratio Comparison

The current NFXS Sharpe Ratio is 1.22, which is higher than the TSDD Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of NFXS and TSDD, 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	TSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.22	-0.68	+1.90
Sharpe Ratio (All Time) Calculated using the full available price history	-0.40	-0.66	+0.26

Drawdowns

NFXS vs. TSDD - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, smaller than the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for NFXS and TSDD.

Drawdown Indicators

	NFXS	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-99.03%	+48.66%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-76.12%	+44.81%
Current Drawdown Current decline from peak	-23.62%	-98.90%	+75.28%
Average Drawdown Average peak-to-trough decline	-32.41%	-71.21%	+38.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.37%	59.88%	-48.51%

Volatility

NFXS vs. TSDD - Volatility Comparison

The current volatility for Direxion Daily NFLX Bear 1X Shares (NFXS) is 7.06%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 24.19%. This indicates that NFXS experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NFXS	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.06%	24.19%	-17.13%
Volatility (6M) Calculated over the trailing 6-month period	26.35%	54.90%	-28.55%
Volatility (1Y) Calculated over the trailing 1-year period	33.08%	92.57%	-59.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.68%	114.46%	-79.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.68%	114.46%	-79.78%

NFXS vs. TSDD - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

NFXS vs. TSDD - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 2.87%, less than TSDD's 8.80% yield.

Position	TTM	2025	2024	2023
NFXS Direxion Daily NFLX Bear 1X Shares	2.87%	3.53%	0.87%	0.00%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.80%	8.42%	0.00%	24.84%

Frequently Asked Questions

Can I hold both NFXS and TSDD in my portfolio?

NFXS and TSDD have a correlation of 0.03, 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 TSDD?

TSDD has higher volatility (24.19%) compared to NFXS (7.06%). In terms of maximum drawdown, NFXS dropped -50.37% vs TSDD's -99.03%.

Which ETF is better, NFXS or TSDD?

On 1-year performance, NFXS leads with 40.25% vs -62.89% for TSDD. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 7.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXS or TSDD?

Over the 1-year period, NFXS has performed better with a 40.25% return vs -62.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXS or TSDD?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.50% for TSDD.

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

TSDD has the higher dividend yield at 8.80%, compared with 2.87% for NFXS.

What is the main difference between NFXS and TSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.03% for NFXS and 1.50% for TSDD.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.22 vs -0.68), 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.