RWM vs. NFXS

Last updated Aug 4, 2026

RWM (ProShares Short Russell2000) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both Inverse Equities funds. RWM is passively managed, while NFXS is actively managed. Over the past year, RWM returned -26.16% vs 49.59% for NFXS. Their 0.14 correlation means their historical movements had little consistent relationship. RWM charges 0.95%/yr vs 1.03%/yr for NFXS.

Performance

RWM vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short Russell2000 (RWM) and Direxion Daily NFLX Bear 1X Shares (NFXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RWM achieves a -16.04% return, which is significantly lower than NFXS's 22.37% return.

RWM

• 1D: -1.60%
• 1M: 0.82%
• 6M: -10.93%
• YTD: -16.04%
• 1Y: -26.16%
• 3Y*: -11.17%
• 5Y*: -6.29%
• 10Y*: -11.48%
• ALL TIME*: -12.05%

NFXS

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

*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)
NFXS Direxion Daily NFLX Bear 1X Shares	$438.99K	$959.25K	$649.73K
RWM ProShares Short Russell2000	$356.63M	$306.99M	$253.47M

RWM vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
RWM ProShares Short Russell2000	-16.04%	-9.40%	-0.88%
NFXS Direxion Daily NFLX Bear 1X Shares	22.37%	-8.56%	-21.49%

Correlation

The correlation between RWM and NFXS is -0.02, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.02
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.14

The correlation between RWM and NFXS shifts across timeframes, from -0.02 (1 year) to 0.14 (all time), reflecting how their relationship changes across market environments.

Return for Risk

RWM vs. NFXS — Risk / Return Rank

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

RWM

RWM Risk / Return Rank: 0
RWM Sharpe Ratio Rank: 0
RWM Sortino Ratio Rank: 1
RWM Omega Ratio Rank: 1
RWM Calmar Ratio Rank: 0
RWM Martin Ratio Rank: 0

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

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.

RWM vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short Russell2000 (RWM) and Direxion Daily NFLX Bear 1X Shares (NFXS). 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.

	RWM	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-1.37	1.42	-2.79
Sortino ratio: Return per unit of downside risk	-1.94	2.03	-3.97
Omega ratio: Gain probability vs. loss probability	0.79	1.28	-0.50
Calmar ratio: Return relative to maximum drawdown	-1.01	1.59	-2.60
Martin ratio: Return relative to average drawdown	-1.68	4.30	-5.98

RWM vs. NFXS - Sharpe Ratio Comparison

The current RWM Sharpe Ratio is -1.37, which is lower than the NFXS Sharpe Ratio of 1.42. The chart below compares the historical Sharpe Ratios of RWM and NFXS, 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

RWM vs. NFXS - Drawdown Comparison

The maximum RWM drawdown since its inception was -95.61%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for RWM and NFXS.

Drawdown Indicators

	RWM	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-95.61%	-50.37%	-45.24%
Max Drawdown (1Y) Largest decline over 1 year	-25.97%	-31.31%	+5.34%
Max Drawdown (3Y) Largest decline over 3 years	-43.12%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-72.51%	—	—
Current Drawdown Current decline from peak	-95.52%	-14.17%	-81.35%
Average Drawdown Average peak-to-trough decline	-74.21%	-30.77%	-43.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.24%	11.55%	+5.69%

Volatility

RWM vs. NFXS - Volatility Comparison

The current volatility for ProShares Short Russell2000 (RWM) is 4.04%, while Direxion Daily NFLX Bear 1X Shares (NFXS) has a volatility of 9.93%. This indicates that RWM experiences smaller price fluctuations and is considered to be less risky than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RWM	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.04%	9.93%	-5.89%
Volatility (6M) Calculated over the trailing 6-month period	14.08%	28.52%	-14.44%
Volatility (1Y) Calculated over the trailing 1-year period	19.24%	35.14%	-15.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.52%	34.93%	-12.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.10%	34.93%	-11.83%

RWM vs. NFXS - Expense Ratio Comparison

RWM has a 0.95% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

RWM vs. NFXS - Dividend Comparison

RWM's dividend yield for the trailing twelve months is around 3.80%, more than NFXS's 2.90% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFXS Direxion Daily NFLX Bear 1X Shares	2.90%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RWM ProShares Short Russell2000	3.80%	3.97%	6.03%	4.78%	0.39%	0.00%	0.20%	1.55%	0.87%	0.07%

Frequently Asked Questions

Can I hold both RWM and NFXS in my portfolio?

RWM and NFXS have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RWM or NFXS?

NFXS has higher volatility (9.93%) compared to RWM (4.04%). In terms of maximum drawdown, RWM dropped -95.61% vs NFXS's -50.37%.

Which ETF is better, RWM or NFXS?

On 1-year performance, NFXS leads with 49.59% vs -26.16% for RWM. On fees, RWM is cheaper at 0.95% per year. On volatility, RWM has been the lower-risk option at 4.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RWM or NFXS?

Over the 1-year period, NFXS has performed better with a 49.59% return vs -26.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RWM or NFXS?

RWM is cheaper with a 0.95% expense ratio, compared with 1.03% for NFXS.

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

RWM has the higher dividend yield at 3.80%, compared with 2.90% for NFXS.

What is the main difference between RWM and NFXS?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for RWM and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.42 vs -1.37), 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.