SPXL vs. NFXS

Last updated Jun 24, 2026

SPXL (Direxion Daily S&P 500 Bull 3X ETF) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both exchange-traded funds - SPXL is a Leveraged Equities fund tracking the S&P 500, while NFXS is a Inverse Equities fund actively managed by Direxion. SPXL is passively managed, while NFXS is actively managed. Over the past year, SPXL returned 62.56% vs 64.26% for NFXS. At a correlation of -0.33, they often move in opposite directions. SPXL charges 0.84%/yr vs 1.03%/yr for NFXS.

Performance

SPXL vs. NFXS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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, SPXL achieves a 17.21% return, which is significantly lower than NFXS's 24.21% return.

SPXL

• 1D: -4.48%
• 1M: -5.53%
• YTD: 17.21%
• 6M: 13.86%
• 1Y: 62.56%
• 3Y*: 46.39%
• 5Y*: 20.70%
• 10Y*: 30.27%

NFXS

• 1D: 0.09%
• 1M: 21.28%
• YTD: 24.21%
• 6M: 24.00%
• 1Y: 64.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SPXL vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SPXL Direxion Daily S&P 500 Bull 3X ETF	17.21%	31.94%	6.00%
NFXS Direxion Daily NFLX Bear 1X Shares	24.21%	-8.56%	-21.49%

Correlation

The correlation between SPXL and NFXS is -0.19, 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	-0.19
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	-0.33

The correlation between SPXL and NFXS shifts across timeframes, from -0.33 (all time) to -0.19 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SPXL vs. NFXS — Risk / Return Rank

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

SPXL

SPXL Risk / Return Rank: 49
SPXL Sharpe Ratio Rank: 51
SPXL Sortino Ratio Rank: 44
SPXL Omega Ratio Rank: 45
SPXL Calmar Ratio Rank: 49
SPXL Martin Ratio Rank: 56

NFXS

NFXS Risk / Return Rank: 55
NFXS Sharpe Ratio Rank: 65
NFXS Sortino Ratio Rank: 60
NFXS Omega Ratio Rank: 68
NFXS Calmar Ratio Rank: 45
NFXS Martin Ratio Rank: 39

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.

SPXL vs. NFXS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bull 3X ETF (SPXL) 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.

	SPXL	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	1.69	1.91	-0.23
Sortino ratio: Return per unit of downside risk	2.15	2.55	-0.40
Omega ratio: Gain probability vs. loss probability	1.28	1.36	-0.08
Calmar ratio: Return relative to maximum drawdown	2.35	2.06	+0.29
Martin ratio: Return relative to average drawdown	9.57	5.64	+3.94

SPXL vs. NFXS - Sharpe Ratio Comparison

The current SPXL Sharpe Ratio is 1.69, which is comparable to the NFXS Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of SPXL 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

SPXL vs. NFXS - Drawdown Comparison

The maximum SPXL drawdown since its inception was -76.86%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for SPXL and NFXS.

Drawdown Indicators

	SPXL	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-76.86%	-50.37%	-26.49%
Max Drawdown (1Y) Largest decline over 1 year	-26.77%	-31.31%	+4.54%
Max Drawdown (3Y) Largest decline over 3 years	-48.95%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.80%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-76.86%	—	—
Current Drawdown Current decline from peak	-10.44%	-12.88%	+2.44%
Average Drawdown Average peak-to-trough decline	-16.09%	-31.93%	+15.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.56%	11.45%	-4.89%

Volatility

SPXL vs. NFXS - Volatility Comparison

Direxion Daily S&P 500 Bull 3X ETF (SPXL) has a higher volatility of 14.70% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.74%. This indicates that SPXL's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXL	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.70%	7.74%	+6.96%
Volatility (6M) Calculated over the trailing 6-month period	29.55%	26.22%	+3.33%
Volatility (1Y) Calculated over the trailing 1-year period	37.43%	33.81%	+3.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.54%	34.65%	+15.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.47%	34.65%	+18.82%

SPXL vs. NFXS - Expense Ratio Comparison

SPXL has a 0.84% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

SPXL vs. NFXS - Dividend Comparison

SPXL's dividend yield for the trailing twelve months is around 0.57%, less than NFXS's 3.23% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
NFXS Direxion Daily NFLX Bear 1X Shares	3.23%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPXL Direxion Daily S&P 500 Bull 3X ETF	0.57%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

Frequently Asked Questions

Can I hold both SPXL and NFXS in my portfolio?

SPXL and NFXS 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, SPXL or NFXS?

SPXL has higher volatility (14.70%) compared to NFXS (7.74%). In terms of maximum drawdown, SPXL dropped -76.86% vs NFXS's -50.37%.

Which ETF is better, SPXL or NFXS?

On 1-year performance, NFXS leads with 64.26% vs 62.56% for SPXL. On fees, SPXL is cheaper at 0.84% per year. On volatility, NFXS has been the lower-risk option at 7.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXL or NFXS?

Over the 1-year period, NFXS has performed better with a 64.26% return vs 62.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXL or NFXS?

SPXL is cheaper with a 0.84% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 3.23%, compared with 0.57% for SPXL.

What is the main difference between SPXL and NFXS?

SPXL is categorized as Leveraged Equities, while NFXS is Inverse Equities. Their fees differ too: 0.84% for SPXL and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.91 vs 1.69), 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.