Data as of .
NFXL vs NFXS: which held to its multiple?
Over three months against its own daily promise, NFXL finished 2.3 points short and NFXS 1.5 points over.
ETFIQ Decay Resistance Score: NFXL scores higher
Did it keep up with its own daily multiple, compounded day by day?
A percentile among the 391 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it · How it is computed
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| NFXL | NFXS | NFXL | NFXS | NFXL | NFXS | |
| 1 month | +6.6% | −4.7% | +8.6% | −4.3% | −2.0 pts | −0.4 pts |
| 3 months | −12.8% | +1.8% | −7.3% | +3.7% | −5.5 pts | −1.9 pts |
| 6 months | −41.1% | +19.6% | −37.6% | +18.8% | −3.6 pts | +0.8 pts |
| 1 year | −67.4% | +45.9% | −71.4% | +35.7% | +4.0 pts | +10.2 pts |
| Since launch | −23.1% | −17.0% | +19.0% | −9.5% | −42.1 pts | −7.5 pts |
| NFXL Direxion Daily NFLX Bull 2X ETF Aims to return twice the daily move of Netflix (NFLX) | NFXS Direxion Daily NFLX Bear 1X ETF Aims to return 1 times the opposite of the daily move of Netflix (NFLX) | |
|---|---|---|
| Issuer | Direxion | Direxion |
| Sets out to return | +2x | -1x |
| On | NFLX | NFLX |
| Segment | company | company |
| Fund returned, 3 months | −12.8% | +1.8% |
| Underlying returned, 3 months | −3.7% | −3.7% |
| What the stated multiple implies, 3 months | −7.3% | +3.7% |
| Difference from stated, 3 months | −5.5 pts | −1.9 pts |
| Fund returned, 1 year or since launch | −67.4% | +45.9% |
| Difference from stated, over that window | +4.0 pts | +10.2 pts |
| Underlying volatility | 38% | 38% |
| Difference over the days both have traded | −2.0 pts | no shared window |
| Expense ratio | 1.05% | not published |
| Launched | Oct 3, 2024 | Oct 3, 2024 |
NFXL in plain words
Three months to Sep 11, 2026: NFXL returned −12.8% where its own daily promise gave −10.4%, 2.3 points short. Read the multiple against the whole window instead and +2 times NFLX's −3.7% implies −7.3%, which makes NFXL look 5.5 points short. 3.1 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. NFXL aims to return +2 times NFLX's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. NFLX moved at 38% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
NFXS in plain words
Three months to Sep 11, 2026: NFXS returned +1.8% where its own daily promise gave +0.2%, 1.5 points over. Read the multiple against the whole window instead and −1 times NFLX's −3.7% implies +3.7%, which makes NFXS look 1.9 points short. 3.4 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. NFXS aims to return -1 times NFLX's move each day, then resets. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, NFXL or NFXS?
- Over the window to Sep 11, 2026, NFXL finished 5.5 points from what its multiple implies and NFXS finished 1.9 points from its own, so NFXS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are NFXL and NFXS levered on the same thing?
- Yes. Both are levered on Netflix, NFXL at +2 times and NFXS at -1 times the daily move.
- Which one decays faster, NFXL or NFXS?
- Decay follows how much the underlying moves about. Over this window NFXL’s moved at 38% annualized and NFXS’s at 38%, so NFXL has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold NFXL or NFXS for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NFXL against NFXS, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/NFXL-NFXS Free to use with attribution; the underlying files are at Open data.