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NFX vs NFXL: which held to its multiple?

Over the days both have traded, NFX finished 0.7 points from its stated multiple and NFXL 0.5. Corgi NFLX 2x Daily ETF and Direxion Daily NFLX Bull 2X ETF.

−21.0%
NFX returned, since launch
−17.1%
NFXL returned, 3 months
−3.6 pts
NFX from its stated multiple
−4.7 pts
NFXL from its stated multiple
NFX · 1 month to Sep 30, 20260.7 pts ahead of its stated multiple
0.7 pts ahead of its stated multipleNFX returned −27.6% while 2 times NFLX's move would have been −28.3%NFLX −14.2% ×2 implies−28.3%NFX returned−27.6%0.7 pts ahead of its stated multipleNFX returned −27.6% while 2 times NFLX's move would have been −28.3%NFLX −14.2% ×2 implies−28.3%NFX returned−27.6%

NFX returned −27.6% while 2 times NFLX's move would have been −28.3%

NFXL · 3 months to Sep 30, 20264.7 pts short of its stated multiple
4.7 pts short of its stated multipleNFXL returned −17.1% while 2 times NFLX's move would have been −12.4%NFLX −6.2% ×2 implies−12.4%NFXL returned−17.1%4.7 pts short of its stated multipleNFXL returned −17.1% while 2 times NFLX's move would have been −12.4%NFLX −6.2% ×2 implies−12.4%NFXL returned−17.1%

NFXL returned −17.1% while 2 times NFLX's move would have been −12.4%

Performance, window by window

Total returnMultiple would giveDifference
WindowNFXNFXLNFXNFXLNFXNFXL
1 month−27.6%−27.8%−28.3%−28.3%+0.7 pts+0.5 pts
3 monthsnot published−17.1%not published−12.4%not published−4.7 pts
6 monthsnot published−52.8%not published−54.4%not published+1.5 pts
1 yearnot published−73.5%not published−83.9%not published+10.4 pts
Since launch
NFX Jul 2026 · NFXL Oct 2024
−21.0%−38.6%−17.3%−3.1%−3.6 pts−35.5 pts

NFX and NFXL over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

NFX
Corgi NFLX 2x Daily ETF · Aims to return twice the daily move of Netflix (NFLX)
NFXL
Direxion Daily NFLX Bull 2X ETF · Aims to return twice the daily move of Netflix (NFLX)
Issuer Corgi Direxion
Sets out to return +2x +2x
Underlying asset NFLX NFLX
Segment company company
Fund returned, 3 months or since launch −27.6% −17.1%
Underlying returned, over that window −14.2% −6.2%
What the stated multiple implies, over that window −28.3% −12.4%
Difference from stated, over that window +0.7 pts −4.7 pts
Fund returned, 1 year or since launch −21.0% −73.5%
Difference from stated, over that window −3.6 pts +10.4 pts
Underlying volatility 35% 36%
Difference over the days both have traded +0.7 pts +0.5 pts
Expense ratio 0.45% 1.05%
Launched Jul 7, 2026 Oct 3, 2024
Net assets $396,814 $131m

NFX and NFXL on the same fields, as of Sep 30, 2026. Source: ETFIQ.

NFX in plain words

One month to Sep 30, 2026: NFX returned −27.6% where its own daily promise gave −27.2%, 0.5 points short. Read the multiple against the whole window instead and 2 times NFLX's −14.2% implies −28.3%, which makes NFX look 0.7 points over. 1.1 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. NFX 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 35% 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.

NFXL in plain words

Three months to Sep 30, 2026: NFXL returned −17.1% where its own daily promise gave −14.9%, 2.2 points short. Read the multiple against the whole window instead and 2 times NFLX's −6.2% implies −12.4%, which makes NFXL look 4.7 points short. 2.4 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. NFLX moved at 36% annualized over that window.

Questions people ask

Which came closer to its stated multiple, NFX or NFXL?
Over the window to Sep 30, 2026, NFX finished 0.7 points from what its multiple implies and NFXL finished 4.7 points from its own, so NFX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are NFX and NFXL levered on the same thing?
Yes. Both are levered on Netflix, NFX at +2 times and NFXL at +2 times the daily move.
Which one decays faster, NFX or NFXL?
Decay follows how much the underlying moves about. Over this window NFX’s moved at 35% annualized and NFXL’s at 36%, so NFXL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold NFX or NFXL 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.
Which is cheaper, NFX or NFXL?
NFX charges 0.45% a year and NFXL charges 1.05%, so NFX is cheaper. Fees come from each fund's prospectus.
Other comparisons
NFX vs NFLUNFX vs NFXSNFXL vs NFLUNFXL vs NFXS
NFX on its own →NFXL on its own →How every figure is computed →Standards and sources →
Where these figures came from
NFX filings on SEC EDGAR ↗NFX prospectus with the expense ratio (SEC) ↗Corgi website ↗NFXL filings on SEC EDGAR ↗NFXL prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, NFX against NFXL, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nfx-vs-nfxl

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.