NFXL vs NFXS: which held to its multiple?
Over three months against its own daily promise, NFXL finished 2.2 points short and NFXS 1.5 points over. Direxion Daily NFLX Bull 2X ETF and Direxion Daily NFLX Bear 1X ETF.
NFXL returned −17.1% while 2 times NFLX's move would have been −12.4%
NFXS returned +4.7% while −1 times NFLX's move would have been +6.2%
NFXL among the 470 leveraged ETFs, long, over three months
NFXS among the 125 inverse ETFs over three months
A percentile among the 470 leveraged ETFs, long, over three months. NFXS is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. 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
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | NFXL | NFXS | NFXL | NFXS | NFXL | NFXS |
| 1 month | −27.8% | +15.8% | −28.3% | +14.2% | +0.5 pts | +1.6 pts |
| 3 months | −17.1% | +4.7% | −12.4% | +6.2% | −4.7 pts | −1.5 pts |
| 6 months | −52.8% | +33.1% | −54.4% | +27.2% | +1.5 pts | +5.9 pts |
| 1 year | −73.5% | +60.7% | −83.9% | +42.0% | +10.4 pts | +18.7 pts |
| Since launch NFXL Oct 2024 · NFXS Oct 2024 | −38.6% | −8.1% | −3.1% | +1.6% | −35.5 pts | −9.7 pts |
NFXL and NFXS over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
NFXL and NFXS on the same fields, as of Sep 30, 2026. Source: ETFIQ.
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. 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 36% 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 30, 2026: NFXS returned +4.7% where its own daily promise gave +3.3%, 1.5 points over. Read the multiple against the whole window instead and −1 times NFLX's −6.2% implies +6.2%, which makes NFXS look 1.5 points short. 2.9 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 30, 2026, NFXL finished 4.7 points from what its multiple implies and NFXS finished 1.5 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 36% annualized and NFXS’s at 36%, 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.
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.
ETFIQ, NFXL against NFXS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nfxl-vs-nfxs
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, NFXL against NFXS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nfxl-vs-nfxs Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, NFXL against NFXS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/nfxl-vs-nfxs
- APA
- ETFIQ. (Sep 30, 2026). NFXL against NFXS. Retrieved from https://etfiq.com/compare/leverage/nfxl-vs-nfxs
- Markdown
- [NFXL against NFXS (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/nfxl-vs-nfxs)