- Issuer
- GraniteShares
- Inception Date
- Jun 9, 2025
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- -2x
- Index Tracked
- No Index (Active)
- Domicile
- United States
- Distribution Policy
- Accumulating
- Asset Class
- Equity
- Assets Under Management
- $2M
Share Price Chart
Loading charts...
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Performance
MSDD Performance Chart
GraniteShares 2x Short MSTR Daily ETF (MSDD) is down 48.7% since the beginning of the year. MSDD is currently trading at $48 per share.
Loading charts...
Returns By Period
GraniteShares 2x Short MSTR Daily ETF (MSDD) has returned -48.72% so far this year and 71.30% over the past 12 months.
GraniteShares 2x Short MSTR Daily ETF
- 1D
- 0.00%
- 1M
- 44.94%
- YTD
- -48.72%
- 6M
- -40.94%
- 1Y
- 71.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
MSDD Monthly Returns History
Based on dividend-adjusted daily data since Jun 10, 2025, MSDD's average daily return is +0.66%, while the average monthly return is +10.65%. At this rate, an investment would double in approximately 0.6 years.
Historically, 46% of months were positive and 54% were negative. The best month was Nov 2025 with a return of +103.8%, while the worst month was Apr 2026 at -50.9%. The longest winning streak lasted 5 consecutive months, and the longest losing streak was 5 months.
On a daily basis, MSDD closed higher 56% of trading days. The best single day was Feb 5, 2026 with a return of +35.3%, while the worst single day was Feb 6, 2026 at -52.6%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -8.23% | -16.23% | -4.96% | -50.94% | -1.54% | 45.29% | -48.72% | ||||||
| 2025 | -7.11% | -6.71% | 31.56% | 1.70% | 26.36% | 103.82% | 25.42% | 274.52% |
Benchmark Metrics
GraniteShares 2x Short MSTR Daily ETF has an annualized alpha of 1583.28%, beta of -5.29, and R2 of 0.22 versus S&P 500 Index. Calculated based on daily prices since June 10, 2025.
- This ETF captured 94.36% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -1010.04%) - a profile typical of hedging or uncorrelated assets.
- Beta of -5.29 may look defensive, but with R2 of 0.22 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.22 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 1,583.28%
- Beta
- -5.29
- R²
- 0.22
- Upside Capture
- 94.36%
- Downside Capture
- -1,010.04%
Expense Ratio
MSDD has a high expense ratio of 1.50%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MSDD ranks 23 for risk / return — below 23% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) and compare them to S&P 500 Index.
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.
| MSDD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.52 | ||
| Sortino ratioReturn per unit of downside risk | -1.13 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.37 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 2.78 | -1.94 |
| Martin ratioReturn relative to average drawdown | 1.67 | 12.44 | -10.77 |
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
Loading charts...
Worst Drawdowns
The table below displays the maximum drawdowns of the GraniteShares 2x Short MSTR Daily ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the GraniteShares 2x Short MSTR Daily ETF was 84.91%, occurring on May 11, 2026. The portfolio has not yet recovered.
The current GraniteShares 2x Short MSTR Daily ETF drawdown is 68.63%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2026 bear market2026 | -84.91%May 2026 | 3mo 4d | — | 4mo 17dFeb 2026 - now |
2025 bear market2025 | -39.32%Jul 2025 | 22d | 1mo 4d | 1mo 26dJun 2025 - Aug 2025 |
2025 bear market2025 | -32.22%Oct 2025 | 10d | 10d | 20dSep 2025 - Oct 2025 |
2026 bear market2026 | -31.59%Jan 2026 | 12d | 15d | 27dJan 2026 - Jan 2026 |
2025 bear market2025 | -22.07%Dec 2025 | 15d | 6d | 21dNov 2025 - Dec 2025 |
Drawdown Indicators
| MSDD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.91% | -56.78% | -28.13% |
Max Drawdown (1Y)Largest decline over 1 year | -84.91% | -9.10% | -75.81% |
Max Drawdown (3Y)Largest decline over 3 years | — | -18.90% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -68.63% | -1.80% | -66.83% |
Average DrawdownAverage peak-to-trough decline | -31.11% | -10.71% | -20.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 42.92% | 2.03% | +40.89% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
Loading charts...
Build a portfolio with MSDD
Add GraniteShares 2x Short MSTR Daily ETF to a portfolio and analyze allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Analyzer with MSDD