- ISIN
- US25461A4031
- Issuer
- Direxion
- Inception Date
- Sep 6, 2022
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- Microsoft Corporation (-100%)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Assets Under Management
- $9M
Share Price Chart
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Performance
MSFD Performance Chart
Direxion Daily MSFT Bear 1X Shares (MSFD) is up 28.1% since the beginning of the year. MSFD is currently trading at $15 per share.
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Returns By Period
Direxion Daily MSFT Bear 1X Shares (MSFD) has returned 28.14% so far this year and 28.15% over the past 12 months.
Direxion Daily MSFT Bear 1X Shares
- 1D
- 3.18%
- 1M
- 13.07%
- YTD
- 28.14%
- 6M
- 28.55%
- 1Y
- 28.15%
- 3Y*
- -2.53%
- 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%
MSFD Monthly Returns History
Based on dividend-adjusted daily data since Sep 7, 2022, MSFD's average daily return is -0.03%, while the average monthly return is -0.57%.
Historically, 48% of months were positive and 52% were negative. The best month was Jun 2026 with a return of +21.9%, while the worst month was May 2025 at -15.1%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 6 months.
On a daily basis, MSFD closed higher 48% of trading days. The best single day was Jan 29, 2026 with a return of +10.2%, while the worst single day was Apr 9, 2025 at -9.9%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 11.34% | 8.97% | 6.11% | -9.63% | -9.62% | 21.86% | 28.14% | ||||||
| 2025 | 1.09% | 4.69% | 5.72% | -5.58% | -15.08% | -7.15% | -6.66% | 5.68% | -1.94% | 0.23% | 5.18% | 1.99% | -13.36% |
| 2024 | -4.90% | -3.71% | -1.27% | 8.17% | -5.96% | -6.66% | 6.98% | 0.65% | -2.77% | 5.99% | -3.91% | 0.69% | -7.86% |
| 2023 | -3.44% | -1.30% | -13.56% | -6.47% | -6.60% | -2.99% | 1.27% | 2.79% | 4.21% | -6.56% | -10.52% | 1.23% | -35.90% |
| 2022 | 10.26% | -1.10% | -10.19% | 6.07% | 3.88% |
Benchmark Metrics
Direxion Daily MSFT Bear 1X Shares has an annualized alpha of 14.13%, beta of -1.08, and R2 of 0.44 versus S&P 500 Index. Calculated based on daily prices since September 07, 2022.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -219.30%), but participation in market rallies was also limited (-60.23%) - a profile typical of counter-cyclical assets.
- Beta of -1.08 may look defensive, but with R2 of 0.44 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 0.44 means the benchmark explains less than half of this ETF's behavior - treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 14.13%
- Beta
- -1.08
- R²
- 0.44
- Upside Capture
- -60.23%
- Downside Capture
- -219.30%
Expense Ratio
MSFD has a high expense ratio of 1.06%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
MSFD ranks 30 for risk / return — below 30% 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 Direxion Daily MSFT Bear 1X Shares (MSFD) 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.
| MSFD | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.95 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.37 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 1.22 | 2.78 | -1.57 |
| Martin ratioReturn relative to average drawdown | 3.85 | 12.44 | -8.59 |
Dividends
Dividend History
Direxion Daily MSFT Bear 1X Shares provided a 2.44% dividend yield over the last twelve months, with an annual payout of $0.36 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.36 | $0.38 | $0.61 | $0.69 | $0.19 |
Dividend yield | 2.44% | 3.33% | 4.46% | 4.43% | 0.74% |
Monthly Dividends
The table displays the monthly dividend distributions for Direxion Daily MSFT Bear 1X Shares. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.08 | $0.00 | $0.00 | $0.00 | $0.08 | ||||||
| 2025 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.09 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.08 | $0.38 |
| 2024 | $0.00 | $0.00 | $0.13 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.15 | $0.61 |
| 2023 | $0.00 | $0.00 | $0.11 | $0.00 | $0.00 | $0.19 | $0.00 | $0.00 | $0.22 | $0.00 | $0.00 | $0.17 | $0.69 |
| 2022 | $0.01 | $0.00 | $0.00 | $0.18 | $0.19 |
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Direxion Daily MSFT Bear 1X Shares. 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 Direxion Daily MSFT Bear 1X Shares was 59.90%, occurring on Oct 29, 2025. The portfolio has not yet recovered.
The current Direxion Daily MSFT Bear 1X Shares drawdown is 42.20%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -59.90%Oct 2025 | 2y 12mo | — | 3y 7moNov 2022 - now |
Bear market2022 | -10.40%Oct 2022 | 13d | 8d | 21dOct 2022 - Nov 2022 |
Bear market2022 | -6.51%Oct 2022 | 2d | 5d | 7dOct 2022 - Oct 2022 |
Bear market2022 | -3.15%Sep 2022 | 3d | 1d | 4dSep 2022 - Sep 2022 |
Bear market2022 | -2.11%Sep 2022 | 0s | 2d | 2dSep 2022 - Sep 2022 |
Drawdown Indicators
| MSFD | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -56.78% | -3.12% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -9.10% | -14.15% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -18.90% | -21.60% |
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 | -42.20% | -1.80% | -40.40% |
Average DrawdownAverage peak-to-trough decline | -41.61% | -10.71% | -30.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.81% | 2.03% | +5.78% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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