CNEQ vs. MSDD

Last updated Jun 25, 2026

CNEQ (Alger Concentrated Equity ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both exchange-traded funds - CNEQ is a Large Cap Growth Equities fund actively managed by Alger, while MSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, CNEQ returned 39.65% vs 77.74% for MSDD. At a correlation of -0.45, they often move in opposite directions. CNEQ charges 0.55%/yr vs 1.50%/yr for MSDD.

Performance

CNEQ vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alger Concentrated Equity ETF (CNEQ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNEQ achieves a 16.03% return, which is significantly higher than MSDD's -48.72% return.

CNEQ

• 1D: -0.32%
• 1M: -0.32%
• YTD: 16.03%
• 6M: 13.52%
• 1Y: 39.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -44.83%
• 1Y: 77.74%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNEQ vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
CNEQ Alger Concentrated Equity ETF	16.03%	22.80%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between CNEQ and MSDD is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.45

CNEQ vs. MSDD - Sectors Allocation Comparison

Sectors	CNEQ	MSDD
Technology	47.4%	200.1%
Communication Services	16.8%	-
Consumer Cyclical	14.1%	-
Utilities	6.6%	-
Industrials	6.1%	-
Healthcare	4.3%	-
Financial Services	1.6%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-

Return for Risk

CNEQ vs. MSDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNEQ

CNEQ Risk / Return Rank: 49
CNEQ Sharpe Ratio Rank: 54
CNEQ Sortino Ratio Rank: 50
CNEQ Omega Ratio Rank: 51
CNEQ Calmar Ratio Rank: 46
CNEQ Martin Ratio Rank: 43

MSDD

MSDD Risk / Return Rank: 26
MSDD Sharpe Ratio Rank: 18
MSDD Sortino Ratio Rank: 34
MSDD Omega Ratio Rank: 36
MSDD Calmar Ratio Rank: 22
MSDD Martin Ratio Rank: 18

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNEQ vs. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alger Concentrated Equity ETF (CNEQ) and GraniteShares 2x Short MSTR Daily ETF (MSDD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	CNEQ	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	1.66	0.55	+1.11
Sortino ratio: Return per unit of downside risk	2.22	1.66	+0.55
Omega ratio: Gain probability vs. loss probability	1.29	1.22	+0.07
Calmar ratio: Return relative to maximum drawdown	2.06	0.92	+1.14
Martin ratio: Return relative to average drawdown	6.40	1.81	+4.59

CNEQ vs. MSDD - Sharpe Ratio Comparison

The current CNEQ Sharpe Ratio is 1.66, which is higher than the MSDD Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of CNEQ and MSDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CNEQ vs. MSDD - Drawdown Comparison

The maximum CNEQ drawdown since its inception was -27.58%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for CNEQ and MSDD.

Drawdown Indicators

	CNEQ	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-27.58%	-84.91%	+57.33%
Max Drawdown (1Y) Largest decline over 1 year	-19.30%	-84.91%	+65.61%
Current Drawdown Current decline from peak	-4.64%	-68.63%	+63.99%
Average Drawdown Average peak-to-trough decline	-4.86%	-31.40%	+26.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.21%	43.10%	-36.89%

Volatility

CNEQ vs. MSDD - Volatility Comparison

The current volatility for Alger Concentrated Equity ETF (CNEQ) is 9.80%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.11%. This indicates that CNEQ experiences smaller price fluctuations and is considered to be less risky than MSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNEQ	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.80%	32.11%	-22.31%
Volatility (6M) Calculated over the trailing 6-month period	18.63%	124.37%	-105.74%
Volatility (1Y) Calculated over the trailing 1-year period	24.07%	140.94%	-116.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.97%	138.59%	-111.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.97%	138.59%	-111.62%

CNEQ vs. MSDD - Expense Ratio Comparison

CNEQ has a 0.55% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

CNEQ vs. MSDD - Dividend Comparison

CNEQ's dividend yield for the trailing twelve months is around 0.45%, while MSDD has not paid dividends to shareholders.

Position	TTM	2025	2024
CNEQ Alger Concentrated Equity ETF	0.45%	0.52%	0.16%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CNEQ and MSDD in my portfolio?

CNEQ and MSDD have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNEQ or MSDD?

MSDD has higher volatility (32.11%) compared to CNEQ (9.80%). In terms of maximum drawdown, CNEQ dropped -27.58% vs MSDD's -84.91%.

Which ETF is better, CNEQ or MSDD?

On 1-year performance, MSDD leads with 77.74% vs 39.65% for CNEQ. On fees, CNEQ is cheaper at 0.55% per year. On volatility, CNEQ has been the lower-risk option at 9.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CNEQ or MSDD?

Over the 1-year period, MSDD has performed better with a 77.74% return vs 39.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CNEQ or MSDD?

CNEQ is cheaper with a 0.55% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, CNEQ or MSDD?

CNEQ has the higher dividend yield at 0.45%, compared with 0.00% for MSDD.

What is the main difference between CNEQ and MSDD?

CNEQ is categorized as Large Cap Growth Equities, while MSDD is Inverse Equities. They also come from different issuers: Alger and GraniteShares. Their fees differ too: 0.55% for CNEQ and 1.50% for MSDD.

Which has better risk-adjusted returns?

CNEQ currently has the higher Sharpe Ratio (1.66 vs 0.55), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.