CRCD vs. MSFD

Last updated Apr 1, 2026

Compare and contrast key facts about T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and Direxion Daily MSFT Bear 1X Shares (MSFD).

CRCD and MSFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CRCD is an actively managed fund by T-Rex. It was launched on Sep 25, 2025. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022.

Performance

CRCD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

CRCD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-80.36%	43.19%
MSFD Direxion Daily MSFT Bear 1X Shares	28.73%	6.22%

Returns By Period

In the year-to-date period, CRCD achieves a -80.36% return, which is significantly lower than MSFD's 28.73% return.

CRCD

• 1D: -13.13%
• 1M: -45.34%
• YTD: -80.36%
• 6M: -69.16%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: -3.15%
• 1M: 6.11%
• YTD: 28.73%
• 6M: 38.42%
• 1Y: -0.32%
• 3Y*: -7.18%
• 5Y*: —
• 10Y*: —

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

CRCD vs. MSFD - Expense Ratio Comparison

CRCD has a 1.50% expense ratio, which is higher than MSFD's 1.06% expense ratio.

CRCD

T-REX 2X Inverse CRCL Daily Target ETF

MSFD

Direxion Daily MSFT Bear 1X Shares

Return for Risk

CRCD vs. MSFD — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 12
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 12
MSFD Martin Ratio Rank: 12

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.

CRCD vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-REX 2X Inverse CRCL Daily Target ETF (CRCD) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	CRCD	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.01	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.45	-0.39	-0.06

Correlation

The correlation between CRCD and MSFD is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CRCD vs. MSFD - Dividend Comparison

CRCD has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 2.43%.

	TTM	2025	2024	2023	2022
CRCD T-REX 2X Inverse CRCL Daily Target ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.43%	3.33%	4.46%	4.43%	0.74%

Drawdowns

CRCD vs. MSFD - Drawdown Comparison

The maximum CRCD drawdown since its inception was -94.38%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for CRCD and MSFD.

Drawdown Indicators

	CRCD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-94.38%	-59.90%	-34.48%
Max Drawdown (1Y) Largest decline over 1 year	—	-34.84%	—
Current Drawdown Current decline from peak	-90.68%	-41.94%	-48.74%
Average Drawdown Average peak-to-trough decline	-40.91%	-41.28%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.22%	—

Volatility

Volatility by Period

	CRCD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.60%	—
Volatility (6M) Calculated over the trailing 6-month period	—	18.84%	—
Volatility (1Y) Calculated over the trailing 1-year period	203.98%	26.78%	+177.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	203.98%	25.77%	+178.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	203.98%	25.77%	+178.21%