DWSH vs. MSFD

Last updated Jun 4, 2026

DWSH (AdvisorShares Dorsey Wright Short ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. DWSH is actively managed, while MSFD is passively managed. Over the past 3 years, DWSH returned -4.14%/yr vs -7.16%/yr for MSFD. At a 0.32 correlation, their price movements are largely independent. DWSH charges 3.67%/yr vs 1.06%/yr for MSFD.

Performance

DWSH vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright Short ETF (DWSH) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DWSH achieves a 0.85% return, which is significantly lower than MSFD's 10.43% return.

DWSH

• 1D: 2.36%
• 1M: 0.62%
• YTD: 0.85%
• 6M: 1.07%
• 1Y: -10.40%
• 3Y*: -4.14%
• 5Y*: -1.61%
• 10Y*: —

MSFD

• 1D: 3.26%
• 1M: -3.86%
• YTD: 10.43%
• 6M: 9.36%
• 1Y: 7.43%
• 3Y*: -7.16%
• 5Y*: —
• 10Y*: —

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

DWSH vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
DWSH AdvisorShares Dorsey Wright Short ETF	0.85%	-2.57%	5.98%	-22.04%	4.03%
MSFD Direxion Daily MSFT Bear 1X Shares	10.43%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between DWSH and MSFD is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.22
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.32

The correlation between DWSH and MSFD shifts across timeframes, from 0.20 (3 years) to 0.32 (all time), reflecting how their relationship changes across market environments.

Return for Risk

DWSH vs. MSFD — Risk / Return Rank

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

DWSH

DWSH Risk / Return Rank: 4
DWSH Sharpe Ratio Rank: 4
DWSH Sortino Ratio Rank: 5
DWSH Omega Ratio Rank: 4
DWSH Calmar Ratio Rank: 4
DWSH Martin Ratio Rank: 5

MSFD

MSFD Risk / Return Rank: 13
MSFD Sharpe Ratio Rank: 13
MSFD Sortino Ratio Rank: 14
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 13

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.

DWSH vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.

	DWSH	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-0.50	0.29	-0.79
Sortino ratio: Return per unit of downside risk	-0.55	0.63	-1.19
Omega ratio: Gain probability vs. loss probability	0.93	1.08	-0.14
Calmar ratio: Return relative to maximum drawdown	-0.58	0.32	-0.90
Martin ratio: Return relative to average drawdown	-0.88	0.89	-1.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWSH vs. MSFD - Sharpe Ratio Comparison

The current DWSH Sharpe Ratio is -0.50, which is lower than the MSFD Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of DWSH and MSFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	DWSH	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.50	0.29	-0.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.06	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	-0.51	+0.08

Drawdowns

DWSH vs. MSFD - Drawdown Comparison

The maximum DWSH drawdown since its inception was -82.73%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for DWSH and MSFD.

Drawdown Indicators

	DWSH	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-82.73%	-59.90%	-22.83%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-23.25%	+5.17%
Max Drawdown (3Y) Largest decline over 3 years	-29.23%	-40.50%	+11.27%
Max Drawdown (5Y) Largest decline over 5 years	-32.87%	—	—
Current Drawdown Current decline from peak	-81.25%	-50.20%	-31.05%
Average Drawdown Average peak-to-trough decline	-63.61%	-41.59%	-22.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.82%	8.40%	+3.42%

Volatility

DWSH vs. MSFD - Volatility Comparison

The current volatility for AdvisorShares Dorsey Wright Short ETF (DWSH) is 6.08%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.12%. This indicates that DWSH experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DWSH	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.08%	10.12%	-4.04%
Volatility (6M) Calculated over the trailing 6-month period	13.93%	22.06%	-8.13%
Volatility (1Y) Calculated over the trailing 1-year period	21.19%	25.32%	-4.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.93%	26.15%	-0.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.22%	26.15%	+5.07%

DWSH vs. MSFD - Expense Ratio Comparison

DWSH has a 3.67% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

DWSH vs. MSFD - Dividend Comparison

DWSH's dividend yield for the trailing twelve months is around 6.26%, more than MSFD's 2.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DWSH AdvisorShares Dorsey Wright Short ETF	6.26%	6.31%	6.17%	10.28%	0.00%	0.00%	0.00%	0.14%	0.12%
MSFD Direxion Daily MSFT Bear 1X Shares	2.83%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWSH and MSFD in my portfolio?

DWSH and MSFD have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWSH or MSFD?

MSFD has higher volatility (10.12%) compared to DWSH (6.08%). In terms of maximum drawdown, DWSH dropped -82.73% vs MSFD's -59.90%.

Which ETF is better, DWSH or MSFD?

On 3-year performance, DWSH leads with -4.14% vs -7.16% for MSFD. On fees, MSFD is cheaper at 1.06% per year. On volatility, DWSH has been the lower-risk option at 6.08%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DWSH or MSFD?

Over the 3-year period, DWSH has performed better with a -4.14% return vs -7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWSH or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 3.67% for DWSH.

Which ETF pays a higher dividend yield, DWSH or MSFD?

DWSH has the higher dividend yield at 6.26%, compared with 2.83% for MSFD.

What is the main difference between DWSH and MSFD?

They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.67% for DWSH and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.29 vs -0.50), 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.