EUM vs. MSFD
Compare and contrast key facts about ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily MSFT Bear 1X Shares (MSFD).
EUM and MSFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. EUM is a passively managed fund by ProShares that tracks the performance of the MSCI Emerging Markets Index (-100%). It was launched on Nov 1, 2007. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022. Both EUM and MSFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
EUM vs. MSFD - Performance Comparison
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EUM vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | -4.00% | -22.61% | -0.83% | -3.89% | 0.23% |
MSFD Direxion Daily MSFT Bear 1X Shares | 28.73% | -13.36% | -7.86% | -35.90% | 3.88% |
Returns By Period
In the year-to-date period, EUM achieves a -4.00% return, which is significantly lower than MSFD's 28.73% return.
EUM
- 1D
- -3.76%
- 1M
- 9.41%
- YTD
- -4.00%
- 6M
- -6.85%
- 1Y
- -23.16%
- 3Y*
- -9.90%
- 5Y*
- -2.15%
- 10Y*
- -8.51%
MSFD
- 1D
- -3.15%
- 1M
- 6.11%
- YTD
- 28.73%
- 6M
- 38.42%
- 1Y
- -0.32%
- 3Y*
- -7.18%
- 5Y*
- —
- 10Y*
- —
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EUM vs. MSFD - Expense Ratio Comparison
EUM has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Return for Risk
EUM vs. MSFD — Risk / Return Rank
EUM
MSFD
EUM vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.
| EUM | MSFD | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.13 | -0.01 | -1.12 |
Sortino ratioReturn per unit of downside risk | -1.63 | 0.17 | -1.80 |
Omega ratioGain probability vs. loss probability | 0.80 | 1.02 | -0.22 |
Calmar ratioReturn relative to maximum drawdown | -0.60 | 0.02 | -0.62 |
Martin ratioReturn relative to average drawdown | -0.89 | 0.03 | -0.91 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| EUM | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.13 | -0.01 | -1.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.42 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.33 | -0.39 | +0.07 |
Correlation
The correlation between EUM and MSFD is 0.40, 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
EUM vs. MSFD - Dividend Comparison
EUM's dividend yield for the trailing twelve months is around 3.71%, more than MSFD's 2.43% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
EUM ProShares Short MSCI Emerging Markets | 3.71% | 3.98% | 4.22% | 3.86% | 0.82% | 0.00% | 0.15% | 1.35% | 0.88% |
MSFD Direxion Daily MSFT Bear 1X Shares | 2.43% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
EUM vs. MSFD - Drawdown Comparison
The maximum EUM drawdown since its inception was -92.17%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for EUM and MSFD.
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Drawdown Indicators
| EUM | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.17% | -59.90% | -32.27% |
Max Drawdown (1Y)Largest decline over 1 year | -38.57% | -34.84% | -3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -43.51% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -65.06% | — | — |
Current DrawdownCurrent decline from peak | -91.34% | -41.94% | -49.40% |
Average DrawdownAverage peak-to-trough decline | -77.02% | -41.28% | -35.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.95% | 25.22% | +0.73% |
Volatility
EUM vs. MSFD - Volatility Comparison
ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 10.95% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 6.60%. This indicates that EUM's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUM | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.95% | 6.60% | +4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 15.40% | 18.84% | -3.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.48% | 26.78% | -6.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.63% | 25.77% | -7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.34% | 25.77% | -5.43% |