EUM vs. MSFD

Last updated Jun 23, 2026

EUM (ProShares Short MSCI Emerging Markets) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - EUM tracks the MSCI Emerging Markets Index (-100%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, EUM returned -17.17%/yr vs -2.53%/yr for MSFD. At a 0.37 correlation, their price movements are largely independent. EUM charges 0.95%/yr vs 1.06%/yr for MSFD.

Performance

EUM vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI Emerging Markets (EUM) 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, EUM achieves a -24.55% return, which is significantly lower than MSFD's 28.14% return.

EUM

• 1D: -0.53%
• 1M: -8.49%
• YTD: -24.55%
• 6M: -25.44%
• 1Y: -35.38%
• 3Y*: -17.17%
• 5Y*: -6.28%
• 10Y*: -10.88%

MSFD

• 1D: 3.18%
• 1M: 13.07%
• YTD: 28.14%
• 6M: 28.55%
• 1Y: 28.15%
• 3Y*: -2.53%
• 5Y*: —
• 10Y*: —

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

EUM vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
EUM ProShares Short MSCI Emerging Markets	-24.55%	-22.61%	-0.83%	-3.89%	-0.42%
MSFD Direxion Daily MSFT Bear 1X Shares	28.14%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between EUM and MSFD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.24
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.37

The correlation between EUM and MSFD shifts across timeframes, from 0.23 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Return for Risk

EUM vs. MSFD — Risk / Return Rank

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

EUM

EUM Risk / Return Rank: 0
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 0
EUM Omega Ratio Rank: 0
EUM Calmar Ratio Rank: 0
EUM Martin Ratio Rank: 0

MSFD

MSFD Risk / Return Rank: 30
MSFD Sharpe Ratio Rank: 31
MSFD Sortino Ratio Rank: 33
MSFD Omega Ratio Rank: 33
MSFD Calmar Ratio Rank: 26
MSFD Martin Ratio Rank: 28

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.

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.

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.

	EUM	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.58	1.08	-2.66
Sortino ratio: Return per unit of downside risk	-2.43	1.73	-4.16
Omega ratio: Gain probability vs. loss probability	0.72	1.22	-0.50
Calmar ratio: Return relative to maximum drawdown	-1.02	1.22	-2.23
Martin ratio: Return relative to average drawdown	-1.97	3.85	-5.82

EUM vs. MSFD - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.58, which is lower than the MSFD Sharpe Ratio of 1.08. The chart below compares the historical Sharpe Ratios of EUM 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.

Drawdowns

EUM vs. MSFD - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.19%, 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.

Drawdown Indicators

	EUM	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-93.19%	-59.90%	-33.29%
Max Drawdown (1Y) Largest decline over 1 year	-34.91%	-23.25%	-11.66%
Max Drawdown (3Y) Largest decline over 3 years	-47.97%	-40.50%	-7.47%
Max Drawdown (5Y) Largest decline over 5 years	-50.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-68.81%	—	—
Current Drawdown Current decline from peak	-93.19%	-42.20%	-50.99%
Average Drawdown Average peak-to-trough decline	-77.19%	-41.61%	-35.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.47%	7.81%	+10.66%

Volatility

EUM vs. MSFD - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) and Direxion Daily MSFT Bear 1X Shares (MSFD) have volatilities of 10.98% and 11.13%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EUM	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.98%	11.13%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	20.20%	22.64%	-2.44%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	26.18%	-3.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.61%	26.23%	-6.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.73%	26.23%	-5.50%

EUM vs. MSFD - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.

Dividends

EUM vs. MSFD - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.73%, more than MSFD's 2.44% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUM ProShares Short MSCI Emerging Markets	4.73%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%
MSFD Direxion Daily MSFT Bear 1X Shares	2.44%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EUM and MSFD in my portfolio?

EUM and MSFD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or MSFD?

MSFD has higher volatility (11.13%) compared to EUM (10.98%). In terms of maximum drawdown, EUM dropped -93.19% vs MSFD's -59.90%.

Which ETF is better, EUM or MSFD?

On 3-year performance, MSFD leads with -2.53% vs -17.17% for EUM. On fees, EUM is cheaper at 0.95% per year. On volatility, EUM has been the lower-risk option at 10.98%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or MSFD?

Over the 3-year period, MSFD has performed better with a -2.53% return vs -17.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or MSFD?

EUM is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.

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

EUM has the higher dividend yield at 4.73%, compared with 2.44% for MSFD.

What is the main difference between EUM and MSFD?

EUM tracks MSCI Emerging Markets Index (-100%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for EUM and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (1.08 vs -1.58), 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.