FXL vs. MSDD

Last updated Jun 24, 2026

FXL (First Trust Technology AlphaDEX Fund) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both exchange-traded funds - FXL is a Technology Equities fund tracking the StrataQuant Technology Index, while MSDD is a Inverse Equities fund actively managed by GraniteShares. FXL is passively managed, while MSDD is actively managed. Over the past year, FXL returned 37.39% vs 69.58% for MSDD. At a correlation of -0.47, they often move in opposite directions. FXL charges 0.61%/yr vs 1.50%/yr for MSDD.

Performance

FXL vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Technology AlphaDEX Fund (FXL) 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, FXL achieves a 23.89% return, which is significantly higher than MSDD's -48.72% return.

FXL

• 1D: -3.19%
• 1M: 3.12%
• YTD: 23.89%
• 6M: 21.72%
• 1Y: 37.39%
• 3Y*: 23.75%
• 5Y*: 11.32%
• 10Y*: 20.80%

MSDD

• 1D: 0.00%
• 1M: 44.94%
• YTD: -48.72%
• 6M: -45.00%
• 1Y: 69.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FXL vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
FXL First Trust Technology AlphaDEX Fund	23.89%	10.10%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between FXL and MSDD is -0.47, 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	-0.47
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.47

FXL vs. MSDD - Sectors Allocation Comparison

Sectors	FXL	MSDD
Technology	88.5%	200.1%
Communication Services	4.8%	-
Industrials	3.8%	-
Consumer Cyclical	1.0%	-
Financial Services	1.0%	-
Basic Materials	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

FXL vs. MSDD — Risk / Return Rank

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

FXL

FXL Risk / Return Rank: 49
FXL Sharpe Ratio Rank: 47
FXL Sortino Ratio Rank: 43
FXL Omega Ratio Rank: 42
FXL Calmar Ratio Rank: 60
FXL Martin Ratio Rank: 54

MSDD

MSDD Risk / Return Rank: 24
MSDD Sharpe Ratio Rank: 17
MSDD Sortino Ratio Rank: 32
MSDD Omega Ratio Rank: 33
MSDD Calmar Ratio Rank: 20
MSDD Martin Ratio Rank: 16

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.

FXL vs. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Technology AlphaDEX Fund (FXL) 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.

	FXL	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	1.55	0.50	+1.05
Sortino ratio: Return per unit of downside risk	2.08	1.61	+0.47
Omega ratio: Gain probability vs. loss probability	1.26	1.21	+0.05
Calmar ratio: Return relative to maximum drawdown	2.77	0.82	+1.95
Martin ratio: Return relative to average drawdown	8.79	1.63	+7.16

FXL vs. MSDD - Sharpe Ratio Comparison

The current FXL Sharpe Ratio is 1.55, which is higher than the MSDD Sharpe Ratio of 0.50. The chart below compares the historical Sharpe Ratios of FXL 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

FXL vs. MSDD - Drawdown Comparison

The maximum FXL drawdown since its inception was -61.41%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for FXL and MSDD.

Drawdown Indicators

	FXL	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-61.41%	-84.91%	+23.50%
Max Drawdown (1Y) Largest decline over 1 year	-13.56%	-84.91%	+71.35%
Max Drawdown (3Y) Largest decline over 3 years	-28.27%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-38.49%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-38.49%	—	—
Current Drawdown Current decline from peak	-6.95%	-68.63%	+61.68%
Average Drawdown Average peak-to-trough decline	-11.35%	-31.26%	+19.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.26%	43.14%	-38.88%

Volatility

FXL vs. MSDD - Volatility Comparison

The current volatility for First Trust Technology AlphaDEX Fund (FXL) is 12.05%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.28%. This indicates that FXL 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

	FXL	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.05%	32.28%	-20.23%
Volatility (6M) Calculated over the trailing 6-month period	19.61%	124.65%	-105.04%
Volatility (1Y) Calculated over the trailing 1-year period	24.24%	140.94%	-116.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.48%	138.85%	-113.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.43%	138.85%	-113.42%

FXL vs. MSDD - Expense Ratio Comparison

FXL has a 0.61% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

FXL vs. MSDD - Dividend Comparison

Neither FXL nor MSDD has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FXL First Trust Technology AlphaDEX Fund	0.00%	0.01%	0.11%	0.41%	0.34%	0.11%	0.04%	0.37%	0.32%	0.27%	1.12%	0.36%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FXL and MSDD in my portfolio?

FXL and MSDD have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FXL or MSDD?

MSDD has higher volatility (32.28%) compared to FXL (12.05%). In terms of maximum drawdown, FXL dropped -61.41% vs MSDD's -84.91%.

Which ETF is better, FXL or MSDD?

On 1-year performance, MSDD leads with 69.58% vs 37.39% for FXL. On fees, FXL is cheaper at 0.61% per year. On volatility, FXL has been the lower-risk option at 12.05%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FXL or MSDD?

Over the 1-year period, MSDD has performed better with a 69.58% return vs 37.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FXL or MSDD?

FXL is cheaper with a 0.61% expense ratio, compared with 1.50% for MSDD.

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

FXL and MSDD have nearly identical dividend yields, around 0.00%.

What is the main difference between FXL and MSDD?

FXL is categorized as Technology Equities, while MSDD is Inverse Equities. They also come from different issuers: First Trust and GraniteShares. Their fees differ too: 0.61% for FXL and 1.50% for MSDD.

Which has better risk-adjusted returns?

FXL currently has the higher Sharpe Ratio (1.55 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.