GDXD vs. MSFD
GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, GDXD returned -83.55%/yr vs -10.70%/yr for MSFD. Their 0.15 correlation means their historical movements had little consistent relationship. GDXD charges 0.95%/yr vs 1.06%/yr for MSFD.
Performance
GDXD vs. MSFD - Performance Comparison
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Returns By Period
In the year-to-date period, GDXD achieves a -42.32% return, which is significantly lower than MSFD's -1.78% return.
GDXD
- 1D
- 10.48%
- 1M
- 10.38%
- 6M
- -10.42%
- YTD
- -42.32%
- 1Y
- -91.93%
- 3Y*
- -83.55%
- 5Y*
- -73.29%
- 10Y*
- —
- ALL TIME*
- -70.78%
MSFD
- 1D
- -2.88%
- 1M
- -18.05%
- 6M
- -11.78%
- YTD
- -1.78%
- 1Y
- 7.40%
- 3Y*
- -10.70%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -15.36%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $19.58M | $21.95M | $29.87M | |
| $21.45M | $15.41M | $22.03M |
GDXD vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | -42.32% | -97.53% | -57.78% | -52.35% | -66.84% |
MSFD Direxion Daily MSFT Bear 1X Shares | -1.78% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between GDXD and MSFD is 0.14, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.14 |
Correlation (3Y) Balances recent behavior with more history. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.15 |
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Return for Risk
GDXD vs. MSFD — Risk / Return Rank
GDXD
MSFD
GDXD vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) 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.
| GDXD | MSFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -2.10 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.09 | -0.25 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.36 | -1.32 |
| Martin ratioReturn relative to average drawdown | -1.11 | 1.20 | -2.31 |
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Drawdowns
GDXD vs. MSFD - Drawdown Comparison
The maximum GDXD drawdown since its inception was -99.96%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for GDXD and MSFD.
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Drawdown Indicators
| GDXD | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.96% | -59.90% | -40.06% |
Max Drawdown (1Y)Largest decline over 1 year | -95.95% | -26.54% | -69.41% |
Max Drawdown (3Y)Largest decline over 3 years | -99.86% | -40.50% | -59.36% |
Max Drawdown (5Y)Largest decline over 5 years | -99.96% | — | — |
Current DrawdownCurrent decline from peak | -99.92% | -55.70% | -44.22% |
Average DrawdownAverage peak-to-trough decline | -72.59% | -41.72% | -30.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 83.56% | 7.87% | +75.69% |
Volatility
GDXD vs. MSFD - Volatility Comparison
MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 (GDXD) has a higher volatility of 40.76% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 18.10%. This indicates that GDXD'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
| GDXD | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 40.76% | 18.10% | +22.66% |
Volatility (6M)Calculated over the trailing 6-month period | 118.25% | 27.83% | +90.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 146.68% | 32.03% | +114.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 112.62% | 27.55% | +85.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 110.97% | 27.55% | +83.42% |
GDXD vs. MSFD - Expense Ratio Comparison
GDXD has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Dividends
GDXD vs. MSFD - Dividend Comparison
GDXD has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs due June 29, 2040 | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MSFD Direxion Daily MSFT Bear 1X Shares | 4.02% | 3.33% | 4.46% | 4.43% | 0.74% |
Frequently Asked Questions
GDXD and MSFD have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDXD has higher volatility (40.76%) compared to MSFD (18.10%). In terms of maximum drawdown, GDXD dropped -99.96% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -10.70% vs -83.55% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 18.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -10.70% return vs -83.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDXD is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
MSFD has the higher dividend yield at 4.02%, compared with 0.00% for GDXD.
GDXD tracks S-Network MicroSectors Gold Miners Index, while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for GDXD and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.30 vs -0.63), 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.
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