GDXD vs. MSFD

Last updated Jul 14, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - GDXD tracks the S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, GDXD returned -82.31%/yr vs -3.82%/yr for MSFD. At a 0.16 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 1.06%/yr for MSFD.

Performance

GDXD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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, GDXD achieves a -37.37% return, which is significantly lower than MSFD's 19.79% return.

GDXD

• 1D: 8.77%
• 1M: 16.42%
• 6M: -11.19%
• YTD: -37.37%
• 1Y: -91.03%
• 3Y*: -82.31%
• 5Y*: -72.96%
• 10Y*: —

MSFD

• 1D: -1.53%
• 1M: -0.73%
• 6M: 18.10%
• YTD: 19.79%
• 1Y: 25.82%
• 3Y*: -3.82%
• 5Y*: —
• 10Y*: —

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

GDXD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-37.37%	-97.53%	-57.78%	-52.35%	-66.84%
MSFD Direxion Daily MSFT Bear 1X Shares	19.79%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between GDXD and MSFD is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.16

Return for Risk

GDXD vs. MSFD — Risk / Return Rank

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

GDXD

GDXD Risk / Return Rank: 3
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 4

MSFD

MSFD Risk / Return Rank: 32
MSFD Sharpe Ratio Rank: 32
MSFD Sortino Ratio Rank: 35
MSFD Omega Ratio Rank: 35
MSFD Calmar Ratio Rank: 28
MSFD Martin Ratio Rank: 31

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.

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 (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 ratio: Return per unit of total volatility	-0.63	0.95	-1.58
Sortino ratio: Return per unit of downside risk	-1.41	1.52	-2.93
Omega ratio: Gain probability vs. loss probability	0.85	1.19	-0.34
Calmar ratio: Return relative to maximum drawdown	-0.95	1.12	-2.06
Martin ratio: Return relative to average drawdown	-1.12	3.58	-4.70

GDXD vs. MSFD - Sharpe Ratio Comparison

The current GDXD Sharpe Ratio is -0.63, which is lower than the MSFD Sharpe Ratio of 0.95. The chart below compares the historical Sharpe Ratios of GDXD 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

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.

Drawdown Indicators

	GDXD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-59.90%	-40.06%
Max Drawdown (1Y) Largest decline over 1 year	-96.19%	-23.25%	-72.94%
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 Drawdown Current decline from peak	-99.91%	-45.97%	-53.94%
Average Drawdown Average peak-to-trough decline	-72.32%	-41.64%	-30.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.98%	7.23%	+73.75%

Volatility

GDXD vs. MSFD - Volatility Comparison

MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) has a higher volatility of 47.16% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 10.57%. 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.

Volatility by Period

	GDXD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.16%	10.57%	+36.59%
Volatility (6M) Calculated over the trailing 6-month period	117.86%	23.99%	+93.87%
Volatility (1Y) Calculated over the trailing 1-year period	144.94%	27.34%	+117.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.08%	26.39%	+85.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.75%	26.39%	+84.36%

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 3.30%.

Position	TTM	2025	2024	2023	2022
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	3.30%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both GDXD and MSFD in my portfolio?

GDXD and MSFD have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDXD or MSFD?

GDXD has higher volatility (47.16%) compared to MSFD (10.57%). In terms of maximum drawdown, GDXD dropped -99.96% vs MSFD's -59.90%.

Which ETF is better, GDXD or MSFD?

On 3-year performance, MSFD leads with -3.82% vs -82.31% for GDXD. On fees, GDXD is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 10.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDXD or MSFD?

Over the 3-year period, MSFD has performed better with a -3.82% return vs -82.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDXD or MSFD?

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

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

MSFD has the higher dividend yield at 3.30%, compared with 0.00% for GDXD.

What is the main difference between GDXD and MSFD?

GDXD tracks S-Network MicroSectors Gold Miners Index - Benchmark TR Gross (-300%), 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.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.95 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.