IREZ vs. MSFD

Last updated Aug 6, 2026

IREZ (Tradr 2X Short IREN Daily ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - IREZ tracks the IREN Limited (IREN) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Their 0.12 correlation means their historical movements had little consistent relationship. IREZ charges 1.49%/yr vs 1.06%/yr for MSFD.

Performance

IREZ vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short IREN Daily ETF (IREZ) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IREZ

• 1D: 8.71%
• 1M: -41.21%
• 6M: -83.07%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MSFD

• 1D: 1.15%
• 1M: -22.72%
• 6M: -19.03%
• YTD: -6.46%
• 1Y: 2.95%
• 3Y*: -12.91%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -16.37%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IREZ Tradr 2X Short IREN Daily ETF	$34.23M	$43.05M	$52.22M
MSFD Direxion Daily MSFT Bear 1X Shares	$33.00M	$19.83M	$21.26M

IREZ vs. MSFD - Yearly Performance Comparison

	2026 (YTD)
IREZ Tradr 2X Short IREN Daily ETF	-79.81%
MSFD Direxion Daily MSFT Bear 1X Shares	-14.18%

Correlation

The correlation between IREZ and MSFD is 0.12, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026	0.12

Return for Risk

IREZ vs. MSFD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IREZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 12
MSFD Sortino Ratio Rank: 12
MSFD Omega Ratio Rank: 13
MSFD Calmar Ratio Rank: 11
MSFD Martin Ratio Rank: 13

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IREZ vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short IREN Daily ETF (IREZ) 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.

	IREZ	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.09	—
Sortino ratio: Return per unit of downside risk	—	0.34	—
Omega ratio: Gain probability vs. loss probability	—	1.05	—
Calmar ratio: Return relative to maximum drawdown	—	0.10	—
Martin ratio: Return relative to average drawdown	—	0.35	—

Drawdowns

IREZ vs. MSFD - Drawdown Comparison

The maximum IREZ drawdown since its inception was -87.97%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for IREZ and MSFD.

Drawdown Indicators

	IREZ	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-87.97%	-59.90%	-28.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-30.84%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-86.92%	-57.81%	-29.11%
Average Drawdown Average peak-to-trough decline	-54.15%	-41.77%	-12.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.54%	—

Volatility

Volatility by Period

	IREZ	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	18.53%	—
Volatility (6M) Calculated over the trailing 6-month period	—	28.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	231.60%	32.06%	+199.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	231.60%	27.63%	+203.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	231.60%	27.63%	+203.97%

IREZ vs. MSFD - Expense Ratio Comparison

IREZ has a 1.49% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

IREZ vs. MSFD - Dividend Comparison

IREZ has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 4.23%.

Position	TTM	2025	2024	2023	2022
IREZ Tradr 2X Short IREN Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	4.23%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both IREZ and MSFD in my portfolio?

IREZ and MSFD have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREZ or MSFD?

On fees, MSFD is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IREZ or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.49% for IREZ.

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

MSFD has the higher dividend yield at 4.23%, compared with 0.00% for IREZ.

What is the main difference between IREZ and MSFD?

IREZ tracks IREN Limited (IREN), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.49% for IREZ and 1.06% for MSFD.