LGDX vs. MSDD

Last updated Jul 17, 2026

LGDX (Intech S&P Large Cap Diversified Alpha ETF) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both exchange-traded funds - LGDX is a Large Cap Blend Equities fund actively managed by Intech, while MSDD is a Inverse Equities fund actively managed by GraniteShares. Both are actively managed. Over the past year, LGDX returned 17.01% vs 179.44% for MSDD. At a correlation of -0.44, they often move in opposite directions. LGDX charges 0.25%/yr vs 1.50%/yr for MSDD.

Performance

LGDX vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Intech S&P Large Cap Diversified Alpha ETF (LGDX) 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, LGDX achieves a 8.60% return, which is significantly higher than MSDD's -48.72% return.

LGDX

• 1D: -0.85%
• 1M: -0.33%
• 6M: 7.99%
• YTD: 8.60%
• 1Y: 17.01%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDD

• 1D: 0.00%
• 1M: 0.02%
• 6M: -31.48%
• YTD: -48.72%
• 1Y: 179.44%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LGDX vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
LGDX Intech S&P Large Cap Diversified Alpha ETF	8.60%	11.95%
MSDD GraniteShares 2x Short MSTR Daily ETF	-48.72%	274.52%

Correlation

The correlation between LGDX and MSDD is -0.45, 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	-0.45
Correlation (All Time) Calculated using the full available price history since Jun 10, 2025	-0.44

Return for Risk

LGDX vs. MSDD — Risk / Return Rank

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

LGDX

LGDX Risk / Return Rank: 47
LGDX Sharpe Ratio Rank: 45
LGDX Sortino Ratio Rank: 44
LGDX Omega Ratio Rank: 43
LGDX Calmar Ratio Rank: 46
LGDX Martin Ratio Rank: 57

MSDD

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

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.

LGDX vs. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Intech S&P Large Cap Diversified Alpha ETF (LGDX) 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.

	LGDX	MSDD	Difference
Sharpe ratio: Return per unit of total volatility	1.32	0.55	+0.76
Sortino ratio: Return per unit of downside risk	1.86	1.66	+0.19
Omega ratio: Gain probability vs. loss probability	1.23	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	1.91	0.92	+0.99
Martin ratio: Return relative to average drawdown	7.87	1.81	+6.05

LGDX vs. MSDD - Sharpe Ratio Comparison

The current LGDX Sharpe Ratio is 1.32, which is higher than the MSDD Sharpe Ratio of 0.55. The chart below compares the historical Sharpe Ratios of LGDX 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

LGDX vs. MSDD - Drawdown Comparison

The maximum LGDX drawdown since its inception was -15.79%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for LGDX and MSDD.

Drawdown Indicators

	LGDX	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-15.79%	-84.91%	+69.12%
Max Drawdown (1Y) Largest decline over 1 year	-8.96%	-84.91%	+75.95%
Current Drawdown Current decline from peak	-1.66%	-68.63%	+66.97%
Average Drawdown Average peak-to-trough decline	-2.04%	-31.40%	+29.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.17%	43.10%	-40.93%

Volatility

LGDX vs. MSDD - Volatility Comparison

The current volatility for Intech S&P Large Cap Diversified Alpha ETF (LGDX) is 3.13%, while GraniteShares 2x Short MSTR Daily ETF (MSDD) has a volatility of 32.11%. This indicates that LGDX 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

	LGDX	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	32.11%	-28.98%
Volatility (6M) Calculated over the trailing 6-month period	10.34%	124.37%	-114.03%
Volatility (1Y) Calculated over the trailing 1-year period	12.99%	140.94%	-127.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.02%	138.59%	-120.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.02%	138.59%	-120.57%

LGDX vs. MSDD - Expense Ratio Comparison

LGDX has a 0.25% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

LGDX vs. MSDD - Dividend Comparison

LGDX's dividend yield for the trailing twelve months is around 0.48%, while MSDD has not paid dividends to shareholders.

Position	TTM	2025
LGDX Intech S&P Large Cap Diversified Alpha ETF	0.48%	0.52%
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both LGDX and MSDD in my portfolio?

LGDX and MSDD have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LGDX or MSDD?

MSDD has higher volatility (32.11%) compared to LGDX (3.13%). In terms of maximum drawdown, LGDX dropped -15.79% vs MSDD's -84.91%.

Which ETF is better, LGDX or MSDD?

On 1-year performance, MSDD leads with 179.44% vs 17.01% for LGDX. On fees, LGDX is cheaper at 0.25% per year. On volatility, LGDX has been the lower-risk option at 3.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LGDX or MSDD?

Over the 1-year period, MSDD has performed better with a 179.44% return vs 17.01%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LGDX or MSDD?

LGDX is cheaper with a 0.25% expense ratio, compared with 1.50% for MSDD.

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

LGDX has the higher dividend yield at 0.48%, compared with 0.00% for MSDD.

What is the main difference between LGDX and MSDD?

LGDX is categorized as Large Cap Blend Equities, while MSDD is Inverse Equities. They also come from different issuers: Intech and GraniteShares. Their fees differ too: 0.25% for LGDX and 1.50% for MSDD.

Which has better risk-adjusted returns?

LGDX currently has the higher Sharpe Ratio (1.32 vs 0.55), 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.