MSFD vs. AGIX

Last updated Jun 24, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and AGIX (KraneShares Artificial Intelligence & Technology ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while AGIX is a Technology Equities fund tracking the Solactive Etna Artificial General Intelligence Index. Both are passively managed. Over the past year, MSFD returned 26.45% vs 51.81% for AGIX. At a correlation of -0.62, they often move in opposite directions. MSFD charges 1.06%/yr vs 1.00%/yr for AGIX.

Performance

MSFD vs. AGIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and KraneShares Artificial Intelligence & Technology ETF (AGIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with MSFD having a 24.19% return and AGIX slightly higher at 24.95%.

MSFD

• 1D: -3.08%
• 1M: 9.58%
• YTD: 24.19%
• 6M: 25.23%
• 1Y: 26.45%
• 3Y*: -3.55%
• 5Y*: —
• 10Y*: —

AGIX

• 1D: -3.43%
• 1M: 0.47%
• YTD: 24.95%
• 6M: 23.23%
• 1Y: 51.81%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. AGIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFD Direxion Daily MSFT Bear 1X Shares	24.19%	-13.36%	6.38%
AGIX KraneShares Artificial Intelligence & Technology ETF	24.95%	29.24%	12.92%

Correlation

The correlation between MSFD and AGIX is -0.51, 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	-0.51
Correlation (All Time) Calculated using the full available price history since Jul 18, 2024	-0.62

The correlation between MSFD and AGIX shifts across timeframes, from -0.62 (all time) to -0.51 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MSFD vs. AGIX — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 29
MSFD Sharpe Ratio Rank: 30
MSFD Sortino Ratio Rank: 32
MSFD Omega Ratio Rank: 32
MSFD Calmar Ratio Rank: 25
MSFD Martin Ratio Rank: 28

AGIX

AGIX Risk / Return Rank: 54
AGIX Sharpe Ratio Rank: 60
AGIX Sortino Ratio Rank: 53
AGIX Omega Ratio Rank: 52
AGIX Calmar Ratio Rank: 56
AGIX Martin Ratio Rank: 47

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.

MSFD vs. AGIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and KraneShares Artificial Intelligence & Technology ETF (AGIX). 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.

	MSFD	AGIX	Difference
Sharpe ratio: Return per unit of total volatility	1.01	1.91	-0.90
Sortino ratio: Return per unit of downside risk	1.63	2.47	-0.84
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.14	2.62	-1.48
Martin ratio: Return relative to average drawdown	3.69	7.48	-3.79

MSFD vs. AGIX - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 1.01, which is lower than the AGIX Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of MSFD and AGIX, 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

MSFD vs. AGIX - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than AGIX's maximum drawdown of -31.48%. Use the drawdown chart below to compare losses from any high point for MSFD and AGIX.

Drawdown Indicators

	MSFD	AGIX	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-31.48%	-28.42%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-19.85%	-3.40%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-43.99%	-8.18%	-35.81%
Average Drawdown Average peak-to-trough decline	-41.61%	-5.89%	-35.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	6.95%	+0.40%

Volatility

MSFD vs. AGIX - Volatility Comparison

The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 11.74%, while KraneShares Artificial Intelligence & Technology ETF (AGIX) has a volatility of 12.54%. This indicates that MSFD experiences smaller price fluctuations and is considered to be less risky than AGIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	AGIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.74%	12.54%	-0.80%
Volatility (6M) Calculated over the trailing 6-month period	22.81%	22.26%	+0.55%
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	27.22%	-0.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.27%	29.93%	-3.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.27%	29.93%	-3.66%

MSFD vs. AGIX - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than AGIX's 1.00% expense ratio.

Dividends

MSFD vs. AGIX - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.52%, more than AGIX's 0.96% yield.

Position	TTM	2025	2024	2023	2022
AGIX KraneShares Artificial Intelligence & Technology ETF	0.96%	1.21%	0.77%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.52%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both MSFD and AGIX in my portfolio?

MSFD and AGIX have a correlation of -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFD or AGIX?

AGIX has higher volatility (12.54%) compared to MSFD (11.74%). In terms of maximum drawdown, MSFD dropped -59.90% vs AGIX's -31.48%.

Which ETF is better, MSFD or AGIX?

On 1-year performance, AGIX leads with 51.81% vs 26.45% for MSFD. On fees, AGIX is cheaper at 1.00% per year. On volatility, MSFD has been the lower-risk option at 11.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or AGIX?

Over the 1-year period, AGIX has performed better with a 51.81% return vs 26.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or AGIX?

AGIX is cheaper with a 1.00% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 2.52%, compared with 0.96% for AGIX.

What is the main difference between MSFD and AGIX?

MSFD is categorized as Inverse Equities, while AGIX is Technology Equities. MSFD tracks Microsoft Corporation (-100%), while AGIX tracks Solactive Etna Artificial General Intelligence Index. They also come from different issuers: Direxion and Kraneshares. Their fees differ too: 1.06% for MSFD and 1.00% for AGIX.

Which has better risk-adjusted returns?

AGIX currently has the higher Sharpe Ratio (1.91 vs 1.01), 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.