MSFD vs. AIPI

Last updated Jun 3, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and AIPI (REX AI Equity Premium Income ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while AIPI is a Derivative Income fund actively managed by REX. MSFD is passively managed, while AIPI is actively managed. Over the past year, MSFD returned 3.79% vs 32.04% for AIPI. At a correlation of -0.65, they often move in opposite directions. MSFD charges 1.06%/yr vs 0.65%/yr for AIPI.

Performance

MSFD vs. AIPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and REX AI Equity Premium Income ETF (AIPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFD achieves a 6.94% return, which is significantly lower than AIPI's 11.58% return.

MSFD

• 1D: 4.21%
• 1M: -6.67%
• YTD: 6.94%
• 6M: 8.58%
• 1Y: 3.79%
• 3Y*: -8.15%
• 5Y*: —
• 10Y*: —

AIPI

• 1D: 0.15%
• 1M: 10.17%
• YTD: 11.58%
• 6M: 11.05%
• 1Y: 32.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. AIPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFD Direxion Daily MSFT Bear 1X Shares	6.94%	-13.36%	0.35%
AIPI REX AI Equity Premium Income ETF	11.58%	16.38%	15.36%

Correlation

The correlation between MSFD and AIPI is -0.59, 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	-0.59
Correlation (All Time) Calculated using the full available price history since Jun 5, 2024	-0.65

The correlation between MSFD and AIPI has been stable across timeframes, ranging from -0.65 to -0.59 - a consistent structural relationship.

Return for Risk

MSFD vs. AIPI — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 11
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 11
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 10
MSFD Martin Ratio Rank: 10

AIPI

AIPI Risk / Return Rank: 52
AIPI Sharpe Ratio Rank: 59
AIPI Sortino Ratio Rank: 54
AIPI Omega Ratio Rank: 59
AIPI Calmar Ratio Rank: 46
AIPI Martin Ratio Rank: 44

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. AIPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and REX AI Equity Premium Income ETF (AIPI). 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.

	MSFD	AIPI	Difference
Sharpe ratio Return per unit of total volatility	0.15	2.02	-1.87
Sortino ratio Return per unit of downside risk	0.42	2.62	-2.20
Omega ratio Gain probability vs. loss probability	1.05	1.37	-0.31
Calmar ratio Return relative to maximum drawdown	0.14	2.32	-2.18
Martin ratio Return relative to average drawdown	0.39	7.22	-6.84
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFD vs. AIPI - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 0.15, which is lower than the AIPI Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of MSFD and AIPI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSFD	AIPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.15	2.02	-1.87
Sharpe Ratio (All Time) Calculated using the full available price history	-0.54	1.06	-1.60

Drawdowns

MSFD vs. AIPI - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than AIPI's maximum drawdown of -25.25%. Use the drawdown chart below to compare losses from any high point for MSFD and AIPI.

Drawdown Indicators

	MSFD	AIPI	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-25.25%	-34.65%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-14.40%	-8.85%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-51.77%	0.00%	-51.77%
Average Drawdown Average peak-to-trough decline	-41.58%	-4.67%	-36.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.44%	4.63%	+3.81%

Volatility

MSFD vs. AIPI - Volatility Comparison

Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 9.49% compared to REX AI Equity Premium Income ETF (AIPI) at 2.59%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than AIPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	AIPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.49%	2.59%	+6.90%
Volatility (6M) Calculated over the trailing 6-month period	21.86%	12.93%	+8.93%
Volatility (1Y) Calculated over the trailing 1-year period	25.12%	15.94%	+9.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.11%	21.40%	+4.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.11%	21.40%	+4.71%

MSFD vs. AIPI - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than AIPI's 0.65% expense ratio.

Dividends

MSFD vs. AIPI - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.92%, less than AIPI's 33.63% yield.

Position	TTM	2025	2024	2023	2022
AIPI REX AI Equity Premium Income ETF	33.63%	37.84%	18.13%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.92%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both MSFD and AIPI in my portfolio?

MSFD and AIPI have a correlation of -0.59, 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 AIPI?

MSFD has higher volatility (9.49%) compared to AIPI (2.59%). In terms of maximum drawdown, MSFD dropped -59.90% vs AIPI's -25.25%.

Which ETF is better, MSFD or AIPI?

On 1-year performance, AIPI leads with 32.04% vs 3.79% for MSFD. On fees, AIPI is cheaper at 0.65% per year. On volatility, AIPI has been the lower-risk option at 2.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or AIPI?

Over the 1-year period, AIPI has performed better with a 32.04% return vs 3.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or AIPI?

AIPI is cheaper with a 0.65% expense ratio, compared with 1.06% for MSFD.

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

AIPI has the higher dividend yield at 33.63%, compared with 2.92% for MSFD.

What is the main difference between MSFD and AIPI?

MSFD is categorized as Inverse Equities, while AIPI is Derivative Income. They also come from different issuers: Direxion and REX. Their fees differ too: 1.06% for MSFD and 0.65% for AIPI.

Which has better risk-adjusted returns?

AIPI currently has the higher Sharpe Ratio (2.02 vs 0.15), 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.