MSFD vs. BERZ
MSFD (Direxion Daily MSFT Bear 1X Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, MSFD returned -10.70%/yr vs -71.80%/yr for BERZ. Their 0.65 correlation means they have sometimes moved together and sometimes differently. MSFD charges 1.06%/yr vs 0.95%/yr for BERZ.
Performance
MSFD vs. BERZ - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a -1.78% return, which is significantly higher than BERZ's -51.36% return.
MSFD
- 1D
- -2.88%
- 1M
- -18.05%
- 6M
- -11.78%
- YTD
- -1.78%
- 1Y
- 7.40%
- 3Y*
- -10.70%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -15.36%
BERZ
- 1D
- -2.06%
- 1M
- 9.10%
- 6M
- -50.40%
- YTD
- -51.36%
- 1Y
- -76.10%
- 3Y*
- -71.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -64.98%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $1.82M | $2.17M | |
| $21.45M | $15.41M | $22.03M |
MSFD vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | -1.78% | -13.36% | -7.86% | -35.90% | 3.88% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -51.36% | -78.81% | -65.95% | -89.12% | 7.41% |
Correlation
The correlation between MSFD and BERZ is 0.40, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.40 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.65 |
Over the past year, the correlation between MSFD and BERZ has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.
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Return for Risk
MSFD vs. BERZ — Risk / Return Rank
MSFD
BERZ
MSFD vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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 | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.15 | ||
| Sortino ratioReturn per unit of downside risk | +2.12 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.84 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.88 | +1.24 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.32 | +2.53 |
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Drawdowns
MSFD vs. BERZ - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for MSFD and BERZ.
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Drawdown Indicators
| MSFD | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -99.80% | +39.90% |
Max Drawdown (1Y)Largest decline over 1 year | -26.54% | -83.72% | +57.18% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -98.87% | +58.37% |
Current DrawdownCurrent decline from peak | -55.70% | -99.71% | +44.01% |
Average DrawdownAverage peak-to-trough decline | -41.72% | -72.42% | +30.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 55.70% | -47.83% |
Volatility
MSFD vs. BERZ - Volatility Comparison
The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 18.10%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 33.28%. This indicates that MSFD experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.10% | 33.28% | -15.18% |
Volatility (6M)Calculated over the trailing 6-month period | 27.83% | 70.82% | -42.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 87.12% | -55.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 93.03% | -65.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.55% | 93.03% | -65.48% |
MSFD vs. BERZ - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than BERZ's 0.95% expense ratio.
Dividends
MSFD vs. BERZ - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 4.02%, while BERZ has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MSFD Direxion Daily MSFT Bear 1X Shares | 4.02% | 3.33% | 4.46% | 4.43% | 0.74% |
Frequently Asked Questions
MSFD and BERZ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (33.28%) compared to MSFD (18.10%). In terms of maximum drawdown, MSFD dropped -59.90% vs BERZ's -99.80%.
On 3-year performance, MSFD leads with -10.70% vs -71.80% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 18.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -10.70% return vs -71.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BERZ is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
MSFD has the higher dividend yield at 4.02%, compared with 0.00% for BERZ.
MSFD tracks Microsoft Corporation (-100%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.06% for MSFD and 0.95% for BERZ.
MSFD currently has the higher Sharpe Ratio (0.30 vs -0.85), 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.
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