MSFD vs. BRKD

Last updated Jun 4, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds from Direxion - MSFD tracks the Microsoft Corporation (-100%) while BRKD tracks the Berkshire Hathaway Inc. Class B (-100%). Both are passively managed. Over the past year, MSFD returned 7.43% vs 7.98% for BRKD. At a 0.11 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 1.00%/yr for BRKD.

Performance

MSFD vs. BRKD - Performance Comparison

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

Returns By Period

In the year-to-date period, MSFD achieves a 10.43% return, which is significantly higher than BRKD's 5.90% return.

MSFD

• 1D: 3.26%
• 1M: -3.86%
• YTD: 10.43%
• 6M: 9.36%
• 1Y: 7.43%
• 3Y*: -7.16%
• 5Y*: —
• 10Y*: —

BRKD

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.90%
• 6M: 6.63%
• 1Y: 7.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. BRKD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFD Direxion Daily MSFT Bear 1X Shares	10.43%	-13.36%	6.73%
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%

Correlation

The correlation between MSFD and BRKD is 0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.03
Correlation (All Time) Calculated using the full available price history since Dec 12, 2024	0.11

Return for Risk

MSFD vs. BRKD — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 13
MSFD Sharpe Ratio Rank: 13
MSFD Sortino Ratio Rank: 14
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 13

BRKD

BRKD Risk / Return Rank: 20
BRKD Sharpe Ratio Rank: 20
BRKD Sortino Ratio Rank: 20
BRKD Omega Ratio Rank: 20
BRKD Calmar Ratio Rank: 21
BRKD Martin Ratio Rank: 17

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. BRKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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	BRKD	Difference
Sharpe ratio: Return per unit of total volatility	0.29	0.60	-0.31
Sortino ratio: Return per unit of downside risk	0.63	1.00	-0.37
Omega ratio: Gain probability vs. loss probability	1.08	1.12	-0.05
Calmar ratio: Return relative to maximum drawdown	0.32	0.86	-0.54
Martin ratio: Return relative to average drawdown	0.89	1.67	-0.78
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. BRKD - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 0.29, which is lower than the BRKD Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of MSFD and BRKD, 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	BRKD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	0.60	-0.31
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	0.04	-0.55

Drawdowns

MSFD vs. BRKD - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than BRKD's maximum drawdown of -17.92%. Use the drawdown chart below to compare losses from any high point for MSFD and BRKD.

Drawdown Indicators

	MSFD	BRKD	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-17.92%	-41.98%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-9.34%	-13.91%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-50.20%	-3.69%	-46.51%
Average Drawdown Average peak-to-trough decline	-41.59%	-7.74%	-33.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.40%	4.78%	+3.62%

Volatility

MSFD vs. BRKD - Volatility Comparison

Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.12% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 0.00%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	BRKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	0.00%	+10.12%
Volatility (6M) Calculated over the trailing 6-month period	22.06%	9.21%	+12.85%
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	13.36%	+11.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.15%	17.26%	+8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.15%	17.26%	+8.89%

MSFD vs. BRKD - Expense Ratio Comparison

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

Dividends

MSFD vs. BRKD - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.83%, which matches BRKD's 2.82% yield.

Position	TTM	2025	2024	2023	2022
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	2.83%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both MSFD and BRKD in my portfolio?

MSFD and BRKD have a correlation of 0.03, 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 BRKD?

MSFD has higher volatility (10.12%) compared to BRKD (0.00%). In terms of maximum drawdown, MSFD dropped -59.90% vs BRKD's -17.92%.

Which ETF is better, MSFD or BRKD?

On 1-year performance, BRKD leads with 7.98% vs 7.43% for MSFD. On fees, BRKD is cheaper at 1.00% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or BRKD?

Over the 1-year period, BRKD has performed better with a 7.98% return vs 7.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or BRKD?

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

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

MSFD and BRKD have nearly identical dividend yields, around 2.83%.

What is the main difference between MSFD and BRKD?

MSFD tracks Microsoft Corporation (-100%), while BRKD tracks Berkshire Hathaway Inc. Class B (-100%). Their fees differ too: 1.06% for MSFD and 1.00% for BRKD.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.60 vs 0.29), 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.