MSFD vs. CRCD

Last updated Jun 24, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and CRCD (T-REX 2X Inverse CRCL Daily Target ETF) are both Inverse Equities funds. MSFD is passively managed, while CRCD is actively managed. At a 0.31 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 1.50%/yr for CRCD.

Performance

MSFD vs. CRCD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and T-REX 2X Inverse CRCL Daily Target ETF (CRCD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFD achieves a 24.19% return, which is significantly higher than CRCD's -84.31% return.

MSFD

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

CRCD

• 1D: 10.68%
• 1M: 87.15%
• YTD: -84.31%
• 6M: -83.01%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. CRCD - Yearly Performance Comparison

	2026 (YTD)	2025
MSFD Direxion Daily MSFT Bear 1X Shares	24.19%	5.31%
CRCD T-REX 2X Inverse CRCL Daily Target ETF	-84.31%	38.83%

Correlation

The correlation between MSFD and CRCD is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 26, 2025	0.31

Return for Risk

MSFD vs. CRCD — 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

CRCD

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.

MSFD vs. CRCD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and T-REX 2X Inverse CRCL Daily Target ETF (CRCD). 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	CRCD	Difference
Sharpe ratio: Return per unit of total volatility	1.01	—	—
Sortino ratio: Return per unit of downside risk	1.63	—	—
Omega ratio: Gain probability vs. loss probability	1.20	—	—
Calmar ratio: Return relative to maximum drawdown	1.14	—	—
Martin ratio: Return relative to average drawdown	3.69	—	—

Drawdowns

MSFD vs. CRCD - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum CRCD drawdown of -96.95%. Use the drawdown chart below to compare losses from any high point for MSFD and CRCD.

Drawdown Indicators

	MSFD	CRCD	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-96.95%	+37.05%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-43.99%	-92.56%	+48.57%
Average Drawdown Average peak-to-trough decline	-41.61%	-57.30%	+15.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.35%	—	—

Volatility

Volatility by Period

	MSFD	CRCD	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.74%	—	—
Volatility (6M) Calculated over the trailing 6-month period	22.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	26.33%	200.81%	-174.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.27%	200.81%	-174.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.27%	200.81%	-174.54%

MSFD vs. CRCD - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is lower than CRCD's 1.50% expense ratio.

Dividends

MSFD vs. CRCD - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.52%, while CRCD has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
CRCD T-REX 2X Inverse CRCL Daily Target ETF	0.00%	0.00%	0.00%	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 CRCD in my portfolio?

MSFD and CRCD have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSFD or CRCD?

On fees, MSFD is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSFD or CRCD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.50% for CRCD.

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

MSFD has the higher dividend yield at 2.52%, compared with 0.00% for CRCD.

What is the main difference between MSFD and CRCD?

They also come from different issuers: Direxion and T-Rex. Their fees differ too: 1.06% for MSFD and 1.50% for CRCD.