MSFD vs. CRCD
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 0.32 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 1.50%/yr for CRCD.
Performance
MSFD vs. CRCD - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a 10.43% return, which is significantly higher than CRCD's -88.01% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
CRCD
- 1D
- 20.12%
- 1M
- 35.97%
- YTD
- -88.01%
- 6M
- -87.46%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSFD vs. CRCD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | 6.22% |
CRCD T-REX 2X Inverse CRCL Daily Target ETF | -88.01% | 43.19% |
Correlation
The correlation between MSFD and CRCD is 0.32, 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 29, 2025 | 0.32 |
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Return for Risk
MSFD vs. CRCD — Risk / Return Rank
MSFD
CRCD
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.
| MSFD | CRCD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.08 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | — | — |
| Martin ratioReturn relative to average drawdown | 0.89 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MSFD | CRCD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.45 | -0.06 |
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.
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Drawdown Indicators
| MSFD | CRCD | Difference | |
|---|---|---|---|
Max DrawdownLargest 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 DrawdownCurrent decline from peak | -50.20% | -94.31% | +44.11% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -54.51% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | — | — |
Volatility
MSFD vs. CRCD - Volatility Comparison
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Volatility by Period
| MSFD | CRCD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 204.54% | -179.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 204.54% | -178.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 204.54% | -178.39% |
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 2.83%, 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 | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% |
Frequently Asked Questions
MSFD and CRCD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
MSFD is cheaper with a 1.06% expense ratio, compared with 1.50% for CRCD.
MSFD has the higher dividend yield at 2.83%, compared with 0.00% for CRCD.
They also come from different issuers: Direxion and T-Rex. Their fees differ too: 1.06% for MSFD and 1.50% for CRCD.
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