MSFD vs. EMTY
MSFD (Direxion Daily MSFT Bear 1X Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 3 years, MSFD returned -3.55%/yr vs -3.59%/yr for EMTY. At a 0.24 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 0.66%/yr for EMTY.
Performance
MSFD vs. EMTY - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a 24.19% return, which is significantly higher than EMTY's 0.39% return.
MSFD
- 1D
- -3.08%
- 1M
- 9.58%
- YTD
- 24.19%
- 6M
- 25.23%
- 1Y
- 26.45%
- 3Y*
- -3.55%
- 5Y*
- —
- 10Y*
- —
EMTY
- 1D
- -0.42%
- 1M
- 0.32%
- YTD
- 0.39%
- 6M
- 1.16%
- 1Y
- -0.49%
- 3Y*
- -3.59%
- 5Y*
- -2.54%
- 10Y*
- —
MSFD vs. EMTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 24.19% | -13.36% | -7.86% | -35.90% | 3.88% |
EMTY ProShares Decline of the Retail Store ETF | 0.39% | -1.76% | -4.13% | 0.27% | -4.71% |
Correlation
The correlation between MSFD and EMTY is -0.01, 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 | -0.01 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.24 |
The correlation between MSFD and EMTY shifts across timeframes, from -0.01 (1 year) to 0.24 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MSFD vs. EMTY — Risk / Return Rank
MSFD
EMTY
MSFD vs. EMTY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and ProShares Decline of the Retail Store ETF (EMTY). 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 | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.04 | ||
| Sortino ratioReturn per unit of downside risk | +1.55 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.01 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.14 | -0.04 | +1.18 |
| Martin ratioReturn relative to average drawdown | 3.69 | -0.07 | +3.76 |
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Drawdowns
MSFD vs. EMTY - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum EMTY drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for MSFD and EMTY.
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Drawdown Indicators
| MSFD | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -77.62% | +17.72% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -13.91% | -9.34% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -30.83% | -9.67% |
Max Drawdown (5Y)Largest decline over 5 years | — | -30.83% | — |
Current DrawdownCurrent decline from peak | -43.99% | -74.94% | +30.95% |
Average DrawdownAverage peak-to-trough decline | -41.61% | -54.39% | +12.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.35% | 7.26% | +0.09% |
Volatility
MSFD vs. EMTY - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 11.74% compared to ProShares Decline of the Retail Store ETF (EMTY) at 5.20%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.74% | 5.20% | +6.54% |
Volatility (6M)Calculated over the trailing 6-month period | 22.81% | 12.81% | +10.00% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.33% | 17.77% | +8.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.27% | 22.36% | +3.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.27% | 25.63% | +0.64% |
MSFD vs. EMTY - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
MSFD vs. EMTY - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.52%, less than EMTY's 3.47% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.47% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
MSFD Direxion Daily MSFT Bear 1X Shares | 2.52% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MSFD and EMTY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (11.74%) compared to EMTY (5.20%). In terms of maximum drawdown, MSFD dropped -59.90% vs EMTY's -77.62%.
On 3-year performance, MSFD leads with -3.55% vs -3.59% for EMTY. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 5.20%. 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 -3.55% return vs -3.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTY is cheaper with a 0.66% expense ratio, compared with 1.06% for MSFD.
EMTY has the higher dividend yield at 3.47%, compared with 2.52% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MSFD and 0.66% for EMTY.
MSFD currently has the higher Sharpe Ratio (1.01 vs -0.03), 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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