MSFD vs. HDGE
Compare and contrast key facts about Direxion Daily MSFT Bear 1X Shares (MSFD) and AdvisorShares Ranger Equity Bear ETF (HDGE).
MSFD and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
MSFD vs. HDGE - Performance Comparison
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MSFD vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 28.73% | -13.36% | -7.86% | -35.90% | 3.88% |
HDGE AdvisorShares Ranger Equity Bear ETF | 12.05% | 1.50% | -8.01% | -26.98% | 0.74% |
Returns By Period
In the year-to-date period, MSFD achieves a 28.73% return, which is significantly higher than HDGE's 12.05% return.
MSFD
- 1D
- -3.15%
- 1M
- 6.11%
- YTD
- 28.73%
- 6M
- 38.42%
- 1Y
- -0.32%
- 3Y*
- -7.18%
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- -1.94%
- 1M
- 4.54%
- YTD
- 12.05%
- 6M
- 13.38%
- 1Y
- 4.28%
- 3Y*
- -4.77%
- 5Y*
- -2.67%
- 10Y*
- -14.57%
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MSFD vs. HDGE - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Return for Risk
MSFD vs. HDGE — Risk / Return Rank
MSFD
HDGE
MSFD vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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 | HDGE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.01 | 0.22 | -0.23 |
Sortino ratioReturn per unit of downside risk | 0.17 | 0.45 | -0.27 |
Omega ratioGain probability vs. loss probability | 1.02 | 1.06 | -0.03 |
Calmar ratioReturn relative to maximum drawdown | 0.02 | 0.21 | -0.19 |
Martin ratioReturn relative to average drawdown | 0.03 | 0.30 | -0.27 |
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 | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.01 | 0.22 | -0.23 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.11 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.39 | -0.66 | +0.27 |
Correlation
The correlation between MSFD and HDGE is 0.39, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
MSFD vs. HDGE - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.43%, less than HDGE's 3.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.43% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.12% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Drawdowns
MSFD vs. HDGE - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for MSFD and HDGE.
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Drawdown Indicators
| MSFD | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -93.88% | +33.98% |
Max Drawdown (1Y)Largest decline over 1 year | -34.84% | -19.63% | -15.21% |
Max Drawdown (5Y)Largest decline over 5 years | — | -42.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -41.94% | -92.64% | +50.70% |
Average DrawdownAverage peak-to-trough decline | -41.28% | -69.85% | +28.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.22% | 13.53% | +11.69% |
Volatility
MSFD vs. HDGE - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 6.60% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.48%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.60% | 4.48% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 18.84% | 12.17% | +6.67% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.78% | 19.95% | +6.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.77% | 23.96% | +1.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.77% | 23.51% | +2.26% |