MSFD vs. LDRX

Last updated Jul 14, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and LDRX (SGI Enhanced Market Leaders ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while LDRX is a Derivative Income fund actively managed by Summit Global Investments. MSFD is passively managed, while LDRX is actively managed. Over the past year, MSFD returned 25.82% vs 20.84% for LDRX. At a correlation of -0.47, they often move in opposite directions. MSFD charges 1.06%/yr vs 0.59%/yr for LDRX.

Performance

MSFD vs. LDRX - Performance Comparison

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

Returns By Period

In the year-to-date period, MSFD achieves a 19.79% return, which is significantly higher than LDRX's 8.62% return.

MSFD

• 1D: -1.53%
• 1M: -0.73%
• 6M: 18.10%
• YTD: 19.79%
• 1Y: 25.82%
• 3Y*: -3.82%
• 5Y*: —
• 10Y*: —

LDRX

• 1D: -0.86%
• 1M: 1.68%
• 6M: 7.51%
• YTD: 8.62%
• 1Y: 20.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. LDRX - Yearly Performance Comparison

	2026 (YTD)	2025
MSFD Direxion Daily MSFT Bear 1X Shares	19.79%	-8.59%
LDRX SGI Enhanced Market Leaders ETF	8.62%	23.63%

Correlation

The correlation between MSFD and LDRX is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.46
Correlation (All Time) Calculated using the full available price history since May 5, 2025	-0.47

Return for Risk

MSFD vs. LDRX — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 32
MSFD Sharpe Ratio Rank: 32
MSFD Sortino Ratio Rank: 35
MSFD Omega Ratio Rank: 35
MSFD Calmar Ratio Rank: 28
MSFD Martin Ratio Rank: 31

LDRX

LDRX Risk / Return Rank: 56
LDRX Sharpe Ratio Rank: 58
LDRX Sortino Ratio Rank: 58
LDRX Omega Ratio Rank: 57
LDRX Calmar Ratio Rank: 48
LDRX Martin Ratio Rank: 56

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. LDRX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and SGI Enhanced Market Leaders ETF (LDRX). 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	LDRX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.56	-0.61
Sortino ratio: Return per unit of downside risk	1.52	2.22	-0.69
Omega ratio: Gain probability vs. loss probability	1.19	1.28	-0.09
Calmar ratio: Return relative to maximum drawdown	1.12	1.97	-0.86
Martin ratio: Return relative to average drawdown	3.58	7.70	-4.12

MSFD vs. LDRX - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 0.95, which is lower than the LDRX Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MSFD and LDRX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSFD vs. LDRX - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than LDRX's maximum drawdown of -10.62%. Use the drawdown chart below to compare losses from any high point for MSFD and LDRX.

Drawdown Indicators

	MSFD	LDRX	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-10.62%	-49.28%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-10.62%	-12.63%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-45.97%	-2.08%	-43.89%
Average Drawdown Average peak-to-trough decline	-41.64%	-1.59%	-40.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	2.71%	+4.52%

Volatility

MSFD vs. LDRX - Volatility Comparison

Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.57% compared to SGI Enhanced Market Leaders ETF (LDRX) at 4.31%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than LDRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	LDRX	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	4.31%	+6.26%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	10.76%	+13.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	13.44%	+13.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	13.26%	+13.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.39%	13.26%	+13.13%

MSFD vs. LDRX - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than LDRX's 0.59% expense ratio.

Dividends

MSFD vs. LDRX - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 3.30%, more than LDRX's 1.10% yield.

Position	TTM	2025	2024	2023	2022
LDRX SGI Enhanced Market Leaders ETF	1.10%	1.19%	0.00%	0.00%	0.00%
MSFD Direxion Daily MSFT Bear 1X Shares	3.30%	3.33%	4.46%	4.43%	0.74%

Frequently Asked Questions

Can I hold both MSFD and LDRX in my portfolio?

MSFD and LDRX have a correlation of -0.46, 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 LDRX?

MSFD has higher volatility (10.57%) compared to LDRX (4.31%). In terms of maximum drawdown, MSFD dropped -59.90% vs LDRX's -10.62%.

Which ETF is better, MSFD or LDRX?

On 1-year performance, MSFD leads with 25.82% vs 20.84% for LDRX. On fees, LDRX is cheaper at 0.59% per year. On volatility, LDRX has been the lower-risk option at 4.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or LDRX?

Over the 1-year period, MSFD has performed better with a 25.82% return vs 20.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or LDRX?

LDRX is cheaper with a 0.59% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 3.30%, compared with 1.10% for LDRX.

What is the main difference between MSFD and LDRX?

MSFD is categorized as Inverse Equities, while LDRX is Derivative Income. They also come from different issuers: Direxion and Summit Global Investments. Their fees differ too: 1.06% for MSFD and 0.59% for LDRX.

Which has better risk-adjusted returns?

LDRX currently has the higher Sharpe Ratio (1.56 vs 0.95), 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.