MSFD vs. MYY
MSFD (Direxion Daily MSFT Bear 1X Shares) and MYY (ProShares Short S&P Mid Cap400) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while MYY tracks the S&P Mid Cap 400 (-100%). Both are passively managed. Over the past 3 years, MSFD returned -7.16%/yr vs -9.90%/yr for MYY. At a 0.39 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 0.95%/yr for MYY.
Performance
MSFD vs. MYY - 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 MYY's -11.13% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
MYY
- 1D
- 0.02%
- 1M
- -3.52%
- YTD
- -11.13%
- 6M
- -11.03%
- 1Y
- -16.67%
- 3Y*
- -9.90%
- 5Y*
- -5.92%
- 10Y*
- -11.12%
MSFD vs. MYY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | -13.36% | -7.86% | -35.90% | 3.88% |
MYY ProShares Short S&P Mid Cap400 | -11.13% | -4.05% | -7.08% | -9.46% | -0.96% |
Correlation
The correlation between MSFD and MYY is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.39 |
Over the past year, the correlation between MSFD and MYY has dropped to 0.16 - well below their long-term average of 0.39, suggesting their price drivers have been diverging.
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Return for Risk
MSFD vs. MYY — Risk / Return Rank
MSFD
MYY
MSFD vs. MYY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and ProShares Short S&P Mid Cap400 (MYY). 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 | MYY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.37 | ||
| Sortino ratioReturn per unit of downside risk | +2.09 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.83 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | -0.95 | +1.27 |
| Martin ratioReturn relative to average drawdown | 0.89 | -1.75 | +2.64 |
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 | MYY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | -1.08 | +1.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.30 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.52 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.53 | +0.02 |
Drawdowns
MSFD vs. MYY - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum MYY drawdown of -95.08%. Use the drawdown chart below to compare losses from any high point for MSFD and MYY.
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Drawdown Indicators
| MSFD | MYY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -95.08% | +35.18% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -17.58% | -5.67% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -33.48% | -7.02% |
Max Drawdown (5Y)Largest decline over 5 years | — | -36.20% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -71.22% | — |
Current DrawdownCurrent decline from peak | -50.20% | -95.07% | +44.87% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -72.15% | +30.56% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 9.56% | -1.16% |
Volatility
MSFD vs. MYY - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.12% compared to ProShares Short S&P Mid Cap400 (MYY) at 4.41%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than MYY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | MYY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | 4.41% | +5.71% |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | 11.40% | +10.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 15.59% | +9.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 19.62% | +6.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 21.25% | +4.90% |
MSFD vs. MYY - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than MYY's 0.95% expense ratio.
Dividends
MSFD vs. MYY - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.83%, less than MYY's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
MYY ProShares Short S&P Mid Cap400 | 4.45% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% |
Frequently Asked Questions
MSFD and MYY have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to MYY (4.41%). In terms of maximum drawdown, MSFD dropped -59.90% vs MYY's -95.08%.
On 3-year performance, MSFD leads with -7.16% vs -9.90% for MYY. On fees, MYY is cheaper at 0.95% per year. On volatility, MYY has been the lower-risk option at 4.41%. 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 -7.16% return vs -9.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MYY is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
MYY has the higher dividend yield at 4.45%, compared with 2.83% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while MYY tracks S&P Mid Cap 400 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MSFD and 0.95% for MYY.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.08), 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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