MSFD vs. SH
MSFD (Direxion Daily MSFT Bear 1X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 3 years, MSFD returned -7.16%/yr vs -13.02%/yr for SH. A 0.67 correlation means they provide meaningful diversification when combined. MSFD charges 1.06%/yr vs 0.90%/yr for SH.
Performance
MSFD vs. SH - 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 SH's -8.00% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
SH
- 1D
- 0.70%
- 1M
- -4.35%
- YTD
- -8.00%
- 6M
- -7.59%
- 1Y
- -17.23%
- 3Y*
- -13.02%
- 5Y*
- -9.07%
- 10Y*
- -12.89%
MSFD vs. SH - 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% |
SH ProShares Short S&P500 | -8.00% | -11.35% | -13.52% | -14.80% | 3.81% |
Correlation
The correlation between MSFD and SH is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.67 |
Over the past year, the correlation between MSFD and SH has dropped to 0.46 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
MSFD vs. SH — Risk / Return Rank
MSFD
SH
MSFD vs. SH - 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&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.76 | ||
| Sortino ratioReturn per unit of downside risk | +2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.77 | +0.31 |
| 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 | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | -1.47 | +1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.54 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.59 | +0.08 |
Drawdowns
MSFD vs. SH - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for MSFD and SH.
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Drawdown Indicators
| MSFD | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -94.66% | +34.76% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -18.28% | -4.97% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -38.82% | -1.68% |
Max Drawdown (5Y)Largest decline over 5 years | — | -44.53% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -50.20% | -94.62% | +44.42% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -67.73% | +26.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 9.89% | -1.49% |
Volatility
MSFD vs. SH - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.12% compared to ProShares Short S&P500 (SH) at 2.84%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | 2.84% | +7.28% |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | 8.91% | +13.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 11.80% | +13.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 16.85% | +9.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 18.01% | +8.14% |
MSFD vs. SH - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
MSFD vs. SH - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.83%, less than SH's 4.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SH ProShares Short S&P500 | 4.51% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
MSFD and SH 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.
MSFD has higher volatility (10.12%) compared to SH (2.84%). In terms of maximum drawdown, MSFD dropped -59.90% vs SH's -94.66%.
On 3-year performance, MSFD leads with -7.16% vs -13.02% for SH. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.84%. 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 -13.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.06% for MSFD.
SH has the higher dividend yield at 4.51%, compared with 2.83% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for MSFD and 0.90% for SH.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.47), 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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