MSFD vs. SKRE

Last updated Jul 14, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and SKRE (Tuttle Capital Daily 2X Inverse Regional Banks ETF) are both Inverse Equities funds - MSFD tracks the Microsoft Corporation (-100%) while SKRE tracks the S&P Regional Banks Select Industry. Both are passively managed. Over the past year, MSFD returned 25.82% vs -40.68% for SKRE. At a 0.16 correlation, their price movements are largely independent. MSFD charges 1.06%/yr vs 0.75%/yr for SKRE.

Performance

MSFD vs. SKRE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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 SKRE's -31.48% return.

MSFD

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

SKRE

• 1D: 0.15%
• 1M: -6.10%
• 6M: -27.31%
• YTD: -31.48%
• 1Y: -40.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. SKRE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFD Direxion Daily MSFT Bear 1X Shares	19.79%	-13.36%	-9.17%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	-31.48%	-31.29%	-44.47%

Correlation

The correlation between MSFD and SKRE is 0.03, 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	0.03
Correlation (All Time) Calculated using the full available price history since Jan 4, 2024	0.16

The correlation between MSFD and SKRE shifts across timeframes, from 0.03 (1 year) to 0.16 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSFD vs. SKRE — 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

SKRE

SKRE Risk / Return Rank: 2
SKRE Sharpe Ratio Rank: 2
SKRE Sortino Ratio Rank: 3
SKRE Omega Ratio Rank: 3
SKRE Calmar Ratio Rank: 2
SKRE Martin Ratio Rank: 1

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. SKRE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE). 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	SKRE	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-0.88	+1.83
Sortino ratio: Return per unit of downside risk	1.52	-1.25	+2.78
Omega ratio: Gain probability vs. loss probability	1.19	0.86	+0.34
Calmar ratio: Return relative to maximum drawdown	1.12	-0.83	+1.95
Martin ratio: Return relative to average drawdown	3.58	-1.44	+5.02

MSFD vs. SKRE - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is 0.95, which is higher than the SKRE Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of MSFD and SKRE, 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. SKRE - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SKRE drawdown of -78.32%. Use the drawdown chart below to compare losses from any high point for MSFD and SKRE.

Drawdown Indicators

	MSFD	SKRE	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-78.32%	+18.42%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	-49.07%	+25.82%
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-45.97%	-77.77%	+31.80%
Average Drawdown Average peak-to-trough decline	-41.64%	-48.39%	+6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	28.32%	-21.09%

Volatility

MSFD vs. SKRE - Volatility Comparison

The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 10.57%, while Tuttle Capital Daily 2X Inverse Regional Banks ETF (SKRE) has a volatility of 11.56%. This indicates that MSFD experiences smaller price fluctuations and is considered to be less risky than SKRE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	SKRE	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	11.56%	-0.99%
Volatility (6M) Calculated over the trailing 6-month period	23.99%	32.34%	-8.35%
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	46.52%	-19.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	55.15%	-28.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.39%	55.15%	-28.76%

MSFD vs. SKRE - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than SKRE's 0.75% expense ratio.

Dividends

MSFD vs. SKRE - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 3.30%, more than SKRE's 0.37% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	3.30%	3.33%	4.46%	4.43%	0.74%
SKRE Tuttle Capital Daily 2X Inverse Regional Banks ETF	0.37%	0.26%	3.16%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFD and SKRE in my portfolio?

MSFD and SKRE have a correlation of 0.03, 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 SKRE?

SKRE has higher volatility (11.56%) compared to MSFD (10.57%). In terms of maximum drawdown, MSFD dropped -59.90% vs SKRE's -78.32%.

Which ETF is better, MSFD or SKRE?

On 1-year performance, MSFD leads with 25.82% vs -40.68% for SKRE. On fees, SKRE is cheaper at 0.75% per year. On volatility, MSFD has been the lower-risk option at 10.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFD or SKRE?

Over the 1-year period, MSFD has performed better with a 25.82% return vs -40.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFD or SKRE?

SKRE is cheaper with a 0.75% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 3.30%, compared with 0.37% for SKRE.

What is the main difference between MSFD and SKRE?

MSFD tracks Microsoft Corporation (-100%), while SKRE tracks S&P Regional Banks Select Industry. They also come from different issuers: Direxion and Tuttle. Their fees differ too: 1.06% for MSFD and 0.75% for SKRE.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.95 vs -0.88), 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.