MSFD vs. SOXS
MSFD (Direxion Daily MSFT Bear 1X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Inverse Equities funds from Direxion - MSFD tracks the Microsoft Corporation (-100%) while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, MSFD returned -10.70%/yr vs -84.46%/yr for SOXS. Their 0.44 correlation means their historical movements had little consistent relationship. MSFD charges 1.06%/yr vs 1.08%/yr for SOXS.
Performance
MSFD vs. SOXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MSFD achieves a -1.78% return, which is significantly higher than SOXS's -91.17% return.
MSFD
- 1D
- -2.88%
- 1M
- -18.05%
- 6M
- -11.78%
- YTD
- -1.78%
- 1Y
- 7.40%
- 3Y*
- -10.70%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -15.36%
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.45M | $15.41M | $22.03M | |
| $3.72B | $3.43B | $3.32B |
MSFD vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | -1.78% | -13.36% | -7.86% | -35.90% | 3.88% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | -26.76% |
Correlation
The correlation between MSFD and SOXS is 0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.06 |
Correlation (3Y) Balances recent behavior with more history. | 0.36 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.44 |
Over the past year, the correlation between MSFD and SOXS has dropped to 0.06 - well below their long-term average of 0.44, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MSFD vs. SOXS — Risk / Return Rank
MSFD
SOXS
MSFD vs. SOXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.03 | ||
| Sortino ratioReturn per unit of downside risk | +3.06 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.74 | +0.35 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.98 | +1.34 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.35 | +2.55 |
Loading charts...
Drawdowns
MSFD vs. SOXS - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MSFD and SOXS.
Loading charts...
Drawdown Indicators
| MSFD | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -100.00% | +40.10% |
Max Drawdown (1Y)Largest decline over 1 year | -26.54% | -97.89% | +71.35% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -99.87% | +59.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -55.70% | -100.00% | +44.30% |
Average DrawdownAverage peak-to-trough decline | -41.72% | -92.65% | +50.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 71.27% | -63.40% |
Volatility
MSFD vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 18.10%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. This indicates that MSFD experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MSFD | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.10% | 55.41% | -37.31% |
Volatility (6M)Calculated over the trailing 6-month period | 27.83% | 117.32% | -89.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 132.87% | -100.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 114.55% | -87.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.55% | 103.76% | -76.21% |
MSFD vs. SOXS - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
MSFD vs. SOXS - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 4.02%, less than SOXS's 41.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 4.02% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 41.84% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
MSFD and SOXS have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to MSFD (18.10%). In terms of maximum drawdown, MSFD dropped -59.90% vs SOXS's -100.00%.
On 3-year performance, MSFD leads with -10.70% vs -84.46% for SOXS. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 18.10%. 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 -10.70% return vs -84.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFD is cheaper with a 1.06% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 41.84%, compared with 4.02% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.06% for MSFD and 1.08% for SOXS.
MSFD currently has the higher Sharpe Ratio (0.30 vs -0.73), 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.
Find the right allocation for MSFD and SOXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer