MSFD vs. SOXS
MSFD (Direxion Daily MSFT Bear 1X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while SOXS is a Leveraged Equities fund tracking the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, MSFD returned -7.16%/yr vs -86.64%/yr for SOXS. A 0.50 correlation means they provide meaningful diversification when combined. MSFD charges 1.06%/yr vs 1.08%/yr for SOXS.
Performance
MSFD vs. SOXS - 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 SOXS's -92.10% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- -5.03%
- 1M
- -62.97%
- YTD
- -92.10%
- 6M
- -91.70%
- 1Y
- -97.75%
- 3Y*
- -86.64%
- 5Y*
- -79.66%
- 10Y*
- -78.92%
MSFD vs. SOXS - 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.10% | -85.53% | -59.55% | -84.56% | -23.01% |
Correlation
The correlation between MSFD and SOXS is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.50 |
Over the past year, the correlation between MSFD and SOXS has dropped to 0.17 - well below their long-term average of 0.50, suggesting their price drivers have been diverging.
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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.
| MSFD | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.25 | ||
| Sortino ratioReturn per unit of downside risk | +4.58 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.58 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | -1.00 | +1.32 |
| Martin ratioReturn relative to average drawdown | 0.89 | -1.44 | +2.33 |
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 | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | -0.96 | +1.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.74 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | -0.79 | +0.28 |
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.
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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 | -23.25% | -97.68% | +74.43% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -99.80% | +59.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -50.20% | -100.00% | +49.80% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -92.60% | +51.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 68.64% | -60.24% |
Volatility
MSFD vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 10.12%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 44.22%. 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.
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Volatility by Period
| MSFD | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | 44.22% | -34.10% |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | 83.94% | -61.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 102.18% | -76.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 108.21% | -82.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 100.48% | -74.33% |
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 2.83%, less than SOXS's 68.34% 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 68.34% | 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 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (44.22%) compared to MSFD (10.12%). In terms of maximum drawdown, MSFD dropped -59.90% vs SOXS's -100.00%.
On 3-year performance, MSFD leads with -7.16% vs -86.64% for SOXS. On fees, MSFD is cheaper at 1.06% per year. On volatility, MSFD has been the lower-risk option at 10.12%. 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 -86.64%. 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 68.34%, compared with 2.83% for MSFD.
MSFD is categorized as Inverse Equities, while SOXS is Leveraged Equities. 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 (0.29 vs -0.96), 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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