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 -3.82%/yr vs -85.78%/yr for SOXS. At a 0.46 correlation, their price movements are largely independent. 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 19.79% return, which is significantly higher than SOXS's -92.43% return.
MSFD
- 1D
- -1.53%
- 1M
- -0.73%
- 6M
- 18.10%
- YTD
- 19.79%
- 1Y
- 25.82%
- 3Y*
- -3.82%
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- 13.97%
- 1M
- -0.35%
- 6M
- -89.79%
- YTD
- -92.43%
- 1Y
- -96.62%
- 3Y*
- -85.78%
- 5Y*
- -79.45%
- 10Y*
- -78.71%
MSFD vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 19.79% | -13.36% | -7.86% | -35.90% | 3.88% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -92.43% | -85.53% | -59.55% | -84.56% | -26.76% |
Correlation
The correlation between MSFD and SOXS is 0.08, 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 | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.46 |
Over the past year, the correlation between MSFD and SOXS has dropped to 0.08 - well below their long-term average of 0.46, 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.
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 | +1.72 | ||
| Sortino ratioReturn per unit of downside risk | +4.31 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.70 | +0.49 |
| Calmar ratioReturn relative to maximum drawdown | 1.12 | -0.99 | +2.10 |
| Martin ratioReturn relative to average drawdown | 3.58 | -1.43 | +5.01 |
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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% | -97.89% | +74.64% |
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 | -45.97% | -100.00% | +54.03% |
Average DrawdownAverage peak-to-trough decline | -41.64% | -92.63% | +50.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.23% | 67.54% | -60.31% |
Volatility
MSFD vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 10.57%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 66.39%. 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 | 10.57% | 66.39% | -55.82% |
Volatility (6M)Calculated over the trailing 6-month period | 23.99% | 108.48% | -84.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.34% | 125.48% | -98.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.39% | 113.09% | -86.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.39% | 102.91% | -76.52% |
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 3.30%, less than SOXS's 48.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 3.30% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 48.83% | 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 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (66.39%) compared to MSFD (10.57%). In terms of maximum drawdown, MSFD dropped -59.90% vs SOXS's -100.00%.
On 3-year performance, MSFD leads with -3.82% vs -85.78% for SOXS. On fees, MSFD is cheaper at 1.06% 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.
Over the 3-year period, MSFD has performed better with a -3.82% return vs -85.78%. 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 48.83%, compared with 3.30% 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 (0.95 vs -0.77), 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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