MSFD vs. SPDN
MSFD (Direxion Daily MSFT Bear 1X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - MSFD tracks the Microsoft Corporation (-100%) while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, MSFD returned -10.70%/yr vs -10.75%/yr for SPDN. Their 0.64 correlation means they have sometimes moved together and sometimes differently. MSFD charges 1.06%/yr vs 0.50%/yr for SPDN.
Performance
MSFD vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a -1.78% return, which is significantly higher than SPDN's -6.42% 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%
SPDN
- 1D
- -0.80%
- 1M
- 0.00%
- 6M
- -5.52%
- YTD
- -6.42%
- 1Y
- -12.79%
- 3Y*
- -10.75%
- 5Y*
- -7.84%
- 10Y*
- -12.18%
- ALL TIME*
- -12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.45M | $15.41M | $22.03M | |
| $433.42M | $387.95M | $422.31M |
MSFD vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.42% | -11.09% | -12.88% | -15.04% | 1.26% |
Correlation
The correlation between MSFD and SPDN is 0.41, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.41 |
Correlation (3Y) Balances recent behavior with more history. | 0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | 0.64 |
Over the past year, the correlation between MSFD and SPDN has dropped to 0.41 - well below their long-term average of 0.64, suggesting their price drivers have been diverging.
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Return for Risk
MSFD vs. SPDN — Risk / Return Rank
MSFD
SPDN
MSFD vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.82 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.87 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.71 | +1.07 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.27 | +2.48 |
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Drawdowns
MSFD vs. SPDN - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SPDN drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for MSFD and SPDN.
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Drawdown Indicators
| MSFD | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -75.31% | +15.41% |
Max Drawdown (1Y)Largest decline over 1 year | -26.54% | -15.93% | -10.61% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -38.24% | -2.26% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.97% | — |
Current DrawdownCurrent decline from peak | -55.70% | -74.80% | +19.10% |
Average DrawdownAverage peak-to-trough decline | -41.72% | -48.93% | +7.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 8.90% | -1.03% |
Volatility
MSFD vs. SPDN - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 18.10% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.55%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.10% | 3.55% | +14.55% |
Volatility (6M)Calculated over the trailing 6-month period | 27.83% | 10.15% | +17.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 12.98% | +19.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 16.97% | +10.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.55% | 18.03% | +9.52% |
MSFD vs. SPDN - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
MSFD vs. SPDN - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 4.02%, more than SPDN's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.32% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
MSFD and SPDN have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (18.10%) compared to SPDN (3.55%). In terms of maximum drawdown, MSFD dropped -59.90% vs SPDN's -75.31%.
On 3-year performance, MSFD leads with -10.70% vs -10.75% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.55%. 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 -10.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.06% for MSFD.
MSFD has the higher dividend yield at 4.02%, compared with 3.32% for SPDN.
MSFD tracks Microsoft Corporation (-100%), while SPDN tracks S&P 500 Index. Their fees differ too: 1.06% for MSFD and 0.50% for SPDN.
MSFD currently has the higher Sharpe Ratio (0.30 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.
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