MSFD vs. SPUU
MSFD (Direxion Daily MSFT Bear 1X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 3 years, MSFD returned -10.70%/yr vs 31.33%/yr for SPUU. Their -0.65 correlation means they have often moved in opposite directions in the past. MSFD charges 1.06%/yr vs 0.60%/yr for SPUU.
Performance
MSFD vs. SPUU - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a -1.78% return, which is significantly lower than SPUU's 16.72% 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%
SPUU
- 1D
- 1.52%
- 1M
- 0.24%
- 6M
- 14.02%
- YTD
- 16.72%
- 1Y
- 38.14%
- 3Y*
- 31.33%
- 5Y*
- 17.73%
- 10Y*
- 23.82%
- ALL TIME*
- 21.37%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.45M | $15.41M | $22.03M | |
| $4.20M | $4.55M | $4.33M |
MSFD vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 16.72% | 26.55% | 44.25% | 47.28% | -5.84% |
Correlation
The correlation between MSFD and SPUU is -0.42, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.42 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.65 |
Over the past year, the inverse relationship between MSFD and SPUU has weakened: their correlation has moved from -0.65 to -0.42, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MSFD vs. SPUU — Risk / Return Rank
MSFD
SPUU
MSFD vs. SPUU - 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 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.00 | ||
| Sortino ratioReturn per unit of downside risk | -1.20 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 1.23 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | 1.85 | -1.49 |
| Martin ratioReturn relative to average drawdown | 1.20 | 7.47 | -6.26 |
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Drawdowns
MSFD vs. SPUU - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, roughly equal to the maximum SPUU drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for MSFD and SPUU.
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Drawdown Indicators
| MSFD | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -59.35% | -0.55% |
Max Drawdown (1Y)Largest decline over 1 year | -26.54% | -18.19% | -8.35% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -35.18% | -5.32% |
Max Drawdown (5Y)Largest decline over 5 years | — | -46.59% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -55.70% | -3.83% | -51.87% |
Average DrawdownAverage peak-to-trough decline | -41.72% | -9.44% | -32.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 4.51% | +3.36% |
Volatility
MSFD vs. SPUU - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 18.10% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 7.10%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.10% | 7.10% | +11.00% |
Volatility (6M)Calculated over the trailing 6-month period | 27.83% | 20.38% | +7.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 25.88% | +6.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 33.70% | -6.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.55% | 35.79% | -8.24% |
MSFD vs. SPUU - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
MSFD vs. SPUU - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 4.02%, more than SPUU's 1.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.34% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
MSFD and SPUU have a correlation of -0.42, 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 SPUU (7.10%). In terms of maximum drawdown, MSFD dropped -59.90% vs SPUU's -59.35%.
On 3-year performance, SPUU leads with 31.33% vs -10.70% for MSFD. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 7.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPUU has performed better with a 31.33% return vs -10.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.06% for MSFD.
MSFD has the higher dividend yield at 4.02%, compared with 1.34% for SPUU.
MSFD is categorized as Inverse Equities, while SPUU is Leveraged Equities. MSFD tracks Microsoft Corporation (-100%), while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.06% for MSFD and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.30 vs 0.30), 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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