MSFD vs. SPXL
MSFD (Direxion Daily MSFT Bear 1X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%), while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 3 years, MSFD returned -7.16%/yr vs 52.83%/yr for SPXL. At a correlation of -0.67, they often move in opposite directions. MSFD charges 1.06%/yr vs 0.84%/yr for SPXL.
Performance
MSFD vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, MSFD achieves a 10.43% return, which is significantly lower than SPXL's 28.14% return.
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -2.08%
- 1M
- 14.77%
- YTD
- 28.14%
- 6M
- 26.88%
- 1Y
- 81.54%
- 3Y*
- 52.83%
- 5Y*
- 23.51%
- 10Y*
- 30.20%
MSFD vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 28.14% | 31.94% | 63.61% | 69.49% | -16.49% |
Correlation
The correlation between MSFD and SPXL is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | -0.67 |
Over the past year, the inverse relationship between MSFD and SPXL has weakened: their correlation has moved from -0.67 to -0.46, meaning they move in opposite directions less often than they have historically.
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Return for Risk
MSFD vs. SPXL — Risk / Return Rank
MSFD
SPXL
MSFD vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.02 | ||
| Sortino ratioReturn per unit of downside risk | -2.14 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.37 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.32 | 3.06 | -2.74 |
| Martin ratioReturn relative to average drawdown | 0.89 | 12.94 | -12.04 |
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 | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.29 | 2.32 | -2.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.47 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.51 | 0.53 | -1.04 |
Drawdowns
MSFD vs. SPXL - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for MSFD and SPXL.
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Drawdown Indicators
| MSFD | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -76.86% | +16.96% |
Max Drawdown (1Y)Largest decline over 1 year | -23.25% | -26.77% | +3.52% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -48.95% | +8.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -50.20% | -2.08% | -48.12% |
Average DrawdownAverage peak-to-trough decline | -41.59% | -15.72% | -25.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.40% | 6.32% | +2.08% |
Volatility
MSFD vs. SPXL - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 10.12% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 8.49%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.12% | 8.49% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 22.06% | 26.67% | -4.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.32% | 35.39% | -10.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.15% | 50.24% | -24.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 26.15% | 53.42% | -27.27% |
MSFD vs. SPXL - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
MSFD vs. SPXL - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 2.83%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
MSFD and SPXL have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to SPXL (8.49%). In terms of maximum drawdown, MSFD dropped -59.90% vs SPXL's -76.86%.
On 3-year performance, SPXL leads with 52.83% vs -7.16% for MSFD. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 8.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPXL has performed better with a 52.83% return vs -7.16%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for MSFD.
MSFD has the higher dividend yield at 2.83%, compared with 0.52% for SPXL.
MSFD is categorized as Inverse Equities, while SPXL is Leveraged Equities. MSFD tracks Microsoft Corporation (-100%), while SPXL tracks S&P 500. Their fees differ too: 1.06% for MSFD and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (2.32 vs 0.29), 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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