MSFD vs. SPXL

Last updated Apr 1, 2026

Compare and contrast key facts about Direxion Daily MSFT Bear 1X Shares (MSFD) and Direxion Daily S&P 500 Bull 3X Shares (SPXL).

MSFD and SPXL are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022. SPXL is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (300%). It was launched on Nov 5, 2008. Both MSFD and SPXL are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

MSFD vs. SPXL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and Direxion Daily S&P 500 Bull 3X Shares (SPXL). The values are adjusted to include any dividend payments, if applicable.

MSFD vs. SPXL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	28.73%	-13.36%	-7.86%	-35.90%	3.88%
SPXL Direxion Daily S&P 500 Bull 3X Shares	-15.99%	31.94%	63.61%	69.49%	-16.49%

Returns By Period

In the year-to-date period, MSFD achieves a 28.73% return, which is significantly higher than SPXL's -15.99% return.

MSFD

• 1D: -3.15%
• 1M: 6.11%
• YTD: 28.73%
• 6M: 38.42%
• 1Y: -0.32%
• 3Y*: -7.18%
• 5Y*: —
• 10Y*: —

SPXL

• 1D: 8.63%
• 1M: -15.66%
• YTD: -15.99%
• 6M: -12.47%
• 1Y: 32.76%
• 3Y*: 37.47%
• 5Y*: 16.98%
• 10Y*: 25.32%

*Multi-year figures are annualized to reflect compound growth (CAGR)

MSFD vs. SPXL - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than SPXL's 1.02% expense ratio.

MSFD

Direxion Daily MSFT Bear 1X Shares

SPXL

Direxion Daily S&P 500 Bull 3X Shares

Return for Risk

MSFD vs. SPXL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

MSFD

MSFD Risk / Return Rank: 12
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 12
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 12
MSFD Martin Ratio Rank: 12

SPXL

SPXL Risk / Return Rank: 45
SPXL Sharpe Ratio Rank: 35
SPXL Sortino Ratio Rank: 46
SPXL Omega Ratio Rank: 50
SPXL Calmar Ratio Rank: 46
SPXL Martin Ratio Rank: 48

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

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 Shares (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 ratio Return per unit of total volatility	-0.01	0.61	-0.62
Sortino ratio Return per unit of downside risk	0.17	1.18	-1.01
Omega ratio Gain probability vs. loss probability	1.02	1.18	-0.15
Calmar ratio Return relative to maximum drawdown	0.02	1.05	-1.03
Martin ratio Return relative to average drawdown	0.03	4.21	-4.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFD vs. SPXL - Sharpe Ratio Comparison

The current MSFD Sharpe Ratio is -0.01, which is lower than the SPXL Sharpe Ratio of 0.61. The chart below compares the historical Sharpe Ratios of MSFD and SPXL, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	MSFD	SPXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.01	0.61	-0.62
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.48	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.39	0.47	-0.87

Correlation

The correlation between MSFD and SPXL is -0.69. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

MSFD vs. SPXL - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.43%, more than SPXL's 0.80% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSFD Direxion Daily MSFT Bear 1X Shares	2.43%	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 Shares	0.80%	0.69%	0.74%	0.98%	0.32%	0.11%	0.22%	0.84%	1.02%	3.88%

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.

Drawdown Indicators

	MSFD	SPXL	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-76.86%	+16.96%
Max Drawdown (1Y) Largest decline over 1 year	-34.84%	-33.42%	-1.42%
Max Drawdown (5Y) Largest decline over 5 years	—	-63.80%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-76.86%	—
Current Drawdown Current decline from peak	-41.94%	-20.45%	-21.49%
Average Drawdown Average peak-to-trough decline	-41.28%	-15.85%	-25.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.22%	8.34%	+16.88%

Volatility

MSFD vs. SPXL - Volatility Comparison

The current volatility for Direxion Daily MSFT Bear 1X Shares (MSFD) is 6.60%, while Direxion Daily S&P 500 Bull 3X Shares (SPXL) has a volatility of 15.89%. This indicates that MSFD experiences smaller price fluctuations and is considered to be less risky than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFD	SPXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.60%	15.89%	-9.29%
Volatility (6M) Calculated over the trailing 6-month period	18.84%	28.45%	-9.61%
Volatility (1Y) Calculated over the trailing 1-year period	26.78%	54.30%	-27.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.77%	50.27%	-24.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.77%	53.37%	-27.60%