MSFD vs. SPXS
MSFD (Direxion Daily MSFT Bear 1X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - MSFD tracks the Microsoft Corporation (-100%) while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, MSFD returned -10.70%/yr vs -38.58%/yr for SPXS. Their 0.64 correlation means they have sometimes moved together and sometimes differently. MSFD charges 1.06%/yr vs 1.08%/yr for SPXS.
Performance
MSFD vs. SPXS - 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 SPXS's -23.70% 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%
SPXS
- 1D
- -2.06%
- 1M
- -0.49%
- 6M
- -20.89%
- YTD
- -23.70%
- 1Y
- -41.03%
- 3Y*
- -38.58%
- 5Y*
- -32.70%
- 10Y*
- -41.22%
- ALL TIME*
- -44.68%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $21.45M | $15.41M | $22.03M | |
| $303.07M | $277.28M | $339.89M |
MSFD vs. SPXS - 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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -23.70% | -41.53% | -42.84% | -45.97% | -4.50% |
Correlation
The correlation between MSFD and SPXS is 0.42, which is low. Their historical price movements had little consistent relationship.
| 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 | 0.64 |
Over the past year, the correlation between MSFD and SPXS has dropped to 0.42 - 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. SPXS — Risk / Return Rank
MSFD
SPXS
MSFD vs. SPXS - 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 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.29 | ||
| Sortino ratioReturn per unit of downside risk | +2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.84 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 0.36 | -0.88 | +1.24 |
| Martin ratioReturn relative to average drawdown | 1.20 | -1.43 | +2.64 |
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Drawdowns
MSFD vs. SPXS - Drawdown Comparison
The maximum MSFD drawdown since its inception was -59.90%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MSFD and SPXS.
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Drawdown Indicators
| MSFD | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.90% | -100.00% | +40.10% |
Max Drawdown (1Y)Largest decline over 1 year | -26.54% | -43.64% | +17.10% |
Max Drawdown (3Y)Largest decline over 3 years | -40.50% | -84.13% | +43.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -55.70% | -100.00% | +44.30% |
Average DrawdownAverage peak-to-trough decline | -41.72% | -96.31% | +54.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.87% | 26.70% | -18.83% |
Volatility
MSFD vs. SPXS - Volatility Comparison
Direxion Daily MSFT Bear 1X Shares (MSFD) has a higher volatility of 18.10% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 10.76%. This indicates that MSFD's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MSFD | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.10% | 10.76% | +7.34% |
Volatility (6M)Calculated over the trailing 6-month period | 27.83% | 30.49% | -2.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 32.03% | 38.59% | -6.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.55% | 50.77% | -23.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.55% | 53.58% | -26.03% |
MSFD vs. SPXS - Expense Ratio Comparison
MSFD has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
MSFD vs. SPXS - Dividend Comparison
MSFD's dividend yield for the trailing twelve months is around 4.02%, less than SPXS's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.45% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
MSFD and SPXS 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 SPXS (10.76%). In terms of maximum drawdown, MSFD dropped -59.90% vs SPXS's -100.00%.
On 3-year performance, MSFD leads with -10.70% vs -38.58% for SPXS. On fees, MSFD is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 10.76%. 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 -38.58%. 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 SPXS.
SPXS has the higher dividend yield at 4.45%, compared with 4.02% for MSFD.
MSFD tracks Microsoft Corporation (-100%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.06% for MSFD and 1.08% for SPXS.
MSFD currently has the higher Sharpe Ratio (0.30 vs -0.99), 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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