MSFD vs. ZIVB

Last updated Jun 4, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both Inverse Equities funds. MSFD is passively managed, while ZIVB is actively managed. MSFD charges 1.06%/yr vs 1.35%/yr for ZIVB.

Performance

MSFD vs. ZIVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MSFD

• 1D: 3.26%
• 1M: -3.86%
• YTD: 10.43%
• 6M: 9.36%
• 1Y: 7.43%
• 3Y*: -7.16%
• 5Y*: —
• 10Y*: —

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
MSFD Direxion Daily MSFT Bear 1X Shares	-0.58%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%

Return for Risk

MSFD vs. ZIVB — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 13
MSFD Sharpe Ratio Rank: 13
MSFD Sortino Ratio Rank: 14
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 13

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. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio: Return per unit of total volatility	0.29	—	—
Sortino ratio: Return per unit of downside risk	0.63	—	—
Omega ratio: Gain probability vs. loss probability	1.08	—	—
Calmar ratio: Return relative to maximum drawdown	0.32	—	—
Martin ratio: Return relative to average drawdown	0.89	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSFD	ZIVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.29	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.51	—	—

Drawdowns

MSFD vs. ZIVB - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than ZIVB's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for MSFD and ZIVB.

Drawdown Indicators

	MSFD	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	0.00%	-59.90%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-50.20%	0.00%	-50.20%
Average Drawdown Average peak-to-trough decline	-41.59%	0.00%	-41.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.40%	—	—

Volatility

Volatility by Period

	MSFD	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.12%	—	—
Volatility (6M) Calculated over the trailing 6-month period	22.06%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	25.32%	0.00%	+25.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.15%	0.00%	+26.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.15%	0.00%	+26.15%

MSFD vs. ZIVB - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is lower than ZIVB's 1.35% expense ratio.

Dividends

MSFD vs. ZIVB - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 2.83%, while ZIVB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.83%	3.33%	4.46%	4.43%	0.74%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, MSFD or ZIVB?

On fees, MSFD is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSFD or ZIVB?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.35% for ZIVB.

Which ETF pays a higher dividend yield, MSFD or ZIVB?

MSFD has the higher dividend yield at 2.83%, compared with 0.00% for ZIVB.

What is the main difference between MSFD and ZIVB?

They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.06% for MSFD and 1.35% for ZIVB.