MSFL vs. IFED

Last updated Apr 1, 2026

Compare and contrast key facts about GraniteShares 2x Long MSFT Daily ETF (MSFL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED).

MSFL and IFED are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. MSFL is an actively managed fund by GraniteShares. It was launched on Mar 15, 2024. IFED is a passively managed fund by UBS that tracks the performance of the IFED Large-Cap US Equity Index - Benchmark TR Gross. It was launched on Sep 14, 2021.

Performance

MSFL vs. IFED - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). The values are adjusted to include any dividend payments, if applicable.

MSFL vs. IFED - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-43.95%	16.99%	-9.07%
IFED ETRACS IFED Invest with the Fed TR Index ETN	-10.70%	15.02%	11.69%

Returns By Period

In the year-to-date period, MSFL achieves a -43.95% return, which is significantly lower than IFED's -10.70% return.

MSFL

• 1D: 6.35%
• 1M: -12.11%
• YTD: -43.95%
• 6M: -52.20%
• 1Y: -14.43%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IFED

• 1D: 2.06%
• 1M: -5.98%
• YTD: -10.70%
• 6M: -11.02%
• 1Y: 5.41%
• 3Y*: 14.83%
• 5Y*: —
• 10Y*: —

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

MSFL vs. IFED - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is higher than IFED's 0.45% expense ratio.

MSFL

GraniteShares 2x Long MSFT Daily ETF

IFED

ETRACS IFED Invest with the Fed TR Index ETN

Return for Risk

MSFL vs. IFED — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 8
MSFL Sharpe Ratio Rank: 7
MSFL Sortino Ratio Rank: 9
MSFL Omega Ratio Rank: 9
MSFL Calmar Ratio Rank: 8
MSFL Martin Ratio Rank: 7

IFED

IFED Risk / Return Rank: 20
IFED Sharpe Ratio Rank: 19
IFED Sortino Ratio Rank: 19
IFED Omega Ratio Rank: 20
IFED Calmar Ratio Rank: 20
IFED Martin Ratio Rank: 21

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.

MSFL vs. IFED - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) and ETRACS IFED Invest with the Fed TR Index ETN (IFED). 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.

	MSFL	IFED	Difference
Sharpe ratio Return per unit of total volatility	-0.27	0.29	-0.56
Sortino ratio Return per unit of downside risk	-0.04	0.52	-0.56
Omega ratio Gain probability vs. loss probability	0.99	1.07	-0.08
Calmar ratio Return relative to maximum drawdown	-0.27	0.39	-0.66
Martin ratio Return relative to average drawdown	-0.69	1.24	-1.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFL vs. IFED - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.27, which is lower than the IFED Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of MSFL and IFED, 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

	MSFL	IFED	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.27	0.29	-0.56
Sharpe Ratio (All Time) Calculated using the full available price history	-0.47	0.58	-1.05

Correlation

The correlation between MSFL and IFED is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

MSFL vs. IFED - Dividend Comparison

Neither MSFL nor IFED has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

MSFL vs. IFED - Drawdown Comparison

The maximum MSFL drawdown since its inception was -59.39%, which is greater than IFED's maximum drawdown of -22.36%. Use the drawdown chart below to compare losses from any high point for MSFL and IFED.

Drawdown Indicators

	MSFL	IFED	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-22.36%	-37.03%
Max Drawdown (1Y) Largest decline over 1 year	-59.39%	-14.65%	-44.74%
Current Drawdown Current decline from peak	-56.32%	-12.52%	-43.80%
Average Drawdown Average peak-to-trough decline	-19.41%	-5.70%	-13.71%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.60%	4.64%	+18.96%

Volatility

MSFL vs. IFED - Volatility Comparison

GraniteShares 2x Long MSFT Daily ETF (MSFL) has a higher volatility of 13.12% compared to ETRACS IFED Invest with the Fed TR Index ETN (IFED) at 4.91%. This indicates that MSFL's price experiences larger fluctuations and is considered to be riskier than IFED based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	IFED	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.12%	4.91%	+8.21%
Volatility (6M) Calculated over the trailing 6-month period	39.15%	10.83%	+28.32%
Volatility (1Y) Calculated over the trailing 1-year period	52.83%	18.80%	+34.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.91%	19.72%	+28.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.91%	19.72%	+28.19%