MSFL vs. MSFU

Last updated Aug 2, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and MSFU (Direxion Daily MSFT Bull 2X Shares) are both Leveraged Equities funds. MSFL is actively managed, while MSFU is passively managed. Over the past year, MSFL returned -33.16% vs -34.49% for MSFU. Their 1.00 correlation means they have historically moved very closely together. MSFL charges 1.15%/yr vs 0.98%/yr for MSFU.

Performance

MSFL vs. MSFU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) and Direxion Daily MSFT Bull 2X Shares (MSFU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both stocks are quite close, with MSFL having a -18.68% return and MSFU slightly lower at -18.87%.

MSFL

• 1D: 5.79%
• 1M: 37.76%
• 6M: 5.09%
• YTD: -18.68%
• 1Y: -33.16%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -5.56%

MSFU

• 1D: 5.90%
• 1M: 37.88%
• 6M: 4.85%
• YTD: -18.87%
• 1Y: -34.49%
• 3Y*: 3.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSFL GraniteShares 2x Long MSFT Daily ETF	$37.77M	$32.36M	$34.28M
MSFU Direxion Daily MSFT Bull 2X Shares	$236.35M	$210.49M	$216.20M

MSFL vs. MSFU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-18.68%	16.99%	-8.21%
MSFU Direxion Daily MSFT Bull 2X Shares	-18.87%	13.36%	-7.99%

Correlation

The correlation between MSFL and MSFU is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	1.00

The correlation between MSFL and MSFU has been stable across timeframes, ranging from 1.00 to 1.00 - a consistent structural relationship.

MSFL vs. MSFU - Sectors Allocation Comparison

Sectors	MSFL	MSFU
Technology	66.7%	100.0%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MSFL vs. MSFU — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MSFL

MSFL Risk / Return Rank: 5
MSFL Sharpe Ratio Rank: 5
MSFL Sortino Ratio Rank: 5
MSFL Omega Ratio Rank: 5
MSFL Calmar Ratio Rank: 5
MSFL Martin Ratio Rank: 5

MSFU

MSFU Risk / Return Rank: 5
MSFU Sharpe Ratio Rank: 4
MSFU Sortino Ratio Rank: 5
MSFU Omega Ratio Rank: 4
MSFU Calmar Ratio Rank: 4
MSFU Martin Ratio Rank: 5

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MSFL vs. MSFU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) and Direxion Daily MSFT Bull 2X Shares (MSFU). 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.

	MSFL	MSFU	Difference
Sharpe ratio: Return per unit of total volatility	-0.57	-0.59	+0.02
Sortino ratio: Return per unit of downside risk	-0.59	-0.63	+0.05
Omega ratio: Gain probability vs. loss probability	0.93	0.92	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.57	-0.59	+0.02
Martin ratio: Return relative to average drawdown	-0.95	-0.98	+0.02

MSFL vs. MSFU - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.57, which is comparable to the MSFU Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of MSFL and MSFU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MSFL vs. MSFU - Drawdown Comparison

The maximum MSFL drawdown since its inception was -62.08%, roughly equal to the maximum MSFU drawdown of -62.43%. Use the drawdown chart below to compare losses from any high point for MSFL and MSFU.

Drawdown Indicators

	MSFL	MSFU	Difference
Max Drawdown Largest peak-to-trough decline	-62.08%	-62.43%	+0.35%
Max Drawdown (1Y) Largest decline over 1 year	-62.08%	-62.43%	+0.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.43%	—
Current Drawdown Current decline from peak	-36.63%	-37.20%	+0.57%
Average Drawdown Average peak-to-trough decline	-23.68%	-18.02%	-5.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.31%	37.69%	-0.38%

Volatility

MSFL vs. MSFU - Volatility Comparison

GraniteShares 2x Long MSFT Daily ETF (MSFL) and Direxion Daily MSFT Bull 2X Shares (MSFU) have volatilities of 29.71% and 29.64%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFL	MSFU	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.71%	29.64%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	51.38%	51.29%	+0.09%
Volatility (1Y) Calculated over the trailing 1-year period	63.24%	63.22%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.34%	49.57%	+4.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.34%	49.57%	+4.77%

MSFL vs. MSFU - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is higher than MSFU's 0.98% expense ratio.

Dividends

MSFL vs. MSFU - Dividend Comparison

MSFL has not paid dividends to shareholders, while MSFU's dividend yield for the trailing twelve months is around 9.13%.

Position	TTM	2025	2024	2023	2022
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%
MSFU Direxion Daily MSFT Bull 2X Shares	9.13%	8.15%	7.00%	2.11%	0.54%

Frequently Asked Questions

Can I hold both MSFL and MSFU in my portfolio?

With a correlation of 1.00, MSFL and MSFU move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MSFL or MSFU?

MSFL has higher volatility (29.71%) compared to MSFU (29.64%). In terms of maximum drawdown, MSFL dropped -62.08% vs MSFU's -62.43%.

Which ETF is better, MSFL or MSFU?

On 1-year performance, MSFL leads with -33.16% vs -34.49% for MSFU. On fees, MSFU is cheaper at 0.98% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or MSFU?

Over the 1-year period, MSFL has performed better with a -33.16% return vs -34.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or MSFU?

MSFU is cheaper with a 0.98% expense ratio, compared with 1.15% for MSFL.

Which ETF pays a higher dividend yield, MSFL or MSFU?

MSFU has the higher dividend yield at 9.13%, compared with 0.00% for MSFL.

What is the main difference between MSFL and MSFU?

They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.15% for MSFL and 0.98% for MSFU.

Which has better risk-adjusted returns?

MSFL currently has the higher Sharpe Ratio (-0.57 vs -0.59), 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.