MSFL vs. MSFX

Last updated Jun 23, 2026

MSFL (GraniteShares 2x Long MSFT Daily ETF) and MSFX (T-Rex 2X Long Microsoft Daily Target ETF) are both Leveraged Equities funds. Both are actively managed. Over the past year, MSFL returned -48.29% vs -50.92% for MSFX. With a 0.99 correlation, they move nearly in lockstep. MSFL charges 1.15%/yr vs 1.05%/yr for MSFX.

Performance

MSFL vs. MSFX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares 2x Long MSFT Daily ETF (MSFL) and T-Rex 2X Long Microsoft Daily Target ETF (MSFX). 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 -47.07% return and MSFX slightly lower at -47.64%.

MSFL

• 1D: -6.13%
• 1M: -24.42%
• YTD: -47.07%
• 6M: -47.46%
• 1Y: -48.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFX

• 1D: -6.41%
• 1M: -24.51%
• YTD: -47.64%
• 6M: -49.12%
• 1Y: -50.92%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFL vs. MSFX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFL GraniteShares 2x Long MSFT Daily ETF	-47.07%	16.99%	-8.21%
MSFX T-Rex 2X Long Microsoft Daily Target ETF	-47.64%	9.84%	-9.31%

Correlation

The correlation between MSFL and MSFX is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.99
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	0.99

The correlation between MSFL and MSFX has been stable across timeframes, ranging from 0.99 to 0.99 - a consistent structural relationship.

Return for Risk

MSFL vs. MSFX — Risk / Return Rank

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

MSFL

MSFL Risk / Return Rank: 2
MSFL Sharpe Ratio Rank: 2
MSFL Sortino Ratio Rank: 2
MSFL Omega Ratio Rank: 2
MSFL Calmar Ratio Rank: 2
MSFL Martin Ratio Rank: 1

MSFX

MSFX Risk / Return Rank: 1
MSFX Sharpe Ratio Rank: 1
MSFX Sortino Ratio Rank: 2
MSFX Omega Ratio Rank: 1
MSFX Calmar Ratio Rank: 2
MSFX Martin Ratio Rank: 1

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. MSFX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Long MSFT Daily ETF (MSFL) and T-Rex 2X Long Microsoft Daily Target ETF (MSFX). 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	MSFX	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	-0.98	+0.04
Sortino ratio: Return per unit of downside risk	-1.29	-1.41	+0.12
Omega ratio: Gain probability vs. loss probability	0.83	0.82	+0.01
Calmar ratio: Return relative to maximum drawdown	-0.82	-0.84	+0.02
Martin ratio: Return relative to average drawdown	-1.48	-1.50	+0.02

MSFL vs. MSFX - Sharpe Ratio Comparison

The current MSFL Sharpe Ratio is -0.93, which is comparable to the MSFX Sharpe Ratio of -0.98. The chart below compares the historical Sharpe Ratios of MSFL and MSFX, 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. MSFX - Drawdown Comparison

The maximum MSFL drawdown since its inception was -59.39%, roughly equal to the maximum MSFX drawdown of -60.86%. Use the drawdown chart below to compare losses from any high point for MSFL and MSFX.

Drawdown Indicators

	MSFL	MSFX	Difference
Max Drawdown Largest peak-to-trough decline	-59.39%	-60.86%	+1.47%
Max Drawdown (1Y) Largest decline over 1 year	-59.39%	-60.86%	+1.47%
Current Drawdown Current decline from peak	-58.76%	-60.36%	+1.60%
Average Drawdown Average peak-to-trough decline	-22.18%	-21.84%	-0.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.63%	33.88%	-1.25%

Volatility

MSFL vs. MSFX - Volatility Comparison

GraniteShares 2x Long MSFT Daily ETF (MSFL) and T-Rex 2X Long Microsoft Daily Target ETF (MSFX) have volatilities of 22.11% and 22.23%, 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	MSFX	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.11%	22.23%	-0.12%
Volatility (6M) Calculated over the trailing 6-month period	46.47%	46.52%	-0.05%
Volatility (1Y) Calculated over the trailing 1-year period	51.97%	52.28%	-0.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.94%	49.69%	+0.25%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.94%	49.69%	+0.25%

MSFL vs. MSFX - Expense Ratio Comparison

MSFL has a 1.15% expense ratio, which is higher than MSFX's 1.05% expense ratio.

Dividends

MSFL vs. MSFX - Dividend Comparison

MSFL has not paid dividends to shareholders, while MSFX's dividend yield for the trailing twelve months is around 10.20%.

Position	TTM	2025
MSFL GraniteShares 2x Long MSFT Daily ETF	0.00%	0.00%
MSFX T-Rex 2X Long Microsoft Daily Target ETF	10.20%	5.34%

Frequently Asked Questions

Can I hold both MSFL and MSFX in my portfolio?

With a correlation of 0.99, MSFL and MSFX 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 MSFX?

MSFX has higher volatility (22.23%) compared to MSFL (22.11%). In terms of maximum drawdown, MSFL dropped -59.39% vs MSFX's -60.86%.

Which ETF is better, MSFL or MSFX?

On 1-year performance, MSFL leads with -48.29% vs -50.92% for MSFX. On fees, MSFX is cheaper at 1.05% per year. On volatility, MSFL has been the lower-risk option at 22.11%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFL or MSFX?

Over the 1-year period, MSFL has performed better with a -48.29% return vs -50.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFL or MSFX?

MSFX is cheaper with a 1.05% expense ratio, compared with 1.15% for MSFL.

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

MSFX has the higher dividend yield at 10.20%, compared with 0.00% for MSFL.

What is the main difference between MSFL and MSFX?

They also come from different issuers: GraniteShares and T-Rex. Their fees differ too: 1.15% for MSFL and 1.05% for MSFX.

Which has better risk-adjusted returns?

MSFL currently has the higher Sharpe Ratio (-0.93 vs -0.98), 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.