MSFU vs. BITI

Last updated Aug 2, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MSFU is a Leveraged Equities fund tracking the Microsoft Corporation (200%), while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, MSFU returned 3.90%/yr vs -31.77%/yr for BITI. Their -0.24 correlation means they have often moved in opposite directions in the past. MSFU charges 0.98%/yr vs 1.03%/yr for BITI.

Performance

MSFU vs. BITI - Performance Comparison

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

Returns By Period

In the year-to-date period, MSFU achieves a -18.87% return, which is significantly lower than BITI's 27.11% return.

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%

BITI

• 1D: 3.01%
• 1M: -2.58%
• 6M: 22.77%
• YTD: 27.11%
• 1Y: 58.64%
• 3Y*: -31.77%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.65%

*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)
BITI ProShares Short Bitcoin ETF	$24.10M	$26.49M	$38.71M
MSFU Direxion Daily MSFT Bull 2X Shares	$236.35M	$210.49M	$216.20M

MSFU vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MSFU Direxion Daily MSFT Bull 2X Shares	-18.87%	13.36%	5.80%	83.04%	-13.28%
BITI ProShares Short Bitcoin ETF	27.11%	-1.76%	-62.60%	-66.17%	-3.31%

Correlation

The correlation between MSFU and BITI is -0.24, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.24
Correlation (3Y) Balances recent behavior with more history.	-0.23
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	-0.24

Return for Risk

MSFU vs. BITI — Risk / Return Rank

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

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

BITI

BITI Risk / Return Rank: 61
BITI Sharpe Ratio Rank: 63
BITI Sortino Ratio Rank: 60
BITI Omega Ratio Rank: 55
BITI Calmar Ratio Rank: 73
BITI Martin Ratio Rank: 53

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.

MSFU vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) and ProShares Short Bitcoin ETF (BITI). 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.

	MSFU	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	1.45	-2.04
Sortino ratio: Return per unit of downside risk	-0.63	2.02	-2.65
Omega ratio: Gain probability vs. loss probability	0.92	1.24	-0.32
Calmar ratio: Return relative to maximum drawdown	-0.59	2.53	-3.12
Martin ratio: Return relative to average drawdown	-0.98	6.17	-7.15

MSFU vs. BITI - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.59, which is lower than the BITI Sharpe Ratio of 1.45. The chart below compares the historical Sharpe Ratios of MSFU and BITI, 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

MSFU vs. BITI - Drawdown Comparison

The maximum MSFU drawdown since its inception was -62.43%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MSFU and BITI.

Drawdown Indicators

	MSFU	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-62.43%	-92.16%	+29.73%
Max Drawdown (1Y) Largest decline over 1 year	-62.43%	-25.28%	-37.15%
Max Drawdown (3Y) Largest decline over 3 years	-62.43%	-84.63%	+22.20%
Current Drawdown Current decline from peak	-37.20%	-86.12%	+48.92%
Average Drawdown Average peak-to-trough decline	-18.02%	-68.59%	+50.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.69%	10.35%	+27.34%

Volatility

MSFU vs. BITI - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 29.64% compared to ProShares Short Bitcoin ETF (BITI) at 9.13%. This indicates that MSFU's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFU	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.64%	9.13%	+20.51%
Volatility (6M) Calculated over the trailing 6-month period	51.29%	33.31%	+17.98%
Volatility (1Y) Calculated over the trailing 1-year period	63.22%	44.23%	+18.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.57%	52.03%	-2.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.57%	52.03%	-2.46%

MSFU vs. BITI - Expense Ratio Comparison

MSFU has a 0.98% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MSFU vs. BITI - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 9.13%, less than BITI's 15.30% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.17%	1.60%	3.91%	3.33%	0.06%
MSFU Direxion Daily MSFT Bull 2X Shares	9.13%	8.15%	7.00%	2.11%	0.54%

Frequently Asked Questions

Can I hold both MSFU and BITI in my portfolio?

MSFU and BITI have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFU or BITI?

MSFU has higher volatility (29.64%) compared to BITI (9.13%). In terms of maximum drawdown, MSFU dropped -62.43% vs BITI's -92.16%.

Which ETF is better, MSFU or BITI?

On 3-year performance, MSFU leads with 3.90% vs -31.77% for BITI. On fees, MSFU is cheaper at 0.98% per year. On volatility, BITI has been the lower-risk option at 9.13%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFU or BITI?

Over the 3-year period, MSFU has performed better with a 3.90% return vs -31.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or BITI?

MSFU is cheaper with a 0.98% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.17%, compared with 9.13% for MSFU.

What is the main difference between MSFU and BITI?

MSFU is categorized as Leveraged Equities, while BITI is Cryptocurrency. MSFU tracks Microsoft Corporation (200%), while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.98% for MSFU and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.45 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.