MSFU vs. MSFL

Last updated Jun 24, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and MSFL (GraniteShares 2x Long MSFT Daily ETF) are both Leveraged Equities funds. MSFU is passively managed, while MSFL is actively managed. Over the past year, MSFU returned -49.63% vs -48.28% for MSFL. With a 1.00 correlation, they move nearly in lockstep. MSFU charges 1.04%/yr vs 1.15%/yr for MSFL.

Performance

MSFU vs. MSFL - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with MSFU having a -45.68% return and MSFL slightly higher at -45.16%.

MSFU

• 1D: 2.99%
• 1M: -22.25%
• YTD: -45.68%
• 6M: -46.49%
• 1Y: -49.63%
• 3Y*: -9.21%
• 5Y*: —
• 10Y*: —

MSFL

• 1D: 3.61%
• 1M: -21.69%
• YTD: -45.16%
• 6M: -45.98%
• 1Y: -48.28%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFU vs. MSFL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFU Direxion Daily MSFT Bull 2X Shares	-45.68%	13.36%	-7.99%
MSFL GraniteShares 2x Long MSFT Daily ETF	-45.16%	16.99%	-8.21%

Correlation

The correlation between MSFU and MSFL is 1.00 - 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	1.00
Correlation (All Time) Calculated using the full available price history since Mar 18, 2024	1.00

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

MSFU vs. MSFL - Sectors Allocation Comparison

Sectors	MSFU	MSFL
Technology	100.0%	66.6%
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	-
Healthcare	-	-
Industrials	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

MSFU vs. MSFL — Risk / Return Rank

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

MSFU

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

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

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.

MSFU vs. MSFL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) and GraniteShares 2x Long MSFT Daily ETF (MSFL). 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	MSFL	Difference
Sharpe ratio: Return per unit of total volatility	-0.96	-0.93	-0.03
Sortino ratio: Return per unit of downside risk	-1.36	-1.29	-0.06
Omega ratio: Gain probability vs. loss probability	0.83	0.83	-0.01
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.82	-0.02
Martin ratio: Return relative to average drawdown	-1.50	-1.47	-0.02

MSFU vs. MSFL - Sharpe Ratio Comparison

The current MSFU Sharpe Ratio is -0.96, which is comparable to the MSFL Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of MSFU and MSFL, 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. MSFL - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, roughly equal to the maximum MSFL drawdown of -59.39%. Use the drawdown chart below to compare losses from any high point for MSFU and MSFL.

Drawdown Indicators

	MSFU	MSFL	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-59.39%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	-59.39%	-0.44%
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	—	—
Current Drawdown Current decline from peak	-57.95%	-57.27%	-0.68%
Average Drawdown Average peak-to-trough decline	-16.98%	-22.24%	+5.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.19%	32.83%	+0.36%

Volatility

MSFU vs. MSFL - Volatility Comparison

Direxion Daily MSFT Bull 2X Shares (MSFU) and GraniteShares 2x Long MSFT Daily ETF (MSFL) have volatilities of 22.49% and 22.64%, 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

	MSFU	MSFL	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.49%	22.64%	-0.15%
Volatility (6M) Calculated over the trailing 6-month period	46.49%	46.50%	-0.01%
Volatility (1Y) Calculated over the trailing 1-year period	51.94%	52.01%	-0.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.60%	49.95%	-3.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.60%	49.95%	-3.35%

MSFU vs. MSFL - Expense Ratio Comparison

MSFU has a 1.04% expense ratio, which is lower than MSFL's 1.15% expense ratio.

Dividends

MSFU vs. MSFL - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 14.56%, while MSFL has not paid dividends to shareholders.

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	14.56%	8.15%	7.00%	2.11%	0.54%

Frequently Asked Questions

Can I hold both MSFU and MSFL in my portfolio?

With a correlation of 1.00, MSFU and MSFL 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, MSFU or MSFL?

MSFL has higher volatility (22.64%) compared to MSFU (22.49%). In terms of maximum drawdown, MSFU dropped -59.83% vs MSFL's -59.39%.

Which ETF is better, MSFU or MSFL?

On 1-year performance, MSFL leads with -48.28% vs -49.63% for MSFU. On fees, MSFU is cheaper at 1.04% per year. On volatility, MSFU has been the lower-risk option at 22.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFU or MSFL?

Over the 1-year period, MSFL has performed better with a -48.28% return vs -49.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFU or MSFL?

MSFU is cheaper with a 1.04% expense ratio, compared with 1.15% for MSFL.

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

MSFU has the higher dividend yield at 14.56%, compared with 0.00% for MSFL.

What is the main difference between MSFU and MSFL?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.04% for MSFU and 1.15% for MSFL.

Which has better risk-adjusted returns?

MSFL currently has the higher Sharpe Ratio (-0.93 vs -0.96), 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.