MSFU vs. SPXS
MSFU (Direxion Daily MSFT Bull 2X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - MSFU is a Leveraged Equities fund tracking the Microsoft Corporation (200%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 3 years, MSFU returned -7.95%/yr vs -39.60%/yr for SPXS. At a correlation of -0.65, they often move in opposite directions. MSFU charges 0.98%/yr vs 1.08%/yr for SPXS.
Performance
MSFU vs. SPXS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MSFU achieves a -40.99% return, which is significantly lower than SPXS's -24.50% return.
MSFU
- 1D
- 2.98%
- 1M
- -1.77%
- 6M
- -39.20%
- YTD
- -40.99%
- 1Y
- -48.71%
- 3Y*
- -7.95%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
MSFU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | -40.99% | 13.36% | 5.80% | 83.04% | -13.28% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | -4.50% |
Correlation
The correlation between MSFU and SPXS is -0.41, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.65 |
Over the past year, the inverse relationship between MSFU and SPXS has weakened: their correlation has moved from -0.65 to -0.41, meaning they move in opposite directions less often than they have historically.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MSFU vs. SPXS — Risk / Return Rank
MSFU
SPXS
MSFU vs. SPXS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) and Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.78 | -0.94 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.37 | -1.64 | +0.27 |
Loading charts...
Drawdowns
MSFU vs. SPXS - Drawdown Comparison
The maximum MSFU drawdown since its inception was -62.43%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for MSFU and SPXS.
Loading charts...
Drawdown Indicators
| MSFU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -62.43% | -100.00% | +37.57% |
Max Drawdown (1Y)Largest decline over 1 year | -62.43% | -43.64% | -18.79% |
Max Drawdown (3Y)Largest decline over 3 years | -62.43% | -84.13% | +21.70% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -54.32% | -100.00% | +45.68% |
Average DrawdownAverage peak-to-trough decline | -17.52% | -96.30% | +78.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.61% | 24.98% | +10.63% |
Volatility
MSFU vs. SPXS - Volatility Comparison
Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 20.77% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that MSFU's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| MSFU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.77% | 12.80% | +7.97% |
Volatility (6M)Calculated over the trailing 6-month period | 48.85% | 30.04% | +18.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.11% | 37.71% | +16.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.02% | 50.75% | -3.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.02% | 53.52% | -6.50% |
MSFU vs. SPXS - Expense Ratio Comparison
MSFU has a 0.98% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
MSFU vs. SPXS - Dividend Comparison
MSFU's dividend yield for the trailing twelve months is around 12.55%, more than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | 12.55% | 8.15% | 7.00% | 2.11% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
MSFU and SPXS have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFU has higher volatility (20.77%) compared to SPXS (12.80%). In terms of maximum drawdown, MSFU dropped -62.43% vs SPXS's -100.00%.
On 3-year performance, MSFU leads with -7.95% vs -39.60% for SPXS. On fees, MSFU is cheaper at 0.98% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFU has performed better with a -7.95% return vs -39.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFU is cheaper with a 0.98% expense ratio, compared with 1.08% for SPXS.
MSFU has the higher dividend yield at 12.55%, compared with 4.50% for SPXS.
MSFU is categorized as Leveraged Equities, while SPXS is Inverse Equities. MSFU tracks Microsoft Corporation (200%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 0.98% for MSFU and 1.08% for SPXS.
MSFU currently has the higher Sharpe Ratio (-0.90 vs -1.09), 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.
Find the right allocation for MSFU and SPXS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer