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 (150%), 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 -9.21%/yr vs -40.67%/yr for SPXS. At a correlation of -0.66, they often move in opposite directions. MSFU charges 1.04%/yr vs 1.08%/yr for SPXS.
Performance
MSFU vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, MSFU achieves a -45.68% return, which is significantly lower than SPXS's -20.76% return.
MSFU
- 1D
- 2.99%
- 1M
- -22.25%
- YTD
- -45.68%
- 6M
- -46.49%
- 1Y
- -49.63%
- 3Y*
- -9.21%
- 5Y*
- —
- 10Y*
- —
SPXS
- 1D
- 3.42%
- 1M
- 3.11%
- YTD
- -20.76%
- 6M
- -18.37%
- 1Y
- -44.21%
- 3Y*
- -40.67%
- 5Y*
- -33.53%
- 10Y*
- -42.08%
MSFU vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | -45.68% | 13.36% | 5.80% | 83.04% | -13.28% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -20.76% | -41.53% | -42.84% | -45.97% | -4.50% |
Correlation
The correlation between MSFU and SPXS is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022 | -0.66 |
Over the past year, the inverse relationship between MSFU and SPXS has weakened: their correlation has moved from -0.66 to -0.46, meaning they move in opposite directions less often than they have historically.
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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 | +0.23 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.79 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.94 | +0.11 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.63 | +0.13 |
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Drawdowns
MSFU vs. SPXS - Drawdown Comparison
The maximum MSFU drawdown since its inception was -59.83%, 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.
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Drawdown Indicators
| MSFU | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -59.83% | -100.00% | +40.17% |
Max Drawdown (1Y)Largest decline over 1 year | -59.83% | -46.94% | -12.89% |
Max Drawdown (3Y)Largest decline over 3 years | -59.83% | -84.13% | +24.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -90.11% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -57.95% | -100.00% | +42.05% |
Average DrawdownAverage peak-to-trough decline | -16.98% | -96.29% | +79.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.19% | 29.25% | +3.94% |
Volatility
MSFU vs. SPXS - Volatility Comparison
Direxion Daily MSFT Bull 2X Shares (MSFU) has a higher volatility of 22.49% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 14.08%. 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.
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Volatility by Period
| MSFU | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.49% | 14.08% | +8.41% |
Volatility (6M)Calculated over the trailing 6-month period | 46.49% | 29.38% | +17.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.94% | 37.37% | +14.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.60% | 50.68% | -4.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.60% | 53.59% | -6.99% |
MSFU vs. SPXS - Expense Ratio Comparison
MSFU has a 1.04% 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 14.56%, more than SPXS's 4.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFU Direxion Daily MSFT Bull 2X Shares | 14.56% | 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 | 4.62% | 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 -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFU has higher volatility (22.49%) compared to SPXS (14.08%). In terms of maximum drawdown, MSFU dropped -59.83% vs SPXS's -100.00%.
On 3-year performance, MSFU leads with -9.21% vs -40.67% for SPXS. On fees, MSFU is cheaper at 1.04% per year. On volatility, SPXS has been the lower-risk option at 14.08%. 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 -9.21% return vs -40.67%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFU is cheaper with a 1.04% expense ratio, compared with 1.08% for SPXS.
MSFU has the higher dividend yield at 14.56%, compared with 4.62% for SPXS.
MSFU is categorized as Leveraged Equities, while SPXS is Inverse Equities. MSFU tracks Microsoft Corporation (150%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.04% for MSFU and 1.08% for SPXS.
MSFU currently has the higher Sharpe Ratio (-0.96 vs -1.19), 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.
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