MSFU vs. TERG

Last updated Jun 4, 2026

MSFU (Direxion Daily MSFT Bull 2X Shares) and TERG (Leverage Shares 2X Long TER Daily ETF) are both Leveraged Equities funds. MSFU is passively managed, while TERG is actively managed. At a 0.02 correlation, their price movements are largely independent. MSFU charges 1.04%/yr vs 0.75%/yr for TERG.

Performance

MSFU vs. TERG - Performance Comparison

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

Returns By Period

In the year-to-date period, MSFU achieves a -27.75% return, which is significantly lower than TERG's 229.64% return.

MSFU

• 1D: -6.29%
• 1M: 5.53%
• YTD: -27.75%
• 6M: -26.97%
• 1Y: -26.68%
• 3Y*: -0.38%
• 5Y*: —
• 10Y*: —

TERG

• 1D: 8.49%
• 1M: 39.95%
• YTD: 229.64%
• 6M: 218.92%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFU vs. TERG - Yearly Performance Comparison

	2026 (YTD)	2025
MSFU Direxion Daily MSFT Bull 2X Shares	-27.75%	-10.64%
TERG Leverage Shares 2X Long TER Daily ETF	229.64%	28.17%

Correlation

The correlation between MSFU and TERG is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.02

Return for Risk

MSFU vs. TERG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 5
MSFU Martin Ratio Rank: 5

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. TERG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bull 2X Shares (MSFU) and Leverage Shares 2X Long TER Daily ETF (TERG). 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.

	MSFU	TERG	Difference
Sharpe ratio Return per unit of total volatility	-0.53	—	—
Sortino ratio Return per unit of downside risk	-0.48	—	—
Omega ratio Gain probability vs. loss probability	0.94	—	—
Calmar ratio Return relative to maximum drawdown	-0.45	—	—
Martin ratio Return relative to average drawdown	-0.86	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MSFU	TERG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	9.90	-9.70

Drawdowns

MSFU vs. TERG - Drawdown Comparison

The maximum MSFU drawdown since its inception was -59.83%, which is greater than TERG's maximum drawdown of -49.52%. Use the drawdown chart below to compare losses from any high point for MSFU and TERG.

Drawdown Indicators

	MSFU	TERG	Difference
Max Drawdown Largest peak-to-trough decline	-59.83%	-49.52%	-10.31%
Max Drawdown (1Y) Largest decline over 1 year	-59.83%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-59.83%	—	—
Current Drawdown Current decline from peak	-44.08%	-15.98%	-28.10%
Average Drawdown Average peak-to-trough decline	-16.51%	-13.73%	-2.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.95%	—	—

Volatility

Volatility by Period

	MSFU	TERG	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	45.33%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	50.14%	139.25%	-89.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.32%	139.25%	-92.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.32%	139.25%	-92.93%

MSFU vs. TERG - Expense Ratio Comparison

MSFU has a 1.04% expense ratio, which is higher than TERG's 0.75% expense ratio.

Dividends

MSFU vs. TERG - Dividend Comparison

MSFU's dividend yield for the trailing twelve months is around 10.95%, while TERG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
MSFU Direxion Daily MSFT Bull 2X Shares	10.95%	8.15%	7.00%	2.11%	0.54%
TERG Leverage Shares 2X Long TER Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFU and TERG in my portfolio?

MSFU and TERG have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSFU or TERG?

On fees, TERG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MSFU or TERG?

TERG is cheaper with a 0.75% expense ratio, compared with 1.04% for MSFU.

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

MSFU has the higher dividend yield at 10.95%, compared with 0.00% for TERG.

What is the main difference between MSFU and TERG?

They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.04% for MSFU and 0.75% for TERG.