MSFX vs. ERX

Last updated Jun 3, 2026

MSFX (T-Rex 2X Long Microsoft Daily Target ETF) and ERX (Direxion Daily Energy Bull 2X Shares) are both Leveraged Equities funds. MSFX is actively managed, while ERX is passively managed. Over the past year, MSFX returned -23.62% vs 90.02% for ERX. At a correlation of -0.01, they often move in opposite directions. MSFX charges 1.05%/yr vs 1.09%/yr for ERX.

Performance

MSFX vs. ERX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Long Microsoft Daily Target ETF (MSFX) and Direxion Daily Energy Bull 2X Shares (ERX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MSFX achieves a -23.22% return, which is significantly lower than ERX's 62.58% return.

MSFX

• 1D: -8.16%
• 1M: 12.12%
• YTD: -23.22%
• 6M: -27.81%
• 1Y: -23.62%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ERX

• 1D: 2.25%
• 1M: -4.14%
• YTD: 62.58%
• 6M: 61.46%
• 1Y: 90.02%
• 3Y*: 22.61%
• 5Y*: 28.38%
• 10Y*: -9.03%

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

MSFX vs. ERX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
MSFX T-Rex 2X Long Microsoft Daily Target ETF	-23.22%	9.84%	3.81%
ERX Direxion Daily Energy Bull 2X Shares	62.58%	2.79%	6.82%

Correlation

The correlation between MSFX and ERX is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	-0.01

The correlation between MSFX and ERX shifts across timeframes, from -0.13 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MSFX vs. ERX — Risk / Return Rank

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

MSFX

MSFX Risk / Return Rank: 5
MSFX Sharpe Ratio Rank: 5
MSFX Sortino Ratio Rank: 5
MSFX Omega Ratio Rank: 5
MSFX Calmar Ratio Rank: 5
MSFX Martin Ratio Rank: 5

ERX

ERX Risk / Return Rank: 62
ERX Sharpe Ratio Rank: 65
ERX Sortino Ratio Rank: 54
ERX Omega Ratio Rank: 51
ERX Calmar Ratio Rank: 78
ERX Martin Ratio Rank: 62

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.

MSFX vs. ERX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Long Microsoft Daily Target ETF (MSFX) and Direxion Daily Energy Bull 2X Shares (ERX). 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.

	MSFX	ERX	Difference
Sharpe ratio Return per unit of total volatility	-0.47	2.20	-2.68
Sortino ratio Return per unit of downside risk	-0.38	2.61	-2.99
Omega ratio Gain probability vs. loss probability	0.95	1.32	-0.37
Calmar ratio Return relative to maximum drawdown	-0.38	4.08	-4.46
Martin ratio Return relative to average drawdown	-0.73	11.16	-11.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MSFX vs. ERX - Sharpe Ratio Comparison

The current MSFX Sharpe Ratio is -0.47, which is lower than the ERX Sharpe Ratio of 2.20. The chart below compares the historical Sharpe Ratios of MSFX and ERX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MSFX	ERX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.47	2.20	-2.68
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.13	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	-0.09	-0.02

Drawdowns

MSFX vs. ERX - Drawdown Comparison

The maximum MSFX drawdown since its inception was -60.86%, smaller than the maximum ERX drawdown of -99.54%. Use the drawdown chart below to compare losses from any high point for MSFX and ERX.

Drawdown Indicators

	MSFX	ERX	Difference
Max Drawdown Largest peak-to-trough decline	-60.86%	-99.54%	+38.68%
Max Drawdown (1Y) Largest decline over 1 year	-60.86%	-23.34%	-37.52%
Max Drawdown (3Y) Largest decline over 3 years	—	-42.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.59%	—
Current Drawdown Current decline from peak	-41.88%	-91.79%	+49.91%
Average Drawdown Average peak-to-trough decline	-21.20%	-67.01%	+45.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.67%	8.52%	+23.15%

Volatility

MSFX vs. ERX - Volatility Comparison

T-Rex 2X Long Microsoft Daily Target ETF (MSFX) has a higher volatility of 18.10% compared to Direxion Daily Energy Bull 2X Shares (ERX) at 16.37%. This indicates that MSFX's price experiences larger fluctuations and is considered to be riskier than ERX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MSFX	ERX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.10%	16.37%	+1.73%
Volatility (6M) Calculated over the trailing 6-month period	44.83%	33.42%	+11.41%
Volatility (1Y) Calculated over the trailing 1-year period	49.96%	41.14%	+8.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.18%	51.97%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.18%	69.19%	-20.01%

MSFX vs. ERX - Expense Ratio Comparison

MSFX has a 1.05% expense ratio, which is lower than ERX's 1.09% expense ratio.

Dividends

MSFX vs. ERX - Dividend Comparison

MSFX's dividend yield for the trailing twelve months is around 6.96%, more than ERX's 1.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
ERX Direxion Daily Energy Bull 2X Shares	1.65%	2.54%	2.94%	3.17%	2.23%	2.16%	2.35%	1.56%	3.10%	0.85%
MSFX T-Rex 2X Long Microsoft Daily Target ETF	6.96%	5.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFX and ERX in my portfolio?

MSFX and ERX have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSFX or ERX?

MSFX has higher volatility (18.10%) compared to ERX (16.37%). In terms of maximum drawdown, MSFX dropped -60.86% vs ERX's -99.54%.

Which ETF is better, MSFX or ERX?

On 1-year performance, ERX leads with 90.02% vs -23.62% for MSFX. On fees, MSFX is cheaper at 1.05% per year. On volatility, ERX has been the lower-risk option at 16.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSFX or ERX?

Over the 1-year period, ERX has performed better with a 90.02% return vs -23.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSFX or ERX?

MSFX is cheaper with a 1.05% expense ratio, compared with 1.09% for ERX.

Which ETF pays a higher dividend yield, MSFX or ERX?

MSFX has the higher dividend yield at 6.96%, compared with 1.65% for ERX.

What is the main difference between MSFX and ERX?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for MSFX and 1.09% for ERX.

Which has better risk-adjusted returns?

ERX currently has the higher Sharpe Ratio (2.20 vs -0.47), 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.