NFXS vs. MSDD

Last updated Jun 4, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and MSDD (GraniteShares 2x Short MSTR Daily ETF) are both Inverse Equities funds. Both are actively managed. At a 0.19 correlation, their price movements are largely independent. NFXS charges 1.03%/yr vs 1.50%/yr for MSDD.

Performance

NFXS vs. MSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and GraniteShares 2x Short MSTR Daily ETF (MSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXS achieves a 11.23% return, which is significantly higher than MSDD's -47.16% return.

NFXS

• 1D: 2.15%
• 1M: 11.52%
• YTD: 11.23%
• 6M: 23.05%
• 1Y: 43.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSDD

• 1D: 13.67%
• 1M: 85.18%
• YTD: -47.16%
• 6M: -24.30%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

NFXS vs. MSDD - Yearly Performance Comparison

	2026 (YTD)	2025
NFXS Direxion Daily NFLX Bear 1X Shares	11.23%	27.33%
MSDD GraniteShares 2x Short MSTR Daily ETF	-47.16%	271.43%

Correlation

The correlation between NFXS and MSDD is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.19

Return for Risk

NFXS vs. MSDD — Risk / Return Rank

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

NFXS

NFXS Risk / Return Rank: 35
NFXS Sharpe Ratio Rank: 37
NFXS Sortino Ratio Rank: 37
NFXS Omega Ratio Rank: 42
NFXS Calmar Ratio Rank: 29
NFXS Martin Ratio Rank: 28

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.

NFXS vs. MSDD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) and GraniteShares 2x Short MSTR Daily ETF (MSDD). 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.

	NFXS	MSDD	Difference
Sharpe ratio Return per unit of total volatility	1.31	—	—
Sortino ratio Return per unit of downside risk	1.90	—	—
Omega ratio Gain probability vs. loss probability	1.27	—	—
Calmar ratio Return relative to maximum drawdown	1.39	—	—
Martin ratio Return relative to average drawdown	3.81	—	—
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

	NFXS	MSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	0.70	-1.07

Drawdowns

NFXS vs. MSDD - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, smaller than the maximum MSDD drawdown of -84.91%. Use the drawdown chart below to compare losses from any high point for NFXS and MSDD.

Drawdown Indicators

	NFXS	MSDD	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-84.91%	+34.54%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	—	—
Current Drawdown Current decline from peak	-21.98%	-67.67%	+45.69%
Average Drawdown Average peak-to-trough decline	-32.39%	-29.42%	-2.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.39%	—	—

Volatility

Volatility by Period

	NFXS	MSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.23%	—	—
Volatility (6M) Calculated over the trailing 6-month period	26.37%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	33.13%	141.56%	-108.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.68%	141.56%	-106.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.68%	141.56%	-106.88%

NFXS vs. MSDD - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is lower than MSDD's 1.50% expense ratio.

Dividends

NFXS vs. MSDD - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 2.81%, while MSDD has not paid dividends to shareholders.

Position	TTM	2025	2024
MSDD GraniteShares 2x Short MSTR Daily ETF	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%

Frequently Asked Questions

Can I hold both NFXS and MSDD in my portfolio?

NFXS and MSDD have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NFXS or MSDD?

On fees, NFXS is cheaper at 1.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, NFXS or MSDD?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.50% for MSDD.

Which ETF pays a higher dividend yield, NFXS or MSDD?

NFXS has the higher dividend yield at 2.81%, compared with 0.00% for MSDD.

What is the main difference between NFXS and MSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.03% for NFXS and 1.50% for MSDD.