OILD vs. MSFD

Last updated Jun 4, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - OILD tracks the Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, OILD returned -48.14%/yr vs -7.16%/yr for MSFD. At a 0.07 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 1.06%/yr for MSFD.

Performance

OILD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, OILD achieves a -61.30% return, which is significantly lower than MSFD's 10.43% return.

OILD

• 1D: -3.52%
• 1M: 4.33%
• YTD: -61.30%
• 6M: -58.58%
• 1Y: -72.54%
• 3Y*: -48.14%
• 5Y*: —
• 10Y*: —

MSFD

• 1D: 3.26%
• 1M: -3.86%
• YTD: 10.43%
• 6M: 9.36%
• 1Y: 7.43%
• 3Y*: -7.16%
• 5Y*: —
• 10Y*: —

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

OILD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-61.30%	-41.67%	-14.58%	-19.58%	-40.05%
MSFD Direxion Daily MSFT Bear 1X Shares	10.43%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between OILD and MSFD is -0.12, 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	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.07

The correlation between OILD and MSFD shifts across timeframes, from -0.12 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.

Return for Risk

OILD vs. MSFD — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 0
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

MSFD

MSFD Risk / Return Rank: 13
MSFD Sharpe Ratio Rank: 13
MSFD Sortino Ratio Rank: 14
MSFD Omega Ratio Rank: 14
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 13

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.

OILD vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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.

	OILD	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-1.19	0.29	-1.49
Sortino ratio Return per unit of downside risk	-2.45	0.63	-3.09
Omega ratio Gain probability vs. loss probability	0.75	1.08	-0.33
Calmar ratio Return relative to maximum drawdown	-0.94	0.32	-1.26
Martin ratio Return relative to average drawdown	-1.56	0.89	-2.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILD vs. MSFD - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.19, which is lower than the MSFD Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of OILD and MSFD, 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

	OILD	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.19	0.29	-1.49
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.51	-0.24

Drawdowns

OILD vs. MSFD - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for OILD and MSFD.

Drawdown Indicators

	OILD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-59.90%	-39.00%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-23.25%	-54.15%
Max Drawdown (3Y) Largest decline over 3 years	-88.53%	-40.50%	-48.03%
Current Drawdown Current decline from peak	-98.74%	-50.20%	-48.54%
Average Drawdown Average peak-to-trough decline	-88.64%	-41.59%	-47.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.59%	8.40%	+38.19%

Volatility

OILD vs. MSFD - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 24.24% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 10.12%. This indicates that OILD's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OILD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	10.12%	+14.12%
Volatility (6M) Calculated over the trailing 6-month period	48.55%	22.06%	+26.49%
Volatility (1Y) Calculated over the trailing 1-year period	61.12%	25.32%	+35.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.39%	26.15%	+53.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.39%	26.15%	+53.24%

OILD vs. MSFD - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.

Dividends

OILD vs. MSFD - Dividend Comparison

OILD has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 2.83%.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.83%	3.33%	4.46%	4.43%	0.74%
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILD and MSFD in my portfolio?

OILD and MSFD have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or MSFD?

OILD has higher volatility (24.24%) compared to MSFD (10.12%). In terms of maximum drawdown, OILD dropped -98.90% vs MSFD's -59.90%.

Which ETF is better, OILD or MSFD?

On 3-year performance, MSFD leads with -7.16% vs -48.14% for OILD. On fees, OILD is cheaper at 0.95% per year. On volatility, MSFD has been the lower-risk option at 10.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OILD or MSFD?

Over the 3-year period, MSFD has performed better with a -7.16% return vs -48.14%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or MSFD?

OILD is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.

Which ETF pays a higher dividend yield, OILD or MSFD?

MSFD has the higher dividend yield at 2.83%, compared with 0.00% for OILD.

What is the main difference between OILD and MSFD?

OILD tracks Solactive MicroSectors Oil & Gas Exploration & Production Index (-300%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for OILD and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.29 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.