SDD vs. MSFD
SDD (ProShares UltraShort SmallCap600) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds - SDD tracks the S&P Small Cap 600 (-200%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SDD returned -23.30%/yr vs -6.61%/yr for MSFD. At a 0.34 correlation, their price movements are largely independent. SDD charges 0.95%/yr vs 1.06%/yr for MSFD.
Performance
SDD vs. MSFD - Performance Comparison
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Returns By Period
In the year-to-date period, SDD achieves a -23.94% return, which is significantly lower than MSFD's 13.15% return.
SDD
- 1D
- 3.63%
- 1M
- 2.05%
- YTD
- -23.94%
- 6M
- -22.77%
- 1Y
- -41.53%
- 3Y*
- -23.30%
- 5Y*
- -14.95%
- 10Y*
- -26.75%
MSFD
- 1D
- 2.74%
- 1M
- -1.55%
- YTD
- 13.15%
- 6M
- 13.29%
- 1Y
- 10.90%
- 3Y*
- -6.61%
- 5Y*
- —
- 10Y*
- —
SDD vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SDD ProShares UltraShort SmallCap600 | -23.94% | -14.69% | -13.60% | -25.99% | -4.16% |
MSFD Direxion Daily MSFT Bear 1X Shares | 13.15% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between SDD and MSFD is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.34 |
The correlation between SDD and MSFD shifts across timeframes, from 0.16 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SDD vs. MSFD — Risk / Return Rank
SDD
MSFD
SDD vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.
| SDD | MSFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -2.53 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.10 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | 0.47 | -1.42 |
| Martin ratioReturn relative to average drawdown | -1.56 | 1.36 | -2.92 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SDD | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | 0.43 | -1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.35 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.59 | -0.49 | -0.10 |
Drawdowns
SDD vs. MSFD - Drawdown Comparison
The maximum SDD drawdown since its inception was -99.93%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SDD and MSFD.
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Drawdown Indicators
| SDD | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.93% | -59.90% | -40.03% |
Max Drawdown (1Y)Largest decline over 1 year | -43.74% | -23.25% | -20.49% |
Max Drawdown (3Y)Largest decline over 3 years | -65.26% | -40.50% | -24.76% |
Max Drawdown (5Y)Largest decline over 5 years | -67.68% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -96.21% | — | — |
Current DrawdownCurrent decline from peak | -99.93% | -48.97% | -50.96% |
Average DrawdownAverage peak-to-trough decline | -86.92% | -41.61% | -45.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 26.68% | 8.22% | +18.46% |
Volatility
SDD vs. MSFD - Volatility Comparison
The current volatility for ProShares UltraShort SmallCap600 (SDD) is 9.35%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.51%. This indicates that SDD experiences smaller price fluctuations and is considered to be less risky than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SDD | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.35% | 10.51% | -1.16% |
Volatility (6M)Calculated over the trailing 6-month period | 24.32% | 22.07% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 36.17% | 25.46% | +10.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.23% | 26.16% | +17.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.16% | 26.16% | +19.00% |
SDD vs. MSFD - Expense Ratio Comparison
SDD has a 0.95% expense ratio, which is lower than MSFD's 1.06% expense ratio.
Dividends
SDD vs. MSFD - Dividend Comparison
SDD's dividend yield for the trailing twelve months is around 6.11%, more than MSFD's 2.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.76% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
SDD ProShares UltraShort SmallCap600 | 6.11% | 5.07% | 4.34% | 3.84% | 0.33% | 0.00% | 0.00% | 1.20% | 0.52% |
Frequently Asked Questions
SDD and MSFD have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.51%) compared to SDD (9.35%). In terms of maximum drawdown, SDD dropped -99.93% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -6.61% vs -23.30% for SDD. On fees, SDD is cheaper at 0.95% per year. On volatility, SDD has been the lower-risk option at 9.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, MSFD has performed better with a -6.61% return vs -23.30%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SDD is cheaper with a 0.95% expense ratio, compared with 1.06% for MSFD.
SDD has the higher dividend yield at 6.11%, compared with 2.76% for MSFD.
SDD tracks S&P Small Cap 600 (-200%), while MSFD tracks Microsoft Corporation (-100%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SDD and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.43 vs -1.15), 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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