SPDN vs. MSFD

Last updated Apr 2, 2026

Compare and contrast key facts about Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Direxion Daily MSFT Bear 1X Shares (MSFD).

SPDN and MSFD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. MSFD is a passively managed fund by Direxion that tracks the performance of the Microsoft Corporation (-100%). It was launched on Sep 6, 2022. Both SPDN and MSFD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

SPDN vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 1x Shares (SPDN) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

SPDN vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPDN Direxion Daily S&P 500 Bear 1x Shares	5.09%	-11.09%	-12.88%	-15.04%	3.08%
MSFD Direxion Daily MSFT Bear 1X Shares	29.13%	-13.36%	-7.86%	-35.90%	3.88%

Returns By Period

In the year-to-date period, SPDN achieves a 5.09% return, which is significantly lower than MSFD's 29.13% return.

SPDN

• 1D: -0.90%
• 1M: 4.76%
• YTD: 5.09%
• 6M: 4.27%
• 1Y: -11.55%
• 3Y*: -9.84%
• 5Y*: -7.52%
• 10Y*: —

MSFD

• 1D: 0.31%
• 1M: 8.06%
• YTD: 29.13%
• 6M: 39.43%
• 1Y: 1.93%
• 3Y*: -7.09%
• 5Y*: —
• 10Y*: —

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

SPDN vs. MSFD - Expense Ratio Comparison

SPDN has a 0.50% expense ratio, which is lower than MSFD's 1.06% expense ratio.

MSFD

Direxion Daily MSFT Bear 1X Shares

SPDN

Direxion Daily S&P 500 Bear 1x Shares

Return for Risk

SPDN vs. MSFD — Risk / Return Rank

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

SPDN

SPDN Risk / Return Rank: 4
SPDN Sharpe Ratio Rank: 3
SPDN Sortino Ratio Rank: 3
SPDN Omega Ratio Rank: 2
SPDN Calmar Ratio Rank: 5
SPDN Martin Ratio Rank: 8

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: 11
MSFD Martin Ratio Rank: 11

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.

SPDN vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.

	SPDN	MSFD	Difference
Sharpe ratio Return per unit of total volatility	-0.63	0.07	-0.70
Sortino ratio Return per unit of downside risk	-0.77	0.29	-1.06
Omega ratio Gain probability vs. loss probability	0.89	1.04	-0.15
Calmar ratio Return relative to maximum drawdown	-0.45	-0.00	-0.45
Martin ratio Return relative to average drawdown	-0.55	-0.00	-0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPDN vs. MSFD - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -0.63, which is lower than the MSFD Sharpe Ratio of 0.07. The chart below compares the historical Sharpe Ratios of SPDN and MSFD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SPDN	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.63	0.07	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	-0.39	-0.25

Correlation

The correlation between SPDN and MSFD is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SPDN vs. MSFD - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 3.59%, more than MSFD's 2.42% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPDN Direxion Daily S&P 500 Bear 1x Shares	3.59%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%
MSFD Direxion Daily MSFT Bear 1X Shares	2.42%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

SPDN vs. MSFD - Drawdown Comparison

The maximum SPDN drawdown since its inception was -73.52%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SPDN and MSFD.

Drawdown Indicators

	SPDN	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-73.52%	-59.90%	-13.62%
Max Drawdown (1Y) Largest decline over 1 year	-26.44%	-34.84%	+8.40%
Max Drawdown (5Y) Largest decline over 5 years	-39.78%	—	—
Current Drawdown Current decline from peak	-71.70%	-41.76%	-29.94%
Average Drawdown Average peak-to-trough decline	-48.10%	-41.29%	-6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.73%	25.23%	-3.50%

Volatility

SPDN vs. MSFD - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 5.54%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 6.37%. This indicates that SPDN 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.

Volatility by Period

	SPDN	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.54%	6.37%	-0.83%
Volatility (6M) Calculated over the trailing 6-month period	9.71%	18.82%	-9.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.52%	26.77%	-8.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	25.76%	-8.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	25.76%	-7.63%