SPDN vs. MSFD

Last updated Jun 24, 2026

SPDN (Direxion Daily S&P 500 Bear 1x Shares) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion - SPDN tracks the S&P 500 Index while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SPDN returned -11.95%/yr vs -3.55%/yr for MSFD. A 0.66 correlation means they provide meaningful diversification when combined. SPDN charges 0.50%/yr vs 1.06%/yr for MSFD.

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.

Returns By Period

In the year-to-date period, SPDN achieves a -6.10% return, which is significantly lower than MSFD's 24.19% return.

SPDN

• 1D: 0.69%
• 1M: 0.80%
• YTD: -6.10%
• 6M: -5.09%
• 1Y: -14.93%
• 3Y*: -11.95%
• 5Y*: -8.36%
• 10Y*: -12.66%

MSFD

• 1D: -3.08%
• 1M: 9.58%
• YTD: 24.19%
• 6M: 25.23%
• 1Y: 26.45%
• 3Y*: -3.55%
• 5Y*: —
• 10Y*: —

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

SPDN vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPDN Direxion Daily S&P 500 Bear 1x Shares	-6.10%	-11.09%	-12.88%	-15.04%	1.26%
MSFD Direxion Daily MSFT Bear 1X Shares	24.19%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between SPDN and MSFD is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.66

Over the past year, the correlation between SPDN and MSFD has dropped to 0.45 - well below their long-term average of 0.66, suggesting their price drivers have been diverging.

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: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 0

MSFD

MSFD Risk / Return Rank: 29
MSFD Sharpe Ratio Rank: 30
MSFD Sortino Ratio Rank: 32
MSFD Omega Ratio Rank: 32
MSFD Calmar Ratio Rank: 25
MSFD 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.

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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPDN	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.19	1.01	-2.21
Sortino ratio: Return per unit of downside risk	-1.71	1.63	-3.34
Omega ratio: Gain probability vs. loss probability	0.81	1.20	-0.39
Calmar ratio: Return relative to maximum drawdown	-0.93	1.14	-2.08
Martin ratio: Return relative to average drawdown	-1.75	3.69	-5.44

SPDN vs. MSFD - Sharpe Ratio Comparison

The current SPDN Sharpe Ratio is -1.19, which is lower than the MSFD Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of SPDN 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.

Drawdowns

SPDN vs. MSFD - Drawdown Comparison

The maximum SPDN drawdown since its inception was -75.31%, 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	-75.31%	-59.90%	-15.41%
Max Drawdown (1Y) Largest decline over 1 year	-16.05%	-23.25%	+7.20%
Max Drawdown (3Y) Largest decline over 3 years	-38.24%	-40.50%	+2.26%
Max Drawdown (5Y) Largest decline over 5 years	-43.85%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-75.31%	—	—
Current Drawdown Current decline from peak	-74.71%	-43.99%	-30.72%
Average Drawdown Average peak-to-trough decline	-48.66%	-41.61%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.44%	7.35%	+2.09%

Volatility

SPDN vs. MSFD - Volatility Comparison

The current volatility for Direxion Daily S&P 500 Bear 1x Shares (SPDN) is 4.51%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 11.74%. 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	4.51%	11.74%	-7.23%
Volatility (6M) Calculated over the trailing 6-month period	9.82%	22.81%	-12.99%
Volatility (1Y) Calculated over the trailing 1-year period	12.59%	26.33%	-13.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	26.27%	-9.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.04%	26.27%	-8.23%

SPDN vs. MSFD - Expense Ratio Comparison

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

Dividends

SPDN vs. MSFD - Dividend Comparison

SPDN's dividend yield for the trailing twelve months is around 4.02%, more than MSFD's 2.52% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
MSFD Direxion Daily MSFT Bear 1X Shares	2.52%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%	0.00%	0.00%
SPDN Direxion Daily S&P 500 Bear 1x Shares	4.02%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both SPDN and MSFD in my portfolio?

SPDN and MSFD have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPDN or MSFD?

MSFD has higher volatility (11.74%) compared to SPDN (4.51%). In terms of maximum drawdown, SPDN dropped -75.31% vs MSFD's -59.90%.

Which ETF is better, SPDN or MSFD?

On 3-year performance, MSFD leads with -3.55% vs -11.95% for SPDN. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPDN or MSFD?

Over the 3-year period, MSFD has performed better with a -3.55% return vs -11.95%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPDN or MSFD?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.06% for MSFD.

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

SPDN has the higher dividend yield at 4.02%, compared with 2.52% for MSFD.

What is the main difference between SPDN and MSFD?

SPDN tracks S&P 500 Index, while MSFD tracks Microsoft Corporation (-100%). Their fees differ too: 0.50% for SPDN and 1.06% for MSFD.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (1.01 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.