SPXS vs. MSFD
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SPXS returned -42.68%/yr vs -7.16%/yr for MSFD. A 0.67 correlation means they provide meaningful diversification when combined. SPXS charges 1.08%/yr vs 1.06%/yr for MSFD.
Performance
SPXS vs. MSFD - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -25.49% return, which is significantly lower than MSFD's 10.43% return.
SPXS
- 1D
- 2.19%
- 1M
- -13.11%
- YTD
- -25.49%
- 6M
- -24.86%
- 1Y
- -48.73%
- 3Y*
- -42.68%
- 5Y*
- -34.76%
- 10Y*
- -42.01%
MSFD
- 1D
- 3.26%
- 1M
- -3.86%
- YTD
- 10.43%
- 6M
- 9.36%
- 1Y
- 7.43%
- 3Y*
- -7.16%
- 5Y*
- —
- 10Y*
- —
SPXS vs. MSFD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -25.49% | -41.53% | -42.84% | -45.97% | 0.90% |
MSFD Direxion Daily MSFT Bear 1X Shares | 10.43% | -13.36% | -7.86% | -35.90% | 3.88% |
Correlation
The correlation between SPXS and MSFD is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022 | 0.67 |
Over the past year, the correlation between SPXS and MSFD has dropped to 0.46 - well below their long-term average of 0.67, suggesting their price drivers have been diverging.
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Return for Risk
SPXS vs. MSFD — Risk / Return Rank
SPXS
MSFD
SPXS vs. MSFD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | MSFD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.94 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.08 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 0.32 | -1.28 |
| Martin ratioReturn relative to average drawdown | -1.62 | 0.89 | -2.52 |
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
| SPXS | MSFD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.38 | 0.29 | -1.67 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.69 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.83 | -0.51 | -0.32 |
Drawdowns
SPXS vs. MSFD - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SPXS and MSFD.
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Drawdown Indicators
| SPXS | MSFD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -59.90% | -40.10% |
Max Drawdown (1Y)Largest decline over 1 year | -50.77% | -23.25% | -27.52% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -40.50% | -43.63% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -50.20% | -49.80% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -41.59% | -54.71% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.04% | 8.40% | +21.64% |
Volatility
SPXS vs. MSFD - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.51%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 10.12%. This indicates that SPXS 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
| SPXS | MSFD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.51% | 10.12% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 26.82% | 22.06% | +4.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.54% | 25.32% | +10.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.39% | 26.15% | +24.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.54% | 26.15% | +27.39% |
SPXS vs. MSFD - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than MSFD's 1.06% expense ratio.
Dividends
SPXS vs. MSFD - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.91%, more than MSFD's 2.83% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
MSFD Direxion Daily MSFT Bear 1X Shares | 2.83% | 3.33% | 4.46% | 4.43% | 0.74% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.91% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and MSFD have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSFD has higher volatility (10.12%) compared to SPXS (8.51%). In terms of maximum drawdown, SPXS dropped -100.00% vs MSFD's -59.90%.
On 3-year performance, MSFD leads with -7.16% vs -42.68% for SPXS. On fees, MSFD is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 8.51%. 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 -7.16% return vs -42.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MSFD is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
SPXS has the higher dividend yield at 4.91%, compared with 2.83% for MSFD.
SPXS tracks S&P 500 Index (-300%), while MSFD tracks Microsoft Corporation (-100%). Their fees differ too: 1.08% for SPXS and 1.06% for MSFD.
MSFD currently has the higher Sharpe Ratio (0.29 vs -1.38), 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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