SPXS vs. MSFD

Last updated Jul 17, 2026

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 -39.52%/yr vs -4.61%/yr for MSFD. A 0.65 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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, SPXS achieves a -24.88% return, which is significantly lower than MSFD's 16.79% return.

SPXS

• 1D: 1.67%
• 1M: -0.21%
• 6M: -21.79%
• YTD: -24.88%
• 1Y: -41.05%
• 3Y*: -39.52%
• 5Y*: -33.62%
• 10Y*: -41.24%

MSFD

• 1D: -1.38%
• 1M: -2.39%
• 6M: 10.18%
• YTD: 16.79%
• 1Y: 23.32%
• 3Y*: -4.61%
• 5Y*: —
• 10Y*: —

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

SPXS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SPXS Direxion Daily S&P 500 Bear 3X Shares	-24.88%	-41.53%	-42.84%	-45.97%	-4.50%
MSFD Direxion Daily MSFT Bear 1X Shares	16.79%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between SPXS and MSFD is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	0.65

Over the past year, the correlation between SPXS and MSFD has dropped to 0.40 - well below their long-term average of 0.65, suggesting their price drivers have been diverging.

Return for Risk

SPXS vs. MSFD — Risk / Return Rank

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

SPXS

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

MSFD

MSFD Risk / Return Rank: 29
MSFD Sharpe Ratio Rank: 29
MSFD Sortino Ratio Rank: 30
MSFD Omega Ratio Rank: 30
MSFD Calmar Ratio Rank: 26
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.

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.

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.

	SPXS	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	0.85	-1.95
Sortino ratio: Return per unit of downside risk	-1.69	1.39	-3.08
Omega ratio: Gain probability vs. loss probability	0.82	1.17	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.94	1.01	-1.95
Martin ratio: Return relative to average drawdown	-1.62	3.20	-4.81

SPXS vs. MSFD - Sharpe Ratio Comparison

The current SPXS Sharpe Ratio is -1.09, which is lower than the MSFD Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of SPXS 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

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.

Drawdown Indicators

	SPXS	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-59.90%	-40.10%
Max Drawdown (1Y) Largest decline over 1 year	-43.64%	-23.25%	-20.39%
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	-99.56%	—	—
Current Drawdown Current decline from peak	-100.00%	-47.33%	-52.67%
Average Drawdown Average peak-to-trough decline	-96.31%	-41.66%	-54.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.40%	7.32%	+18.08%

Volatility

SPXS vs. MSFD - Volatility Comparison

Direxion Daily S&P 500 Bear 3X Shares (SPXS) and Direxion Daily MSFT Bear 1X Shares (MSFD) have volatilities of 10.70% and 10.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPXS	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.70%	10.74%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	30.07%	24.21%	+5.86%
Volatility (1Y) Calculated over the trailing 1-year period	37.65%	27.50%	+10.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.74%	26.41%	+24.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.50%	26.41%	+27.09%

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 4.52%, more than MSFD's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
MSFD Direxion Daily MSFT Bear 1X Shares	3.38%	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	4.52%	4.93%	6.18%	5.66%	0.00%	0.00%	0.51%	1.74%	0.58%

Frequently Asked Questions

Can I hold both SPXS and MSFD in my portfolio?

SPXS and MSFD have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPXS or MSFD?

MSFD has higher volatility (10.74%) compared to SPXS (10.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs MSFD's -59.90%.

Which ETF is better, SPXS or MSFD?

On 3-year performance, MSFD leads with -4.61% vs -39.52% for SPXS. On fees, MSFD is cheaper at 1.06% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXS or MSFD?

Over the 3-year period, MSFD has performed better with a -4.61% return vs -39.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXS or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.

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

SPXS has the higher dividend yield at 4.52%, compared with 3.38% for MSFD.

What is the main difference between SPXS and 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.

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.85 vs -1.09), 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.