SVIX vs. MSFD

Last updated Jun 4, 2026

SVIX (Volatility Shares -1x Short VIX Futures ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. Over the past 3 years, SVIX returned -0.59%/yr vs -8.15%/yr for MSFD. At a correlation of -0.45, they often move in opposite directions. SVIX charges 1.47%/yr vs 1.06%/yr for MSFD.

Performance

SVIX vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares -1x Short VIX Futures ETF (SVIX) 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, SVIX achieves a -8.17% return, which is significantly lower than MSFD's 6.94% return.

SVIX

• 1D: -0.09%
• 1M: 16.92%
• YTD: -8.17%
• 6M: 7.59%
• 1Y: 51.46%
• 3Y*: -0.59%
• 5Y*: —
• 10Y*: —

MSFD

• 1D: 4.21%
• 1M: -6.67%
• YTD: 6.94%
• 6M: 8.58%
• 1Y: 3.79%
• 3Y*: -8.15%
• 5Y*: —
• 10Y*: —

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

SVIX vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX Volatility Shares -1x Short VIX Futures ETF	-8.17%	-4.49%	-32.76%	157.37%	14.98%
MSFD Direxion Daily MSFT Bear 1X Shares	6.94%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between SVIX and MSFD is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.32
Correlation (3Y) Calculated over the trailing 3-year period	-0.43
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	-0.45

The correlation between SVIX and MSFD shifts across timeframes, from -0.45 (all time) to -0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SVIX vs. MSFD — Risk / Return Rank

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

SVIX

SVIX Risk / Return Rank: 26
SVIX Sharpe Ratio Rank: 26
SVIX Sortino Ratio Rank: 26
SVIX Omega Ratio Rank: 29
SVIX Calmar Ratio Rank: 25
SVIX Martin Ratio Rank: 25

MSFD

MSFD Risk / Return Rank: 11
MSFD Sharpe Ratio Rank: 11
MSFD Sortino Ratio Rank: 11
MSFD Omega Ratio Rank: 12
MSFD Calmar Ratio Rank: 10
MSFD Martin Ratio Rank: 10

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.

SVIX vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares -1x Short VIX Futures ETF (SVIX) 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.

	SVIX	MSFD	Difference
Sharpe ratio Return per unit of total volatility	0.95	0.15	+0.79
Sortino ratio Return per unit of downside risk	1.46	0.42	+1.04
Omega ratio Gain probability vs. loss probability	1.20	1.05	+0.15
Calmar ratio Return relative to maximum drawdown	1.21	0.14	+1.07
Martin ratio Return relative to average drawdown	3.50	0.39	+3.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SVIX vs. MSFD - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 0.95, which is higher than the MSFD Sharpe Ratio of 0.15. The chart below compares the historical Sharpe Ratios of SVIX 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.

Sharpe Ratios by Period

	SVIX	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	0.15	+0.79
Sharpe Ratio (All Time) Calculated using the full available price history	0.16	-0.54	+0.70

Drawdowns

SVIX vs. MSFD - Drawdown Comparison

The maximum SVIX drawdown since its inception was -79.30%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for SVIX and MSFD.

Drawdown Indicators

	SVIX	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-79.30%	-59.90%	-19.40%
Max Drawdown (1Y) Largest decline over 1 year	-42.69%	-23.25%	-19.44%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-40.50%	-38.80%
Current Drawdown Current decline from peak	-56.14%	-51.77%	-4.37%
Average Drawdown Average peak-to-trough decline	-31.60%	-41.58%	+9.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.75%	8.44%	+6.31%

Volatility

SVIX vs. MSFD - Volatility Comparison

The current volatility for Volatility Shares -1x Short VIX Futures ETF (SVIX) is 7.38%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 9.49%. This indicates that SVIX 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

	SVIX	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.38%	9.49%	-2.11%
Volatility (6M) Calculated over the trailing 6-month period	41.05%	21.86%	+19.19%
Volatility (1Y) Calculated over the trailing 1-year period	54.75%	25.12%	+29.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	66.27%	26.11%	+40.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	66.27%	26.11%	+40.16%

SVIX vs. MSFD - Expense Ratio Comparison

SVIX has a 1.47% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

SVIX vs. MSFD - Dividend Comparison

SVIX has not paid dividends to shareholders, while MSFD's dividend yield for the trailing twelve months is around 2.92%.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.92%	3.33%	4.46%	4.43%	0.74%
SVIX Volatility Shares -1x Short VIX Futures ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SVIX and MSFD in my portfolio?

SVIX and MSFD have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SVIX or MSFD?

MSFD has higher volatility (9.49%) compared to SVIX (7.38%). In terms of maximum drawdown, SVIX dropped -79.30% vs MSFD's -59.90%.

Which ETF is better, SVIX or MSFD?

On 3-year performance, SVIX leads with -0.59% vs -8.15% for MSFD. On fees, MSFD is cheaper at 1.06% per year. On volatility, SVIX has been the lower-risk option at 7.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SVIX or MSFD?

Over the 3-year period, SVIX has performed better with a -0.59% return vs -8.15%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SVIX or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.47% for SVIX.

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

MSFD has the higher dividend yield at 2.92%, compared with 0.00% for SVIX.

What is the main difference between SVIX and MSFD?

They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 1.47% for SVIX and 1.06% for MSFD.

Which has better risk-adjusted returns?

SVIX currently has the higher Sharpe Ratio (0.95 vs 0.15), 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.