SVIX vs. MSFD

Last updated Aug 2, 2026

SVIX (-1x Short VIX Futures ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both exchange-traded funds - SVIX is a Volatility fund tracking the Short VIX Futures Index, while MSFD is a Inverse Equities fund tracking the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, SVIX returned -6.83%/yr vs -10.70%/yr for MSFD. Their -0.44 correlation means they have often moved in opposite directions in the past. 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 -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 -0.08% return, which is significantly higher than MSFD's -1.78% return.

SVIX

• 1D: 3.02%
• 1M: 1.89%
• 6M: 6.65%
• YTD: -0.08%
• 1Y: 51.31%
• 3Y*: -6.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.88%

MSFD

• 1D: -2.88%
• 1M: -18.05%
• 6M: -11.78%
• YTD: -1.78%
• 1Y: 7.40%
• 3Y*: -10.70%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -15.36%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MSFD Direxion Daily MSFT Bear 1X Shares	$21.45M	$15.41M	$22.03M
SVIX -1x Short VIX Futures ETF	$67.82M	$60.76M	$62.62M

SVIX vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SVIX -1x Short VIX Futures ETF	-0.08%	-4.49%	-32.76%	157.37%	21.16%
MSFD Direxion Daily MSFT Bear 1X Shares	-1.78%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between SVIX and MSFD is -0.31, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.31
Correlation (3Y) Balances recent behavior with more history.	-0.44
Correlation (All Time) Calculated using the full available price history since Sep 7, 2022	-0.44

The correlation between SVIX and MSFD shifts across timeframes, from -0.44 (all time) to -0.31 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SVIX vs. MSFD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SVIX

SVIX Risk / Return Rank: 31
SVIX Sharpe Ratio Rank: 29
SVIX Sortino Ratio Rank: 32
SVIX Omega Ratio Rank: 34
SVIX Calmar Ratio Rank: 28
SVIX Martin Ratio Rank: 30

MSFD

MSFD Risk / Return Rank: 18
MSFD Sharpe Ratio Rank: 17
MSFD Sortino Ratio Rank: 18
MSFD Omega Ratio Rank: 20
MSFD Calmar Ratio Rank: 17
MSFD Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SVIX vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -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.

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.

	SVIX	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	0.70	0.30	+0.40
Sortino ratio: Return per unit of downside risk	1.21	0.60	+0.61
Omega ratio: Gain probability vs. loss probability	1.16	1.09	+0.07
Calmar ratio: Return relative to maximum drawdown	0.92	0.36	+0.56
Martin ratio: Return relative to average drawdown	2.61	1.20	+1.41

SVIX vs. MSFD - Sharpe Ratio Comparison

The current SVIX Sharpe Ratio is 0.70, which is higher than the MSFD Sharpe Ratio of 0.30. 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.

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%	-26.54%	-16.15%
Max Drawdown (3Y) Largest decline over 3 years	-79.30%	-40.50%	-38.80%
Current Drawdown Current decline from peak	-52.28%	-55.70%	+3.42%
Average Drawdown Average peak-to-trough decline	-32.40%	-41.72%	+9.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.03%	7.87%	+7.16%

Volatility

SVIX vs. MSFD - Volatility Comparison

The current volatility for -1x Short VIX Futures ETF (SVIX) is 14.34%, while Direxion Daily MSFT Bear 1X Shares (MSFD) has a volatility of 18.10%. 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	14.34%	18.10%	-3.76%
Volatility (6M) Calculated over the trailing 6-month period	42.92%	27.83%	+15.09%
Volatility (1Y) Calculated over the trailing 1-year period	56.46%	32.03%	+24.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.81%	27.55%	+38.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	65.81%	27.55%	+38.26%

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 4.02%.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	4.02%	3.33%	4.46%	4.43%	0.74%
SVIX -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 -0.31, 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 (18.10%) compared to SVIX (14.34%). 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 -6.83% vs -10.70% for MSFD. On fees, MSFD is cheaper at 1.06% per year. On volatility, SVIX has been the lower-risk option at 14.34%. 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 -6.83% return vs -10.70%. 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 4.02%, compared with 0.00% for SVIX.

What is the main difference between SVIX and MSFD?

SVIX is categorized as Volatility, while MSFD is Inverse Equities. SVIX tracks Short VIX Futures Index, while MSFD tracks Microsoft Corporation (-100%). 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 (0.70 vs 0.30), 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.