TSXD vs. MSFD

Last updated Jun 30, 2026

TSXD (Direxion Daily Semiconductors Top 5 Bear 2X ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion. TSXD is actively managed, while MSFD is passively managed. At a 0.23 correlation, their price movements are largely independent.

Performance

TSXD vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) 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, TSXD achieves a -69.35% return, which is significantly lower than MSFD's 27.22% return.

TSXD

• 1D: -4.50%
• 1M: -18.13%
• YTD: -69.35%
• 6M: -69.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: 0.91%
• 1M: 20.99%
• YTD: 27.22%
• 6M: 28.18%
• 1Y: 32.08%
• 3Y*: -2.30%
• 5Y*: —
• 10Y*: —

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

TSXD vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF	-69.35%	-19.22%
MSFD Direxion Daily MSFT Bear 1X Shares	27.22%	7.53%

Correlation

The correlation between TSXD and MSFD is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 1, 2025	0.23

Return for Risk

TSXD vs. MSFD — Risk / Return Rank

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

TSXD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MSFD

MSFD Risk / Return Rank: 35
MSFD Sharpe Ratio Rank: 36
MSFD Sortino Ratio Rank: 39
MSFD Omega Ratio Rank: 39
MSFD Calmar Ratio Rank: 29
MSFD Martin Ratio Rank: 33

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.

TSXD vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) 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.

	TSXD	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	—	1.19	—
Sortino ratio: Return per unit of downside risk	—	1.83	—
Omega ratio: Gain probability vs. loss probability	—	1.23	—
Calmar ratio: Return relative to maximum drawdown	—	1.39	—
Martin ratio: Return relative to average drawdown	—	4.48	—

Drawdowns

TSXD vs. MSFD - Drawdown Comparison

The maximum TSXD drawdown since its inception was -78.82%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for TSXD and MSFD.

Drawdown Indicators

	TSXD	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-78.82%	-59.90%	-18.92%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-76.38%	-42.62%	-33.76%
Average Drawdown Average peak-to-trough decline	-38.18%	-41.61%	+3.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.18%	—

Volatility

Volatility by Period

	TSXD	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.70%	—
Volatility (1Y) Calculated over the trailing 1-year period	85.81%	27.06%	+58.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.81%	26.42%	+59.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.81%	26.42%	+59.39%

Dividends

TSXD vs. MSFD - Dividend Comparison

TSXD's dividend yield for the trailing twelve months is around 5.68%, more than MSFD's 3.11% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	3.11%	3.33%	4.46%	4.43%	0.74%
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF	5.68%	1.03%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TSXD and MSFD in my portfolio?

TSXD and MSFD have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TSXD has the higher dividend yield at 5.68%, compared with 3.11% for MSFD.