ZIVB vs. MSFD

Last updated Jul 9, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds. ZIVB is actively managed, while MSFD is passively managed. At a 0.00 correlation, their price movements are largely independent. ZIVB charges 1.35%/yr vs 1.06%/yr for MSFD.

Performance

ZIVB vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: 2.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSFD

• 1D: -0.51%
• 1M: 6.43%
• 6M: 19.17%
• YTD: 20.42%
• 1Y: 25.35%
• 3Y*: -4.41%
• 5Y*: —
• 10Y*: —

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

ZIVB vs. MSFD - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	33.28%
MSFD Direxion Daily MSFT Bear 1X Shares	4.65%

Correlation

The correlation between ZIVB and MSFD is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.00

Return for Risk

ZIVB vs. MSFD — Risk / Return Rank

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

ZIVB

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

MSFD

MSFD Risk / Return Rank: 29
MSFD Sharpe Ratio Rank: 29
MSFD Sortino Ratio Rank: 31
MSFD Omega Ratio Rank: 31
MSFD Calmar Ratio Rank: 25
MSFD Martin Ratio Rank: 29

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.

ZIVB vs. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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.

	ZIVB	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	—	0.93	—
Sortino ratio: Return per unit of downside risk	—	1.50	—
Omega ratio: Gain probability vs. loss probability	—	1.19	—
Calmar ratio: Return relative to maximum drawdown	—	1.10	—
Martin ratio: Return relative to average drawdown	—	3.53	—

Drawdowns

ZIVB vs. MSFD - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum MSFD drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for ZIVB and MSFD.

Drawdown Indicators

	ZIVB	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-59.90%	+59.90%
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	0.00%	-45.69%	+45.69%
Average Drawdown Average peak-to-trough decline	0.00%	-41.63%	+41.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.20%	—

Volatility

Volatility by Period

	ZIVB	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.87%	—
Volatility (6M) Calculated over the trailing 6-month period	—	23.96%	—
Volatility (1Y) Calculated over the trailing 1-year period	90.41%	27.24%	+63.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	90.41%	26.42%	+63.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	90.41%	26.42%	+63.99%

ZIVB vs. MSFD - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is higher than MSFD's 1.06% expense ratio.

Dividends

ZIVB vs. MSFD - Dividend Comparison

ZIVB's dividend yield for the trailing twelve months is around 2.37%, less than MSFD's 3.28% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	3.28%	3.33%	4.46%	4.43%	0.74%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	2.37%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ZIVB and MSFD in my portfolio?

ZIVB and MSFD have a correlation of 0.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZIVB or MSFD?

On fees, MSFD is cheaper at 1.06% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIVB or MSFD?

MSFD is cheaper with a 1.06% expense ratio, compared with 1.35% for ZIVB.

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

MSFD has the higher dividend yield at 3.28%, compared with 2.37% for ZIVB.

What is the main difference between ZIVB and MSFD?

They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 1.35% for ZIVB and 1.06% for MSFD.