Direxion Daily MSFT Bear 1X Shares (MSFD) Performance
MSFD total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −12.9% since Dec 31, 2025
- 1 year
- −6.0% total return
- 3 years
- −15.1% a year
- Since first price
- −17.0% a year since 2022
MSFD trailing returns vs SPY, QQQ, AGG
| Period | MSFD total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −4.3% | −4.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −29.0% | −29.5% | +3.2% | +1.9% | −0.4% |
| 6 months | −23.8% | −25.2% | +7.8% | +8.4% | −1.5% |
| YTD | −12.9% | −15.1% | +12.3% | +15.1% | −1.0% |
| 1 year | −6.0% | −9.0% | +14.4% | +15.9% | −1.1% |
| 3 years | −38.7%−15.1%/yr | −45.3% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionSep 7, 2022 | −53.7%−17.0%/yr | −60.1% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: MSFD vs SPY
From Sep 7, 2022: MSFD grew to $4,631, SPY to $20,205.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
MSFD returns by calendar year
0 of 3 full years positive. Best 2024 (−7.8%), worst 2023 (−35.9%). 2026 is year to date.
MSFD annual returns table
| Year | MSFD | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −12.9% | −37.2% | +12.3% | +15.1% | −1.0% |
| 2025 | −13.4% | −34.8% | +17.7% | +20.8% | +7.2% |
| 2024 | −7.8% | −19.9% | +24.9% | +25.6% | +1.3% |
| 2023 | −35.9% | −41.7% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
MSFD largest drawdowns
Now 60.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 3, 2022 | −62.1% | Oct 13, 2026 | not yet | 3.9 years | 4.0 years so far |
| Oct 11, 2022 | −10.4% | Oct 25, 2022 | Nov 2, 2022 | 14 days | 22 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
MSFD risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | −15.7% | −19.1% |
| Volatility (annualized) | 27.7% | 26.0% |
| Sharpe ratio | -0.63 | -0.85 |
| Sortino ratio | -0.78 | -1.01 |
| Best month | +19.5% | +19.5% |
| Worst month | −21.8% | −21.8% |
| Best 12 months | +30.7% | +30.7% |
| Worst 12 months | −23.9% | −38.4% |
| Positive months | 47% | 44% |
| Beta vs S&P 500 | -1.19 | — |
| Correlation with S&P 500 | -0.53 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
MSFD rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 38 | −38.4% | −13.5% | +30.7% | 13% |
| 3-year (a year) | 14 | −23.5% | −14.2% | −2.7% | 0% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
MSFD performance overview
Direxion Daily MSFT Bear 1X Shares (MSFD) returned −6.0% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned −17.0% a year, turning $10,000 into about $4,631. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −62.1%, from Nov 3, 2022 to Oct 13, 2026; the fund has not yet regained that high. MSFD finished 0 of its 3 full calendar years with a gain; the best year was 2024 (−7.8%) and the worst 2023 (−35.9%). Volatility has been 26.0% a year.
Related: MSFD chart, MSFD dividends. See the MSFD overview for the latest quote and fund facts.
MSFD performance FAQ
What is the MSFD return over the past year?
MSFD returned −6.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 9.0%.
How much would $10,000 invested in MSFD be worth?
$10,000 invested in MSFD at its first recorded close on September 7, 2022 would be worth about $4,631 on October 23, 2026 with distributions reinvested.
What was the worst year for MSFD?
The worst calendar year was 2023, with a total return of −35.9%. The best was 2024 at −7.8%.
What is the biggest drawdown of MSFD?
The largest peak-to-trough decline was −62.1% between November 3, 2022 and October 13, 2026. It has not yet recovered to that high; it is 60.7% below its peak.
How volatile is MSFD?
Over the past 3 years MSFD had an annualized volatility of 27.7% and a Sharpe ratio of -0.63 (excess return over 1–3 month T-bills per unit of risk).