MSFD vs MSFU: which held to its multiple?
Over three months against its own daily promise, MSFD finished 1.0 points over and MSFU 4.0 points short. Direxion Daily MSFT Bear 1X ETF and Direxion Daily MSFT Bull 2X ETF.
MSFD returned −27.2% while −1 times MSFT's move would have been −33.7%
MSFU returned +68.9% while 2 times MSFT's move would have been +67.4%
MSFD among the 125 inverse ETFs over three months
MSFU among the 470 leveraged ETFs, long, over three months
A percentile among the 125 inverse ETFs over three months. MSFU is a percentile among the 470 leveraged ETFs, long, over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →
Performance, window by window
| Total return | Multiple would give | Difference | ||||
|---|---|---|---|---|---|---|
| Window | MSFD | MSFU | MSFD | MSFU | MSFD | MSFU |
| 1 month | −1.3% | +1.0% | −1.1% | +2.2% | −0.2 pts | −1.2 pts |
| 3 months | −27.2% | +68.9% | −33.7% | +67.4% | +6.5 pts | +1.4 pts |
| 6 months | −31.3% | +74.0% | −39.4% | +78.8% | +8.1 pts | −4.9 pts |
| 1 year | −4.7% | −18.2% | +0.2% | −0.3% | −4.8 pts | −17.9 pts |
| 3 years | −40.1% | +48.8% | −66.2% | +132.5% | +26.2 pts | −83.7 pts |
| Since launch MSFD Sep 2022 · MSFU Sep 2022 | −52.9% | +84.7% | not meaningful | not meaningful | not meaningful | not meaningful |
MSFD and MSFU over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
MSFD and MSFU on the same fields, as of Sep 30, 2026. Source: ETFIQ.
MSFD in plain words
Three months to Sep 30, 2026: MSFD returned −27.2% where its own daily promise gave −28.2%, 1.0 points over. Read the multiple against the whole window instead and −1 times MSFT's 33.7% implies −33.7%, which makes MSFD look 6.5 points over. 5.5 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. MSFD aims to return -1 times MSFT's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not -1 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. MSFT moved at 39% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
MSFU in plain words
Three months to Sep 30, 2026: MSFU returned +68.9% where its own daily promise gave +72.9%, 4.0 points short. Read the multiple against the whole window instead and 2 times MSFT's 33.7% implies +67.4%, which makes MSFU look 1.4 points over. 5.4 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. MSFU aims to return +2 times MSFT's move each day, then resets. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.
Questions people ask
- Which came closer to its stated multiple, MSFD or MSFU?
- Over the window to Sep 30, 2026, MSFD finished 6.5 points from what its multiple implies and MSFU finished 1.4 points from its own, so MSFU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are MSFD and MSFU levered on the same thing?
- Yes. Both are levered on Microsoft, MSFD at -1 times and MSFU at +2 times the daily move.
- Which one decays faster, MSFD or MSFU?
- Decay follows how much the underlying moves about. Over this window MSFD’s moved at 39% annualized and MSFU’s at 39%, so MSFD has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold MSFD or MSFU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, MSFD against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfd-vs-msfu
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, MSFD against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfd-vs-msfu Free to use with attribution; the underlying files are at Open data.
Other forms
- Plain
- ETFIQ, MSFD against MSFU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfd-vs-msfu
- APA
- ETFIQ. (Sep 30, 2026). MSFD against MSFU. Retrieved from https://etfiq.com/compare/leverage/msfd-vs-msfu
- Markdown
- [MSFD against MSFU (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/leverage/msfd-vs-msfu)