Which came closer to its stated multiple, MSFD or MSFX?

Over the window to Sep 30, 2026, MSFD finished 6.5 points from what its multiple implies and MSFX finished 1.0 points from its own, so MSFX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are MSFD and MSFX levered on the same thing?

Yes. Both are levered on Microsoft, MSFD at -1 times and MSFX at +2 times the daily move.

Which one decays faster, MSFD or MSFX?

Decay follows how much the underlying moves about. Over this window MSFD’s moved at 39% annualized and MSFX’s at 39%, so MSFD has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold MSFD or MSFX 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.

Which is cheaper, MSFD or MSFX?

MSFD charges 1.02% a year and MSFX charges 1.05%, so MSFD is cheaper. Fees come from each fund's prospectus.

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MSFD vs MSFX: which held to its multiple?

Over three months against its own daily promise, MSFD finished 1.0 points over and MSFX 4.5 points short. Direxion Daily MSFT Bear 1X ETF and T-REX 2X LONG MICROSOFT DAILY TARGET ETF.

−27.2%

MSFD returned, 3 months

+68.4%

MSFX returned, 3 months

+6.5 pts

MSFD from its stated multiple

+1.0 pts

MSFX from its stated multiple

MSFD · 3 months to Sep 30, 20266.5 pts ahead of its stated multiple

MSFD returned −27.2% while −1 times MSFT's move would have been −33.7%

MSFX · 3 months to Sep 30, 20261 pt ahead of its stated multiple

MSFX returned +68.4% while 2 times MSFT's move would have been +67.4%

ETFIQ Decay Resistance Score · MSFD scores higherDid it keep up with its own daily multiple, compounded day by day?

MSFD among the 125 inverse ETFs over three months

MSFD 27.6

0.4, the lowest in this set99.6, the highest

MSFX among the 470 leveraged ETFs, long, over three months

MSFX 18.2

0.1, the lowest in this set99.9, the highest

A percentile among the 125 inverse ETFs over three months. MSFX 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	MSFX	MSFD	MSFX	MSFD	MSFX
1 month	−1.3%	+1.1%	−1.1%	+2.2%	−0.2 pts	−1.1 pts
3 months	−27.2%	+68.4%	−33.7%	+67.4%	+6.5 pts	+1.0 pts
6 months	−31.3%	+72.9%	−39.4%	+78.8%	+8.1 pts	−6.0 pts
1 year	−4.7%	−21.1%	+0.2%	−0.3%	−4.8 pts	−20.8 pts
3 years	−40.1%	not published	−66.2%	not published	+26.2 pts	not published
Since launch MSFD Sep 2022 · MSFX Jan 2024	−52.9%	+9.2%	not meaningful	+72.4%	not meaningful	−63.2 pts

MSFD and MSFX 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

Direxion Daily MSFT Bear 1X ETF · Aims to return 1 times the opposite of the daily move of Microsoft (MSFT)

MSFX

T-REX 2X LONG MICROSOFT DAILY TARGET ETF · Aims to return twice the daily move of Microsoft (MSFT)

Issuer Direxion T-REX

Sets out to return -1x +2x

Underlying asset MSFT MSFT

Segment company company

Fund returned, 3 months or since launch −27.2% +68.4%

Underlying returned, over that window +33.7% +33.7%

What the stated multiple implies, over that window −33.7% +67.4%

Difference from stated, over that window +6.5 pts +1.0 pts

Fund returned, 1 year or since launch −4.7% −21.1%

Difference from stated, over that window −4.8 pts −20.8 pts

Underlying volatility 39% 39%

Difference over the days both have traded no shared window +1.0 pts

Expense ratio 1.02% 1.05%

Launched Sep 7, 2022 Jan 11, 2024

Net assets $8m $19m

MSFD and MSFX 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.

MSFX in plain words

Three months to Sep 30, 2026: MSFX returned +68.4% where its own daily promise gave +72.9%, 4.5 points short. Read the multiple against the whole window instead and 2 times MSFT's 33.7% implies +67.4%, which makes MSFX look 1.0 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. MSFX 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 MSFX?: Over the window to Sep 30, 2026, MSFD finished 6.5 points from what its multiple implies and MSFX finished 1.0 points from its own, so MSFX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are MSFD and MSFX levered on the same thing?: Yes. Both are levered on Microsoft, MSFD at -1 times and MSFX at +2 times the daily move.
Which one decays faster, MSFD or MSFX?: Decay follows how much the underlying moves about. Over this window MSFD’s moved at 39% annualized and MSFX’s at 39%, so MSFD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold MSFD or MSFX 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.
Which is cheaper, MSFD or MSFX?: MSFD charges 1.02% a year and MSFX charges 1.05%, so MSFD is cheaper. Fees come from each fund's prospectus.

Other comparisons

MSFD vs MSFL MSFD vs MSFU MSFD vs MSFC MSFX vs MSFC MSFX vs MSFL MSFX vs MSFU

MSFD on its own →MSFX on its own →How every figure is computed →Standards and sources →

Where these figures came from

MSFD filings on SEC EDGAR ↗MSFD prospectus with the expense ratio (SEC) ↗Direxion website ↗MSFX filings on SEC EDGAR ↗MSFX prospectus with the expense ratio (SEC) ↗T-REX page for MSFX ↗

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.

Cite this page

ETFIQ, MSFD against MSFX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/msfd-vs-msfx

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.