MSDD vs SPY
GraniteShares 2x Short MSTR Daily ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. MSDD delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | MSDD | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.50% | 0.09% | |
| AUM | $2M | $789.1B | |
| Dividend Yield | 0.00% | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | -45.26% | +13.79% | |
| 1Y Return | +70.78% | +23.66% | |
| 3Y Return (annualized) | - | +21.40% | |
| 5Y Return (annualized) | - | +13.37% | |
| Volatility (annualized) | 133.8% | 15.3% | |
| Max Drawdown | -84.9% | -56.5% | |
| Fund Family | GraniteShares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jun 9, 2025 | Jan 22, 1993 |
MSDD vs SPY Performance
GraniteShares 2x Short MSTR Daily ETF (MSDD) is a ETF from GraniteShares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year MSDD returned +70.78% while SPY returned +23.66%. Year to date, MSDD is down 45.26% versus a gain of 13.79% for SPY.
Risk: Volatility and Drawdowns
MSDD has been the more volatile fund, with annualized monthly volatility of 133.8% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -84.9% for MSDD and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.42. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
MSDD charges 1.50% per year while SPY charges 0.09%. On a $10,000 position that is $150 vs $9 annually, a gap of $141 per year that compounds over a long holding period. On income, MSDD currently yields 0.00% against 1.01% for SPY.
Frequently Asked Questions
Which is cheaper, MSDD or SPY?
MSDD has an expense ratio of 1.50% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $141 per year of difference.
Which performed better, MSDD or SPY?
Over the past year MSDD returned +70.78% vs +23.66% for SPY, so MSDD leads on 1-year performance. Over the longest common window we track (1 years), MSDD annualized +87.92% vs +8.85% for SPY. Past performance does not guarantee future results.
Which is riskier, MSDD or SPY?
MSDD has been the more volatile fund at 133.8% annualized versus 15.3% for SPY. Worst drawdown: MSDD -84.9% vs SPY -56.5%.
Should I hold both MSDD and SPY?
MSDD and SPY have a monthly-return correlation of -0.42, so combining them can provide real diversification depending on your allocation goals.
Which pays a higher dividend, MSDD or SPY?
MSDD yields 0.00% while SPY yields 1.01%, so SPY currently pays the higher dividend yield.
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