Data as of .
ORCS vs ORCZ: which held to its multiple?
Over a month against its own daily promise, ORCS finished 0.3 points over and ORCZ 0.4 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| ORCS | ORCZ | ORCS | ORCZ | ORCS | ORCZ | |
| 1 month | +0.4% | −1.9% | +2.0% | +3.9% | −1.6 pts | −5.8 pts |
| 3 months | +14.6% | not published | +18.1% | not published | −3.5 pts | not published |
| 6 months | −12.4% | not published | +2.4% | not published | −14.8 pts | not published |
| Since launch | +17.9% | −33.9% | +32.7% | −26.9% | −14.8 pts | −7.1 pts |
| ORCS Direxion Daily ORCL Bear 1X ETF Aims to return 1 times the opposite of the daily move of ORCL | ORCZ Tradr 2X Short ORCL Daily ETF Aims to return twice the opposite of the daily move of ORCL | |
|---|---|---|
| Issuer | Direxion | Tradr |
| Sets out to return | -1x | -2x |
| On | ORCL | ORCL |
| Segment | company | company |
| Fund returned, 3 months | +14.6% | −1.9% |
| Underlying returned, 3 months | −18.1% | −2.0% |
| What the stated multiple implies, 3 months | +18.1% | +3.9% |
| Difference from stated, 3 months | −3.5 pts | −5.8 pts |
| Fund returned, 1 year or since launch | +17.9% | −33.9% |
| Difference from stated, over that window | −14.8 pts | −7.1 pts |
| Underlying volatility | 56% | 47% |
| Expense ratio | not published | 1.49% |
| Launched | Nov 19, 2025 | Jul 15, 2026 |
ORCS in plain words
Three months to Sep 11, 2026: ORCS returned +14.6% where its own daily promise gave +13.0%, 1.5 points over. Read the multiple against the whole window instead and −1 times ORCL's −18.1% implies +18.1%, which makes ORCS look 3.5 points short. 5.1 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. ORCS aims to return -1 times ORCL'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. ORCL moved at 56% 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.
ORCZ in plain words
One month to Sep 11, 2026: ORCZ returned −1.9% where its own daily promise gave −1.5%, 0.4 points short. Read the multiple against the whole window instead and −2 times ORCL's −2.0% implies +3.9%, which makes ORCZ look 5.8 points short. 5.5 of that is daily compounding, which happens to any −2 times fund over the same path, and the rest is the fund. ORCZ aims to return -2 times ORCL'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. ORCL moved at 47% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, ORCS or ORCZ?
- Over the window to Sep 11, 2026, ORCS finished 3.5 points from what its multiple implies and ORCZ finished 5.8 points from its own, so ORCS came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ORCS and ORCZ levered on the same thing?
- Yes. Both are levered on ORCL, ORCS at -1 times and ORCZ at -2 times the daily move.
- Which one decays faster, ORCS or ORCZ?
- Decay follows how much the underlying moves about. Over this window ORCS’s moved at 56% annualized and ORCZ’s at 47%, so ORCS has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ORCS or ORCZ 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.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, ORCS against ORCZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ORCS-ORCZ Free to use with attribution; the underlying files are at Open data.