Data as of .
ORCX vs ORCZ: which held to its multiple?
Over a month against its own daily promise, ORCX finished 1.1 points short and ORCZ 0.4 points short.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| ORCX | ORCZ | ORCX | ORCZ | ORCX | ORCZ | |
| 1 month | −6.7% | −1.9% | −3.9% | +3.9% | −2.8 pts | −5.8 pts |
| 3 months | −40.0% | not published | −36.2% | not published | −3.9 pts | not published |
| 6 months | −25.8% | not published | −4.8% | not published | −21.0 pts | not published |
| 1 year | −84.8% | not published | −101.3% | not published | +16.5 pts | not published |
| Since launch | −63.7% | −33.9% | −24.7% | −26.9% | −39.0 pts | −7.1 pts |
| ORCX Defiance Daily Target 2X Long ORCL ETF Aims to return twice 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 | Defiance | Tradr |
| Sets out to return | +2x | -2x |
| On | ORCL | ORCL |
| Segment | company | company |
| Fund returned, 3 months | −40.0% | −1.9% |
| Underlying returned, 3 months | −18.1% | −2.0% |
| What the stated multiple implies, 3 months | −36.2% | +3.9% |
| Difference from stated, 3 months | −3.9 pts | −5.8 pts |
| Fund returned, 1 year or since launch | −84.8% | −33.9% |
| Difference from stated, over that window | +16.5 pts | −7.1 pts |
| Underlying volatility | 56% | 47% |
| Difference over the days both have traded | −2.8 pts | no shared window |
| Expense ratio | 1.31% | 1.49% |
| Launched | Feb 7, 2025 | Jul 15, 2026 |
ORCX in plain words
Three months to Sep 11, 2026: ORCX returned −40.0% where its own daily promise gave −37.9%, 2.2 points short. Read the multiple against the whole window instead and +2 times ORCL's −18.1% implies −36.2%, which makes ORCX look 3.9 points short. 1.7 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. ORCX aims to return +2 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 +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 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, ORCX or ORCZ?
- Over the window to Sep 11, 2026, ORCX finished 3.9 points from what its multiple implies and ORCZ finished 5.8 points from its own, so ORCX came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are ORCX and ORCZ levered on the same thing?
- Yes. Both are levered on ORCL, ORCX at +2 times and ORCZ at -2 times the daily move.
- Which one decays faster, ORCX or ORCZ?
- Decay follows how much the underlying moves about. Over this window ORCX’s moved at 56% annualized and ORCZ’s at 47%, so ORCX has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold ORCX 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.
- Which is cheaper, ORCX or ORCZ?
- ORCX charges 1.31% a year and ORCZ charges 1.49%, so ORCX is cheaper. Fees come from each fund's prospectus.
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, ORCX against ORCZ, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/ORCX-ORCZ Free to use with attribution; the underlying files are at Open data.