Which came closer to its stated multiple, ORCS or ORCZ?

Over the window to Sep 30, 2026, ORCS finished 5.9 points from what its multiple implies and ORCZ finished 4.6 points from its own, so ORCZ 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 Oracle, 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 54% annualized and ORCZ’s at 52%, 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.

Which is cheaper, ORCS or ORCZ?

ORCS charges 0.97% a year and ORCZ charges 1.49%, so ORCS is cheaper. Fees come from each fund's prospectus.

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ORCS vs ORCZ: which held to its multiple?

Over a month against its own daily promise, ORCS finished 0.5 points over and ORCZ 1.1 points over. Direxion Daily ORCL Bear 1X ETF and Tradr 2X Short ORCL Daily ETF.

−2.6%

ORCS returned, 3 months

−23.3%

ORCZ returned, since launch

−5.9 pts

ORCS from its stated multiple

−16.0 pts

ORCZ from its stated multiple

ORCS · 3 months to Sep 30, 20265.9 pts short of its stated multiple

ORCS returned −2.6% while −1 times ORCL's move would have been +3.3%

ORCZ · 1 month to Sep 30, 20264.6 pts short of its stated multiple

ORCZ returned +11.3% while −2 times ORCL's move would have been +15.9%

Performance, window by window

	Total return		Multiple would give		Difference
Window	ORCS	ORCZ	ORCS	ORCZ	ORCS	ORCZ
1 month	+6.7%	+11.3%	+7.9%	+15.9%	−1.3 pts	−4.6 pts
3 months	−2.6%	not published	+3.3%	not published	−5.9 pts	not published
6 months	−10.5%	not published	+4.8%	not published	−15.3 pts	not published
Since launch ORCS Nov 2025 · ORCZ Jul 2026	+27.7%	−23.3%	+38.5%	−7.3%	−10.9 pts	−16.0 pts

ORCS and ORCZ over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

ORCS

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

ORCZ

Tradr 2X Short ORCL Daily ETF · Aims to return twice the opposite of the daily move of Oracle (ORCL)

Issuer Direxion Tradr

Sets out to return -1x -2x

Underlying asset ORCL ORCL

Segment company company

Fund returned, 3 months or since launch −2.6% +11.3%

Underlying returned, over that window −3.3% −7.9%

What the stated multiple implies, over that window +3.3% +15.9%

Difference from stated, over that window −5.9 pts −4.6 pts

Fund returned, 1 year or since launch +27.7% −23.3%

Difference from stated, over that window −10.9 pts −16.0 pts

Underlying volatility 54% 52%

Expense ratio 0.97% 1.49%

Launched Nov 19, 2025 Jul 15, 2026

Net assets $7m $3m

ORCS and ORCZ on the same fields, as of Sep 30, 2026. Source: ETFIQ.

ORCS in plain words

Three months to Sep 30, 2026: ORCS returned −2.6% where its own daily promise gave −4.0%, 1.4 points over. Read the multiple against the whole window instead and −1 times ORCL's −3.3% implies +3.3%, which makes ORCS look 5.9 points short. 7.3 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 54% 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 30, 2026: ORCZ returned +11.3% where its own daily promise gave +10.2%, 1.1 points over. Read the multiple against the whole window instead and −2 times ORCL's −7.9% implies +15.9%, which makes ORCZ look 4.6 points short. 5.6 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 52% annualized over that window.

Questions people ask

Which came closer to its stated multiple, ORCS or ORCZ?: Over the window to Sep 30, 2026, ORCS finished 5.9 points from what its multiple implies and ORCZ finished 4.6 points from its own, so ORCZ 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 Oracle, 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 54% annualized and ORCZ’s at 52%, 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.
Which is cheaper, ORCS or ORCZ?: ORCS charges 0.97% a year and ORCZ charges 1.49%, so ORCS is cheaper. Fees come from each fund's prospectus.

Other comparisons

ORCS vs ORCU ORCS vs ORCX ORCS vs ORAC ORCZ vs ORAC ORCZ vs ORCU ORCZ vs ORCX

ORCS on its own →ORCZ on its own →How every figure is computed →Standards and sources →

Where these figures came from

ORCS filings on SEC EDGAR ↗ORCS prospectus with the expense ratio (SEC) ↗Direxion website ↗ORCZ filings on SEC EDGAR ↗ORCZ prospectus with the expense ratio (SEC) ↗Tradr website ↗

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, ORCS against ORCZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/orcs-vs-orcz

Open data

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