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

Over the window to Sep 30, 2026, ORCX finished 9.7 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 ORCX and ORCZ levered on the same thing?

Yes. Both are levered on Oracle, 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 54% annualized and ORCZ’s at 52%, 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.

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ORCX vs ORCZ: which held to its multiple?

Over a month against its own daily promise, ORCX finished 0.8 points short and ORCZ 1.1 points over. Defiance Daily Target 2X Long ORCL ETF and Tradr 2X Short ORCL Daily ETF.

−16.3%

ORCX returned, 3 months

−23.3%

ORCZ returned, since launch

−9.7 pts

ORCX from its stated multiple

−16.0 pts

ORCZ from its stated multiple

ORCX · 3 months to Sep 30, 20269.7 pts short of its stated multiple

ORCX returned −16.3% while 2 times ORCL's move would have been −6.6%

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	ORCX	ORCZ	ORCX	ORCZ	ORCX	ORCZ
1 month	−18.0%	+11.3%	−15.9%	+15.9%	−2.1 pts	−4.6 pts
3 months	−16.3%	not published	−6.6%	not published	−9.7 pts	not published
6 months	−29.6%	not published	−9.6%	not published	−20.0 pts	not published
1 year	−84.6%	not published	−101.2%	not published	+16.6 pts	not published
Since launch ORCX Feb 2025 · ORCZ Jul 2026	−70.2%	−23.3%	−39.9%	−7.3%	−30.4 pts	−16.0 pts

ORCX 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

ORCX

Defiance Daily Target 2X Long ORCL ETF · Aims to return twice 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 Defiance Tradr

Sets out to return +2x -2x

Underlying asset ORCL ORCL

Segment company company

Fund returned, 3 months or since launch −16.3% +11.3%

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

What the stated multiple implies, over that window −6.6% +15.9%

Difference from stated, over that window −9.7 pts −4.6 pts

Fund returned, 1 year or since launch −84.6% −23.3%

Difference from stated, over that window +16.6 pts −16.0 pts

Underlying volatility 54% 52%

Difference over the days both have traded −9.7 pts no shared window

Expense ratio 1.31% 1.49%

Launched Feb 7, 2025 Jul 15, 2026

Net assets $235m $3m

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

ORCX in plain words

Three months to Sep 30, 2026: ORCX returned −16.3% where its own daily promise gave −13.1%, 3.2 points short. Read the multiple against the whole window instead and 2 times ORCL's −3.3% implies −6.6%, which makes ORCX look 9.7 points short. 6.5 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 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, ORCX or ORCZ?: Over the window to Sep 30, 2026, ORCX finished 9.7 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 ORCX and ORCZ levered on the same thing?: Yes. Both are levered on Oracle, 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 54% annualized and ORCZ’s at 52%, 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

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

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

Where these figures came from

ORCX filings on SEC EDGAR ↗ORCX prospectus with the expense ratio (SEC) ↗Defiance page for ORCX ↗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, ORCX against ORCZ, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/orcx-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.