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Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in Militia Long/Short Equity ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.
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Returns By Period
Militia Long/Short Equity ETF (ORR) has returned 6.70% so far this year and 30.93% over the past 12 months.
Militia Long/Short Equity ETF
- 1D
- 1.42%
- 1M
- -6.73%
- YTD
- 6.70%
- 6M
- 15.81%
- 1Y
- 30.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jan 15, 2025, ORR's average daily return is +0.12%, while the average monthly return is +2.37%. At this rate, your investment would double in approximately 2.5 years.
Historically, 87% of months were positive and 13% were negative. The best month was Feb 2026 with a return of +7.1%, while the worst month was Mar 2026 at -6.7%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 1 months.
On a daily basis, ORR closed higher 58% of trading days. The best single day was Apr 9, 2025 with a return of +6.1%, while the worst single day was Apr 10, 2025 at -5.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 6.79% | 7.13% | -6.73% | 6.70% | |||||||||
| 2025 | 3.34% | 1.16% | 3.01% | -1.27% | 2.24% | 4.19% | 3.91% | 1.80% | 1.62% | 0.12% | 6.62% | 1.67% | 32.15% |
Benchmark Metrics
Militia Long/Short Equity ETF has an annualized alpha of 28.72%, beta of 0.49, and R² of 0.34 versus S&P 500 Index. Calculated based on daily prices since January 16, 2025.
- This ETF captured 132.91% of S&P 500 Index gains and tended to rise during its downturns (downside capture of -37.31%) — a profile typical of hedging or uncorrelated assets.
- Beta of 0.49 may look defensive, but with R² of 0.34 this ETF is largely uncorrelated with S&P 500 Index — low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R² of 0.34 means the benchmark explains less than half of this ETF's behavior — treat beta with caution or consider switching to a more representative benchmark.
- Alpha
- 28.72%
- Beta
- 0.49
- R²
- 0.34
- Upside Capture
- 132.91%
- Downside Capture
- -37.31%
Expense Ratio
ORR has a high expense ratio of 14.19%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
ORR ranks 91 for risk / return — in the top 91% of ETFs on our site. This means strong returns relative to risk — exactly what professional investors look for. Well-suited for investors who want to maximize return per unit of risk.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) and compare them to a chosen benchmark (S&P 500 Index).
| ORR | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 2.01 | 0.90 | +1.12 |
Sortino ratioReturn per unit of downside risk | 2.80 | 1.39 | +1.41 |
Omega ratioGain probability vs. loss probability | 1.39 | 1.21 | +0.18 |
Calmar ratioReturn relative to maximum drawdown | 3.57 | 1.40 | +2.17 |
Martin ratioReturn relative to average drawdown | 12.39 | 6.61 | +5.78 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore ORR risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Militia Long/Short Equity ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Militia Long/Short Equity ETF was 8.64%, occurring on Apr 8, 2025. Recovery took 41 trading sessions.
The current Militia Long/Short Equity ETF drawdown is 6.73%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -8.64% | Mar 26, 2025 | 10 | Apr 8, 2025 | 41 | Jun 6, 2025 | 51 |
| -8.42% | Mar 2, 2026 | 15 | Mar 20, 2026 | — | — | — |
| -4.52% | Sep 17, 2025 | 18 | Oct 10, 2025 | 21 | Nov 10, 2025 | 39 |
| -2.78% | Aug 21, 2025 | 7 | Aug 29, 2025 | 7 | Sep 10, 2025 | 14 |
| -2.39% | Jun 30, 2025 | 14 | Jul 18, 2025 | 3 | Jul 23, 2025 | 17 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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