BERZ vs. ORCS
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. BERZ is passively managed, while ORCS is actively managed. A 0.60 correlation means they provide meaningful diversification when combined. BERZ charges 0.95%/yr vs 0.97%/yr for ORCS.
Performance
BERZ vs. ORCS - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -54.50% return, which is significantly lower than ORCS's 32.39% return.
BERZ
- 1D
- 8.13%
- 1M
- 12.66%
- 6M
- -51.50%
- YTD
- -54.50%
- 1Y
- -75.61%
- 3Y*
- -72.79%
- 5Y*
- —
- 10Y*
- —
ORCS
- 1D
- 6.05%
- 1M
- 48.21%
- 6M
- 29.65%
- YTD
- 32.39%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BERZ vs. ORCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -54.50% | -16.62% |
ORCS Direxion Daily ORCL Bear 1X ETF | 32.39% | 11.07% |
Correlation
The correlation between BERZ and ORCS is 0.60, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025 | 0.60 |
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Return for Risk
BERZ vs. ORCS — Risk / Return Rank
BERZ
ORCS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BERZ vs. ORCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Direxion Daily ORCL Bear 1X ETF (ORCS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BERZ | ORCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.81 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | — | — |
| Martin ratioReturn relative to average drawdown | -1.42 | — | — |
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Drawdowns
BERZ vs. ORCS - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for BERZ and ORCS.
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Drawdown Indicators
| BERZ | ORCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -50.25% | -49.55% |
Max Drawdown (1Y)Largest decline over 1 year | -83.72% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | — | — |
Current DrawdownCurrent decline from peak | -99.73% | -5.29% | -94.44% |
Average DrawdownAverage peak-to-trough decline | -72.17% | -16.25% | -55.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.42% | — | — |
Volatility
BERZ vs. ORCS - Volatility Comparison
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Volatility by Period
| BERZ | ORCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.86% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 65.71% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 82.83% | 59.95% | +22.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.62% | 59.95% | +32.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.62% | 59.95% | +32.67% |
BERZ vs. ORCS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than ORCS's 0.97% expense ratio.
Dividends
BERZ vs. ORCS - Dividend Comparison
BERZ has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.08%.
| Position | TTM | 2025 |
|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.08% | 0.26% |
Frequently Asked Questions
BERZ and ORCS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BERZ is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BERZ is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.
ORCS has the higher dividend yield at 1.08%, compared with 0.00% for BERZ.
They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 0.97% for ORCS.
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