BMNZ vs. ORCS

Last updated Jul 17, 2026

BMNZ (Defiance Daily Target 2X Short BMNR ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. BMNZ is passively managed, while ORCS is actively managed. At a 0.44 correlation, their price movements are largely independent. BMNZ charges 1.31%/yr vs 0.97%/yr for ORCS.

Performance

BMNZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short BMNR ETF (BMNZ) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMNZ achieves a -13.39% return, which is significantly lower than ORCS's 32.39% return.

BMNZ

• 1D: 4.39%
• 1M: -5.35%
• 6M: 28.59%
• YTD: -13.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.05%
• 1M: 48.21%
• 6M: 29.65%
• YTD: 32.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BMNZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
BMNZ Defiance Daily Target 2X Short BMNR ETF	-13.39%	-18.98%
ORCS Direxion Daily ORCL Bear 1X ETF	32.39%	11.07%

Correlation

The correlation between BMNZ and ORCS is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.44

Return for Risk

BMNZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short BMNR ETF (BMNZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BMNZ vs. ORCS - Drawdown Comparison

The maximum BMNZ drawdown since its inception was -70.80%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for BMNZ and ORCS.

Drawdown Indicators

	BMNZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-70.80%	-50.25%	-20.55%
Current Drawdown Current decline from peak	-51.51%	-5.29%	-46.22%
Average Drawdown Average peak-to-trough decline	-49.97%	-16.25%	-33.72%

Volatility

Volatility by Period

	BMNZ	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	184.15%	59.95%	+124.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	184.15%	59.95%	+124.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	184.15%	59.95%	+124.20%

BMNZ vs. ORCS - Expense Ratio Comparison

BMNZ has a 1.31% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

BMNZ vs. ORCS - Dividend Comparison

BMNZ has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.08%.

Position	TTM	2025
BMNZ Defiance Daily Target 2X Short BMNR ETF	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%

Frequently Asked Questions

Can I hold both BMNZ and ORCS in my portfolio?

BMNZ and ORCS have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BMNZ or ORCS?

On fees, ORCS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BMNZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.31% for BMNZ.

Which ETF pays a higher dividend yield, BMNZ or ORCS?

ORCS has the higher dividend yield at 1.08%, compared with 0.00% for BMNZ.

What is the main difference between BMNZ and ORCS?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.31% for BMNZ and 0.97% for ORCS.