BNKD vs. ORCS

Last updated Jul 16, 2026

BNKD (MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. BNKD is passively managed, while ORCS is actively managed. At a 0.19 correlation, their price movements are largely independent. BNKD charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

BNKD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) 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, BNKD achieves a -46.93% return, which is significantly lower than ORCS's 24.83% return.

BNKD

• 1D: -4.61%
• 1M: -21.61%
• 6M: -46.27%
• YTD: -46.93%
• 1Y: -70.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: -3.32%
• 1M: 42.86%
• 6M: 24.76%
• YTD: 24.83%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BNKD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	-46.93%	-29.21%
ORCS Direxion Daily ORCL Bear 1X ETF	24.83%	11.07%

Correlation

The correlation between BNKD and ORCS is 0.19, 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	0.19

Return for Risk

BNKD vs. ORCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BNKD

BNKD Risk / Return Rank: 0
BNKD Sharpe Ratio Rank: 1
BNKD Sortino Ratio Rank: 0
BNKD Omega Ratio Rank: 0
BNKD Calmar Ratio Rank: 0
BNKD Martin Ratio Rank: 0

ORCS

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

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BNKD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs (BNKD) 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.

	BNKD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.20	—	—
Sortino ratio: Return per unit of downside risk	-2.42	—	—
Omega ratio: Gain probability vs. loss probability	0.75	—	—
Calmar ratio: Return relative to maximum drawdown	-1.00	—	—
Martin ratio: Return relative to average drawdown	-1.70	—	—

Drawdowns

BNKD vs. ORCS - Drawdown Comparison

The maximum BNKD drawdown since its inception was -89.57%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for BNKD and ORCS.

Drawdown Indicators

	BNKD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-89.57%	-50.25%	-39.32%
Max Drawdown (1Y) Largest decline over 1 year	-70.65%	—	—
Current Drawdown Current decline from peak	-89.57%	-10.69%	-78.88%
Average Drawdown Average peak-to-trough decline	-65.70%	-16.32%	-49.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	41.63%	—	—

Volatility

Volatility by Period

	BNKD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.68%	—	—
Volatility (6M) Calculated over the trailing 6-month period	47.12%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	59.14%	59.71%	-0.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.43%	59.71%	+13.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.43%	59.71%	+13.72%

BNKD vs. ORCS - Expense Ratio Comparison

BNKD has a 0.95% expense ratio, which is lower than ORCS's 0.97% expense ratio.

Dividends

BNKD vs. ORCS - Dividend Comparison

BNKD has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.15%.

Position	TTM	2025
BNKD MicroSectors U.S. Big Banks Index -3X Inverse Leveraged ETNs	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.15%	0.26%

Frequently Asked Questions

Can I hold both BNKD and ORCS in my portfolio?

BNKD and ORCS have a correlation of 0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BNKD or ORCS?

On fees, BNKD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BNKD or ORCS?

BNKD is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.

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

ORCS has the higher dividend yield at 1.15%, compared with 0.00% for BNKD.

What is the main difference between BNKD and ORCS?

They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for BNKD and 0.97% for ORCS.