BSCQ vs. ORR

Last updated Jun 4, 2026

BSCQ (Invesco BulletShares 2026 Corporate Bond ETF) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - BSCQ is a Corporate Bonds fund tracking the NASDAQ BulletShares USD Corporate Bond 2026 Index, while ORR is a Long-Short fund actively managed by Militia Investments. BSCQ is passively managed, while ORR is actively managed. Over the past year, BSCQ returned 4.41% vs 25.94% for ORR. At a correlation of -0.11, they often move in opposite directions. BSCQ charges 0.10%/yr vs 14.19%/yr for ORR.

Performance

BSCQ vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BSCQ achieves a 1.55% return, which is significantly lower than ORR's 4.60% return.

BSCQ

• 1D: 0.08%
• 1M: 0.34%
• YTD: 1.55%
• 6M: 1.92%
• 1Y: 4.41%
• 3Y*: 5.06%
• 5Y*: 1.47%
• 10Y*: —

ORR

• 1D: -0.67%
• 1M: 0.38%
• YTD: 4.60%
• 6M: 8.08%
• 1Y: 25.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BSCQ vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
BSCQ Invesco BulletShares 2026 Corporate Bond ETF	1.55%	4.75%
ORR Militia Long/Short Equity ETF	4.60%	32.15%

Correlation

The correlation between BSCQ and ORR is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	-0.11

Return for Risk

BSCQ vs. ORR — Risk / Return Rank

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

BSCQ

BSCQ Risk / Return Rank: 99
BSCQ Sharpe Ratio Rank: 99
BSCQ Sortino Ratio Rank: 99
BSCQ Omega Ratio Rank: 99
BSCQ Calmar Ratio Rank: 99
BSCQ Martin Ratio Rank: 99

ORR

ORR Risk / Return Rank: 52
ORR Sharpe Ratio Rank: 56
ORR Sortino Ratio Rank: 56
ORR Omega Ratio Rank: 53
ORR Calmar Ratio Rank: 52
ORR Martin Ratio Rank: 44

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.

BSCQ vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) and Militia Long/Short Equity ETF (ORR). 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.

	BSCQ	ORR	Difference
Sharpe ratio: Return per unit of total volatility	7.06	1.93	+5.13
Sortino ratio: Return per unit of downside risk	15.22	2.70	+12.52
Omega ratio: Gain probability vs. loss probability	3.45	1.33	+2.11
Calmar ratio: Return relative to maximum drawdown	43.24	2.64	+40.59
Martin ratio: Return relative to average drawdown	179.65	7.13	+172.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BSCQ vs. ORR - Sharpe Ratio Comparison

The current BSCQ Sharpe Ratio is 7.06, which is higher than the ORR Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of BSCQ and ORR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BSCQ	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	7.06	1.93	+5.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.45	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.60	1.74	-1.13

Drawdowns

BSCQ vs. ORR - Drawdown Comparison

The maximum BSCQ drawdown since its inception was -16.50%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for BSCQ and ORR.

Drawdown Indicators

	BSCQ	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-16.50%	-9.85%	-6.65%
Max Drawdown (1Y) Largest decline over 1 year	-0.10%	-9.85%	+9.75%
Max Drawdown (3Y) Largest decline over 3 years	-1.13%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.02%	—	—
Current Drawdown Current decline from peak	0.00%	-8.57%	+8.57%
Average Drawdown Average peak-to-trough decline	-2.85%	-2.18%	-0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.02%	3.65%	-3.63%

Volatility

BSCQ vs. ORR - Volatility Comparison

The current volatility for Invesco BulletShares 2026 Corporate Bond ETF (BSCQ) is 0.17%, while Militia Long/Short Equity ETF (ORR) has a volatility of 4.06%. This indicates that BSCQ experiences smaller price fluctuations and is considered to be less risky than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BSCQ	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.17%	4.06%	-3.89%
Volatility (6M) Calculated over the trailing 6-month period	0.43%	10.92%	-10.49%
Volatility (1Y) Calculated over the trailing 1-year period	0.63%	13.52%	-12.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.30%	15.34%	-12.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.77%	15.34%	-10.57%

BSCQ vs. ORR - Expense Ratio Comparison

BSCQ has a 0.10% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

BSCQ vs. ORR - Dividend Comparison

BSCQ's dividend yield for the trailing twelve months is around 4.12%, while ORR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BSCQ Invesco BulletShares 2026 Corporate Bond ETF	4.12%	4.14%	4.05%	3.53%	2.54%	1.91%	2.42%	2.96%	3.32%	2.92%	0.51%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BSCQ and ORR in my portfolio?

BSCQ and ORR have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BSCQ or ORR?

ORR has higher volatility (4.06%) compared to BSCQ (0.17%). In terms of maximum drawdown, BSCQ dropped -16.50% vs ORR's -9.85%.

Which ETF is better, BSCQ or ORR?

On 1-year performance, ORR leads with 25.94% vs 4.41% for BSCQ. On fees, BSCQ is cheaper at 0.10% per year. On volatility, BSCQ has been the lower-risk option at 0.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BSCQ or ORR?

Over the 1-year period, ORR has performed better with a 25.94% return vs 4.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BSCQ or ORR?

BSCQ is cheaper with a 0.10% expense ratio, compared with 14.19% for ORR.

Which ETF pays a higher dividend yield, BSCQ or ORR?

BSCQ has the higher dividend yield at 4.12%, compared with 0.00% for ORR.

What is the main difference between BSCQ and ORR?

BSCQ is categorized as Corporate Bonds, while ORR is Long-Short. They also come from different issuers: Invesco and Militia Investments. Their fees differ too: 0.10% for BSCQ and 14.19% for ORR.

Which has better risk-adjusted returns?

BSCQ currently has the higher Sharpe Ratio (7.06 vs 1.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.