CLIX vs. ORR

Last updated Apr 2, 2026

Compare and contrast key facts about ProShares Long Online/Short Stores ETF (CLIX) and Militia Long/Short Equity ETF (ORR).

CLIX and ORR are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. CLIX is a passively managed fund by ProShares that tracks the performance of the ProShares Long Online/Short Stores Index. It was launched on Nov 14, 2017. ORR is an actively managed fund by Militia Investments. It was launched on Jan 14, 2025.

Performance

CLIX vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Long Online/Short Stores ETF (CLIX) and Militia Long/Short Equity ETF (ORR). The values are adjusted to include any dividend payments, if applicable.

CLIX vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
CLIX ProShares Long Online/Short Stores ETF	-11.38%	29.25%
ORR Militia Long/Short Equity ETF	8.11%	32.15%

Returns By Period

In the year-to-date period, CLIX achieves a -11.38% return, which is significantly lower than ORR's 8.11% return.

CLIX

• 1D: 0.09%
• 1M: -0.66%
• YTD: -11.38%
• 6M: -10.90%
• 1Y: 16.33%
• 3Y*: 17.97%
• 5Y*: -8.57%
• 10Y*: —

ORR

• 1D: 1.32%
• 1M: -3.83%
• YTD: 8.11%
• 6M: 18.65%
• 1Y: 32.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

CLIX vs. ORR - Expense Ratio Comparison

CLIX has a 0.65% expense ratio, which is lower than ORR's 14.19% expense ratio.

ORR

Militia Long/Short Equity ETF

CLIX

ProShares Long Online/Short Stores ETF

Return for Risk

CLIX vs. ORR — Risk / Return Rank

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

CLIX

CLIX Risk / Return Rank: 33
CLIX Sharpe Ratio Rank: 36
CLIX Sortino Ratio Rank: 35
CLIX Omega Ratio Rank: 33
CLIX Calmar Ratio Rank: 32
CLIX Martin Ratio Rank: 28

ORR

ORR Risk / Return Rank: 92
ORR Sharpe Ratio Rank: 91
ORR Sortino Ratio Rank: 93
ORR Omega Ratio Rank: 91
ORR Calmar Ratio Rank: 94
ORR Martin Ratio Rank: 92

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.

CLIX vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Long Online/Short Stores ETF (CLIX) 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.

	CLIX	ORR	Difference
Sharpe ratio Return per unit of total volatility	0.72	2.09	-1.38
Sortino ratio Return per unit of downside risk	1.09	2.90	-1.81
Omega ratio Gain probability vs. loss probability	1.14	1.40	-0.26
Calmar ratio Return relative to maximum drawdown	0.85	3.88	-3.03
Martin ratio Return relative to average drawdown	2.45	13.31	-10.86
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLIX vs. ORR - Sharpe Ratio Comparison

The current CLIX Sharpe Ratio is 0.72, which is lower than the ORR Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of CLIX and ORR, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CLIX	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.72	2.09	-1.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	2.30	-2.16

Correlation

The correlation between CLIX and ORR is 0.32, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CLIX vs. ORR - Dividend Comparison

CLIX's dividend yield for the trailing twelve months is around 0.60%, while ORR has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020
CLIX ProShares Long Online/Short Stores ETF	0.60%	0.46%	0.46%	0.00%	0.00%	0.00%	1.33%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

CLIX vs. ORR - Drawdown Comparison

The maximum CLIX drawdown since its inception was -73.21%, which is greater than ORR's maximum drawdown of -8.64%. Use the drawdown chart below to compare losses from any high point for CLIX and ORR.

Drawdown Indicators

	CLIX	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-73.21%	-8.64%	-64.57%
Max Drawdown (1Y) Largest decline over 1 year	-19.57%	-8.42%	-11.15%
Max Drawdown (5Y) Largest decline over 5 years	-68.22%	—	—
Current Drawdown Current decline from peak	-47.65%	-5.50%	-42.15%
Average Drawdown Average peak-to-trough decline	-34.54%	-1.53%	-33.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.76%	2.45%	+4.31%

Volatility

CLIX vs. ORR - Volatility Comparison

ProShares Long Online/Short Stores ETF (CLIX) has a higher volatility of 7.71% compared to Militia Long/Short Equity ETF (ORR) at 5.00%. This indicates that CLIX's price experiences larger fluctuations and is considered to be riskier than ORR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CLIX	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	5.00%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	16.27%	9.70%	+6.57%
Volatility (1Y) Calculated over the trailing 1-year period	22.90%	15.48%	+7.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.03%	15.03%	+12.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.03%	15.03%	+11.00%