DWSH vs. ORCS

Last updated Jul 15, 2026

DWSH (AdvisorShares Dorsey Wright Short ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a 0.20 correlation, their price movements are largely independent. DWSH charges 3.67%/yr vs 0.97%/yr for ORCS.

Performance

DWSH vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright Short ETF (DWSH) 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, DWSH achieves a -4.04% return, which is significantly lower than ORCS's 29.11% return.

DWSH

• 1D: 1.79%
• 1M: -2.21%
• 6M: 0.73%
• YTD: -4.04%
• 1Y: -6.37%
• 3Y*: -2.81%
• 5Y*: -2.43%
• 10Y*: —

ORCS

• 1D: 2.88%
• 1M: 40.95%
• 6M: 34.55%
• YTD: 29.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DWSH vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
DWSH AdvisorShares Dorsey Wright Short ETF	-4.04%	-6.54%
ORCS Direxion Daily ORCL Bear 1X ETF	29.11%	11.07%

Correlation

The correlation between DWSH and ORCS is 0.20, 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	0.20

Return for Risk

DWSH vs. ORCS — Risk / Return Rank

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

DWSH

DWSH Risk / Return Rank: 6
DWSH Sharpe Ratio Rank: 7
DWSH Sortino Ratio Rank: 6
DWSH Omega Ratio Rank: 6
DWSH Calmar Ratio Rank: 6
DWSH Martin Ratio Rank: 6

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.

DWSH vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.

	DWSH	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.29	—	—
Sortino ratio: Return per unit of downside risk	-0.25	—	—
Omega ratio: Gain probability vs. loss probability	0.97	—	—
Calmar ratio: Return relative to maximum drawdown	-0.34	—	—
Martin ratio: Return relative to average drawdown	-0.75	—	—

Drawdowns

DWSH vs. ORCS - Drawdown Comparison

The maximum DWSH drawdown since its inception was -83.55%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for DWSH and ORCS.

Drawdown Indicators

	DWSH	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-83.55%	-50.25%	-33.30%
Max Drawdown (1Y) Largest decline over 1 year	-18.88%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-32.61%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-36.09%	—	—
Current Drawdown Current decline from peak	-82.16%	-7.63%	-74.53%
Average Drawdown Average peak-to-trough decline	-63.82%	-16.35%	-47.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.50%	—	—

Volatility

Volatility by Period

	DWSH	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.00%	—	—
Volatility (6M) Calculated over the trailing 6-month period	16.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	22.31%	59.72%	-37.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.36%	59.72%	-33.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.24%	59.72%	-28.48%

DWSH vs. ORCS - Expense Ratio Comparison

DWSH has a 3.67% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

DWSH vs. ORCS - Dividend Comparison

DWSH's dividend yield for the trailing twelve months is around 6.58%, more than ORCS's 1.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DWSH AdvisorShares Dorsey Wright Short ETF	6.58%	6.31%	6.17%	10.28%	0.00%	0.00%	0.00%	0.14%	0.12%
ORCS Direxion Daily ORCL Bear 1X ETF	1.11%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DWSH and ORCS in my portfolio?

DWSH and ORCS have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, DWSH 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, DWSH or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 3.67% for DWSH.

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

DWSH has the higher dividend yield at 6.58%, compared with 1.11% for ORCS.

What is the main difference between DWSH and ORCS?

They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.67% for DWSH and 0.97% for ORCS.