EFZ vs. ORCS

Last updated Jul 14, 2026

EFZ (ProShares Short MSCI EAFE) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. EFZ is passively managed, while ORCS is actively managed. At a 0.27 correlation, their price movements are largely independent. EFZ charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

EFZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Short MSCI EAFE (EFZ) 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, EFZ achieves a -7.54% return, which is significantly lower than ORCS's 25.50% return.

EFZ

• 1D: 0.61%
• 1M: 0.11%
• 6M: -4.41%
• YTD: -7.54%
• 1Y: -13.80%
• 3Y*: -9.08%
• 5Y*: -5.66%
• 10Y*: -8.31%

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

EFZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
EFZ ProShares Short MSCI EAFE	-7.54%	-4.90%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between EFZ and ORCS is 0.27, 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	0.27

Return for Risk

EFZ vs. ORCS — Risk / Return Rank

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

EFZ

EFZ Risk / Return Rank: 3
EFZ Sharpe Ratio Rank: 3
EFZ Sortino Ratio Rank: 3
EFZ Omega Ratio Rank: 3
EFZ Calmar Ratio Rank: 3
EFZ Martin Ratio Rank: 3

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.

EFZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.

	EFZ	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.82	—	—
Sortino ratio: Return per unit of downside risk	-1.10	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.79	—	—
Martin ratio: Return relative to average drawdown	-1.29	—	—

Drawdowns

EFZ vs. ORCS - Drawdown Comparison

The maximum EFZ drawdown since its inception was -88.15%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for EFZ and ORCS.

Drawdown Indicators

	EFZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-88.15%	-50.25%	-37.90%
Max Drawdown (1Y) Largest decline over 1 year	-17.60%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-35.82%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-44.12%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-61.58%	—	—
Current Drawdown Current decline from peak	-87.89%	-10.21%	-77.68%
Average Drawdown Average peak-to-trough decline	-67.18%	-16.41%	-50.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.71%	—	—

Volatility

Volatility by Period

	EFZ	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.97%	—	—
Volatility (6M) Calculated over the trailing 6-month period	14.26%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	16.89%	59.82%	-42.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.84%	59.82%	-42.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.11%	59.82%	-42.71%

EFZ vs. ORCS - Expense Ratio Comparison

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

Dividends

EFZ vs. ORCS - Dividend Comparison

EFZ's dividend yield for the trailing twelve months is around 3.96%, more than ORCS's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EFZ ProShares Short MSCI EAFE	3.96%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EFZ and ORCS in my portfolio?

EFZ and ORCS have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EFZ or ORCS?

On fees, EFZ 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, EFZ or ORCS?

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

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

EFZ has the higher dividend yield at 3.96%, compared with 1.14% for ORCS.

What is the main difference between EFZ and ORCS?

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