FAZ vs. ORLG

Last updated Jul 17, 2026

FAZ (Direxion Daily Financial Bear 3X Shares) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - FAZ tracks the Russell 1000 Financial Services Index (-300%) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a correlation of -0.11, they often move in opposite directions. FAZ charges 1.07%/yr vs 0.75%/yr for ORLG.

Performance

FAZ vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Financial Bear 3X Shares (FAZ) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FAZ

• 1D: -0.90%
• 1M: -12.87%
• 6M: -14.37%
• YTD: -12.56%
• 1Y: -24.30%
• 3Y*: -40.38%
• 5Y*: -32.90%
• 10Y*: -44.36%

ORLG

• 1D: 8.37%
• 1M: -11.93%
• 6M: -23.86%
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FAZ vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
FAZ Direxion Daily Financial Bear 3X Shares	-15.32%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between FAZ and ORLG is -0.11, 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 (All Time) Calculated using the full available price history since Jan 15, 2026	-0.11

Return for Risk

FAZ vs. ORLG — Risk / Return Rank

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

FAZ

FAZ Risk / Return Rank: 4
FAZ Sharpe Ratio Rank: 5
FAZ Sortino Ratio Rank: 5
FAZ Omega Ratio Rank: 5
FAZ Calmar Ratio Rank: 4
FAZ Martin Ratio Rank: 1

ORLG

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.

FAZ vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bear 3X Shares (FAZ) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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.

	FAZ	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	-0.56	—	—
Sortino ratio: Return per unit of downside risk	-0.61	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.60	—	—
Martin ratio: Return relative to average drawdown	-1.47	—	—

Drawdowns

FAZ vs. ORLG - Drawdown Comparison

The maximum FAZ drawdown since its inception was -100.00%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for FAZ and ORLG.

Drawdown Indicators

	FAZ	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-39.93%	-60.07%
Max Drawdown (1Y) Largest decline over 1 year	-40.37%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-84.31%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-88.07%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.72%	—	—
Current Drawdown Current decline from peak	-100.00%	-34.91%	-65.09%
Average Drawdown Average peak-to-trough decline	-99.12%	-20.65%	-78.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.53%	—	—

Volatility

Volatility by Period

	FAZ	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.53%	—	—
Volatility (6M) Calculated over the trailing 6-month period	33.10%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	43.71%	59.08%	-15.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.53%	59.08%	-3.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.83%	59.08%	+2.75%

FAZ vs. ORLG - Expense Ratio Comparison

FAZ has a 1.07% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

FAZ vs. ORLG - Dividend Comparison

FAZ's dividend yield for the trailing twelve months is around 3.54%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
FAZ Direxion Daily Financial Bear 3X Shares	3.54%	5.07%	7.34%	4.88%	0.00%	0.00%	0.62%	1.63%	0.56%
ORLG Leverage Shares 2X Long ORLY Daily ETF	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 FAZ and ORLG in my portfolio?

FAZ and ORLG have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FAZ or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FAZ or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.07% for FAZ.

Which ETF pays a higher dividend yield, FAZ or ORLG?

FAZ has the higher dividend yield at 3.54%, compared with 0.00% for ORLG.

What is the main difference between FAZ and ORLG?

FAZ tracks Russell 1000 Financial Services Index (-300%), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.07% for FAZ and 0.75% for ORLG.