FCTE vs. ORR

Last updated Jun 6, 2026

FCTE (SMI 3Fourteen Full-Cycle Trend ETF) and ORR (Militia Long/Short Equity ETF) are both exchange-traded funds - FCTE is a Large Cap Blend Equities fund actively managed by SMI 3Fourteen, while ORR is a Long-Short fund actively managed by Militia Investments. Both are actively managed. Over the past year, FCTE returned 2.91% vs 24.22% for ORR. At a 0.39 correlation, their price movements are largely independent. FCTE charges 0.85%/yr vs 14.19%/yr for ORR.

Performance

FCTE vs. ORR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SMI 3Fourteen Full-Cycle Trend ETF (FCTE) 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, FCTE achieves a 8.91% return, which is significantly higher than ORR's 3.78% return.

FCTE

• 1D: -0.88%
• 1M: -0.24%
• YTD: 8.91%
• 6M: 7.45%
• 1Y: 2.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORR

• 1D: -1.80%
• 1M: -3.56%
• YTD: 3.78%
• 6M: 7.25%
• 1Y: 24.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FCTE vs. ORR - Yearly Performance Comparison

	2026 (YTD)	2025
FCTE SMI 3Fourteen Full-Cycle Trend ETF	8.91%	-6.33%
ORR Militia Long/Short Equity ETF	3.78%	32.15%

Correlation

The correlation between FCTE and ORR is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.39
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.39

Return for Risk

FCTE vs. ORR — Risk / Return Rank

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

FCTE

FCTE Risk / Return Rank: 12
FCTE Sharpe Ratio Rank: 12
FCTE Sortino Ratio Rank: 12
FCTE Omega Ratio Rank: 12
FCTE Calmar Ratio Rank: 12
FCTE Martin Ratio Rank: 12

ORR

ORR Risk / Return Rank: 50
ORR Sharpe Ratio Rank: 54
ORR Sortino Ratio Rank: 54
ORR Omega Ratio Rank: 51
ORR Calmar Ratio Rank: 52
ORR Martin Ratio Rank: 42

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.

FCTE vs. ORR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SMI 3Fourteen Full-Cycle Trend ETF (FCTE) 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.

	FCTE	ORR	Difference
Sharpe ratio: Return per unit of total volatility	0.20	1.78	-1.59
Sortino ratio: Return per unit of downside risk	0.38	2.50	-2.11
Omega ratio: Gain probability vs. loss probability	1.05	1.31	-0.26
Calmar ratio: Return relative to maximum drawdown	0.23	2.47	-2.24
Martin ratio: Return relative to average drawdown	0.63	6.52	-5.90
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCTE vs. ORR - Sharpe Ratio Comparison

The current FCTE Sharpe Ratio is 0.20, which is lower than the ORR Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of FCTE 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

	FCTE	ORR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.20	1.78	-1.59
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	1.67	-1.38

Drawdowns

FCTE vs. ORR - Drawdown Comparison

The maximum FCTE drawdown since its inception was -19.68%, which is greater than ORR's maximum drawdown of -9.85%. Use the drawdown chart below to compare losses from any high point for FCTE and ORR.

Drawdown Indicators

	FCTE	ORR	Difference
Max Drawdown Largest peak-to-trough decline	-19.68%	-9.85%	-9.83%
Max Drawdown (1Y) Largest decline over 1 year	-12.85%	-9.85%	-3.00%
Current Drawdown Current decline from peak	-3.10%	-9.29%	+6.19%
Average Drawdown Average peak-to-trough decline	-6.01%	-2.22%	-3.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.66%	3.72%	+0.94%

Volatility

FCTE vs. ORR - Volatility Comparison

SMI 3Fourteen Full-Cycle Trend ETF (FCTE) and Militia Long/Short Equity ETF (ORR) have volatilities of 3.77% and 3.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCTE	ORR	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.77%	3.68%	+0.09%
Volatility (6M) Calculated over the trailing 6-month period	12.35%	11.07%	+1.28%
Volatility (1Y) Calculated over the trailing 1-year period	14.99%	13.67%	+1.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.68%	15.40%	+3.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.68%	15.40%	+3.28%

FCTE vs. ORR - Expense Ratio Comparison

FCTE has a 0.85% expense ratio, which is lower than ORR's 14.19% expense ratio.

Dividends

FCTE vs. ORR - Dividend Comparison

FCTE's dividend yield for the trailing twelve months is around 0.08%, while ORR has not paid dividends to shareholders.

Position	TTM	2025	2024
FCTE SMI 3Fourteen Full-Cycle Trend ETF	0.08%	0.18%	0.18%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FCTE and ORR in my portfolio?

FCTE and ORR have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCTE or ORR?

FCTE has higher volatility (3.77%) compared to ORR (3.68%). In terms of maximum drawdown, FCTE dropped -19.68% vs ORR's -9.85%.

Which ETF is better, FCTE or ORR?

On 1-year performance, ORR leads with 24.22% vs 2.91% for FCTE. On fees, FCTE is cheaper at 0.85% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FCTE or ORR?

Over the 1-year period, ORR has performed better with a 24.22% return vs 2.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FCTE or ORR?

FCTE is cheaper with a 0.85% expense ratio, compared with 14.19% for ORR.

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

FCTE has the higher dividend yield at 0.08%, compared with 0.00% for ORR.

What is the main difference between FCTE and ORR?

FCTE is categorized as Large Cap Blend Equities, while ORR is Long-Short. They also come from different issuers: SMI 3Fourteen and Militia Investments. Their fees differ too: 0.85% for FCTE and 14.19% for ORR.

Which has better risk-adjusted returns?

ORR currently has the higher Sharpe Ratio (1.78 vs 0.20), 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.