GDXD vs. ORCS

Last updated Jul 14, 2026

GDXD (MicroSectors Gold Miners -3X Inverse Leveraged ETNs) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. GDXD is passively managed, while ORCS is actively managed. At a 0.22 correlation, their price movements are largely independent. GDXD charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

GDXD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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, GDXD achieves a -37.37% return, which is significantly lower than ORCS's 25.50% return.

GDXD

• 1D: 8.77%
• 1M: 16.42%
• 6M: -11.19%
• YTD: -37.37%
• 1Y: -91.03%
• 3Y*: -82.31%
• 5Y*: -72.96%
• 10Y*: —

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)

GDXD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	-37.37%	-42.55%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between GDXD and ORCS is 0.22, 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	0.22

Return for Risk

GDXD vs. ORCS — Risk / Return Rank

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

GDXD

GDXD Risk / Return Rank: 3
GDXD Sharpe Ratio Rank: 4
GDXD Sortino Ratio Rank: 2
GDXD Omega Ratio Rank: 2
GDXD Calmar Ratio Rank: 1
GDXD Martin Ratio Rank: 4

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.

GDXD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Gold Miners -3X Inverse Leveraged ETNs (GDXD) 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.

	GDXD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.63	—	—
Sortino ratio: Return per unit of downside risk	-1.41	—	—
Omega ratio: Gain probability vs. loss probability	0.85	—	—
Calmar ratio: Return relative to maximum drawdown	-0.95	—	—
Martin ratio: Return relative to average drawdown	-1.12	—	—

Drawdowns

GDXD vs. ORCS - Drawdown Comparison

The maximum GDXD drawdown since its inception was -99.96%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for GDXD and ORCS.

Drawdown Indicators

	GDXD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-99.96%	-50.25%	-49.71%
Max Drawdown (1Y) Largest decline over 1 year	-96.19%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-99.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-99.96%	—	—
Current Drawdown Current decline from peak	-99.91%	-10.21%	-89.70%
Average Drawdown Average peak-to-trough decline	-72.32%	-16.41%	-55.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	80.98%	—	—

Volatility

Volatility by Period

	GDXD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	47.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	117.86%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	144.94%	59.82%	+85.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	112.08%	59.82%	+52.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.75%	59.82%	+50.93%

GDXD vs. ORCS - Expense Ratio Comparison

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

Dividends

GDXD vs. ORCS - Dividend Comparison

GDXD has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.14%.

Position	TTM	2025
GDXD MicroSectors Gold Miners -3X Inverse Leveraged ETNs	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%

Frequently Asked Questions

Can I hold both GDXD and ORCS in my portfolio?

GDXD and ORCS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDXD or ORCS?

On fees, GDXD 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, GDXD or ORCS?

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

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

ORCS has the higher dividend yield at 1.14%, compared with 0.00% for GDXD.

What is the main difference between GDXD and ORCS?

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