HOOX vs. ORLG

Last updated Jul 17, 2026

HOOX (Defiance Daily Target 2X Long HOOD ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds. HOOX is actively managed, while ORLG is passively managed. At a correlation of -0.07, they often move in opposite directions. HOOX charges 1.31%/yr vs 0.75%/yr for ORLG.

Performance

HOOX vs. ORLG - Performance Comparison

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

Returns By Period

HOOX

• 1D: -16.36%
• 1M: 14.11%
• 6M: -36.36%
• YTD: -40.46%
• 1Y: -46.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

HOOX vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
HOOX Defiance Daily Target 2X Long HOOD ETF	-45.90%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between HOOX and ORLG is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 15, 2026	-0.07

Return for Risk

HOOX vs. ORLG — Risk / Return Rank

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

HOOX

HOOX Risk / Return Rank: 8
HOOX Sharpe Ratio Rank: 6
HOOX Sortino Ratio Rank: 11
HOOX Omega Ratio Rank: 11
HOOX Calmar Ratio Rank: 5
HOOX Martin Ratio Rank: 6

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.

HOOX vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long HOOD ETF (HOOX) 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.

	HOOX	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	-0.34	—	—
Sortino ratio: Return per unit of downside risk	0.35	—	—
Omega ratio: Gain probability vs. loss probability	1.04	—	—
Calmar ratio: Return relative to maximum drawdown	-0.54	—	—
Martin ratio: Return relative to average drawdown	-0.80	—	—

Drawdowns

HOOX vs. ORLG - Drawdown Comparison

The maximum HOOX drawdown since its inception was -87.11%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for HOOX and ORLG.

Drawdown Indicators

	HOOX	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-87.11%	-39.93%	-47.18%
Max Drawdown (1Y) Largest decline over 1 year	-87.11%	—	—
Current Drawdown Current decline from peak	-72.43%	-34.91%	-37.52%
Average Drawdown Average peak-to-trough decline	-40.48%	-20.65%	-19.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	58.96%	—	—

Volatility

Volatility by Period

	HOOX	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.64%	—	—
Volatility (6M) Calculated over the trailing 6-month period	106.30%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	139.53%	59.08%	+80.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.71%	59.08%	+84.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	143.71%	59.08%	+84.63%

HOOX vs. ORLG - Expense Ratio Comparison

HOOX has a 1.31% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

HOOX vs. ORLG - Dividend Comparison

HOOX's dividend yield for the trailing twelve months is around 23.72%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025
HOOX Defiance Daily Target 2X Long HOOD ETF	23.72%	14.12%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both HOOX and ORLG in my portfolio?

HOOX and ORLG have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HOOX 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, HOOX or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.31% for HOOX.

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

HOOX has the higher dividend yield at 23.72%, compared with 0.00% for ORLG.

What is the main difference between HOOX and ORLG?

They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for HOOX and 0.75% for ORLG.