IONZ vs. ORCS

Last updated Jul 17, 2026

IONZ (Defiance Daily Target 2X Short IONQ ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. A 0.51 correlation means they provide meaningful diversification when combined. IONZ charges 1.29%/yr vs 0.97%/yr for ORCS.

Performance

IONZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short IONQ ETF (IONZ) 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, IONZ achieves a -76.00% return, which is significantly lower than ORCS's 32.39% return.

IONZ

• 1D: 12.86%
• 1M: 116.73%
• 6M: -71.26%
• YTD: -76.00%
• 1Y: -94.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.05%
• 1M: 48.21%
• 6M: 29.65%
• YTD: 32.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IONZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	-76.00%	-20.79%
ORCS Direxion Daily ORCL Bear 1X ETF	32.39%	11.07%

Correlation

The correlation between IONZ and ORCS is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.51

Return for Risk

IONZ vs. ORCS — Risk / Return Rank

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

IONZ

IONZ Risk / Return Rank: 4
IONZ Sharpe Ratio Rank: 5
IONZ Sortino Ratio Rank: 5
IONZ Omega Ratio Rank: 5
IONZ Calmar Ratio Rank: 1
IONZ 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.

IONZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short IONQ ETF (IONZ) 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.

	IONZ	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.51	—	—
Sortino ratio: Return per unit of downside risk	-0.64	—	—
Omega ratio: Gain probability vs. loss probability	0.92	—	—
Calmar ratio: Return relative to maximum drawdown	-0.96	—	—
Martin ratio: Return relative to average drawdown	-1.20	—	—

Drawdowns

IONZ vs. ORCS - Drawdown Comparison

The maximum IONZ drawdown since its inception was -98.66%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for IONZ and ORCS.

Drawdown Indicators

	IONZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-98.66%	-50.25%	-48.41%
Max Drawdown (1Y) Largest decline over 1 year	-98.41%	—	—
Current Drawdown Current decline from peak	-96.05%	-5.29%	-90.76%
Average Drawdown Average peak-to-trough decline	-75.45%	-16.25%	-59.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.56%	—	—

Volatility

Volatility by Period

	IONZ	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	40.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	155.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	186.72%	59.95%	+126.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	185.79%	59.95%	+125.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	185.79%	59.95%	+125.84%

IONZ vs. ORCS - Expense Ratio Comparison

IONZ has a 1.29% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

IONZ vs. ORCS - Dividend Comparison

IONZ has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.08%.

Position	TTM	2025
IONZ Defiance Daily Target 2X Short IONQ ETF	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%

Frequently Asked Questions

Can I hold both IONZ and ORCS in my portfolio?

IONZ and ORCS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IONZ or ORCS?

On fees, ORCS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IONZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.29% for IONZ.

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

ORCS has the higher dividend yield at 1.08%, compared with 0.00% for IONZ.

What is the main difference between IONZ and ORCS?

They also come from different issuers: Defiance and Direxion. Their fees differ too: 1.29% for IONZ and 0.97% for ORCS.