IREZ vs. ORCS

Last updated Jul 17, 2026

IREZ (Tradr 2X Short IREN Daily ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. IREZ is passively managed, while ORCS is actively managed. At a 0.41 correlation, their price movements are largely independent. IREZ charges 1.49%/yr vs 0.97%/yr for ORCS.

Performance

IREZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short IREN Daily ETF (IREZ) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

IREZ

• 1D: 18.18%
• 1M: 132.38%
• 6M: —
• YTD: —
• 1Y: —
• 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)

IREZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)
IREZ Tradr 2X Short IREN Daily ETF	-49.61%
ORCS Direxion Daily ORCL Bear 1X ETF	19.26%

Correlation

The correlation between IREZ and ORCS is 0.41, 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 Jan 22, 2026	0.41

Return for Risk

IREZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short IREN Daily ETF (IREZ) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

IREZ vs. ORCS - Drawdown Comparison

The maximum IREZ drawdown since its inception was -87.43%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for IREZ and ORCS.

Drawdown Indicators

	IREZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-87.43%	-50.25%	-37.18%
Current Drawdown Current decline from peak	-67.38%	-5.29%	-62.09%
Average Drawdown Average peak-to-trough decline	-51.30%	-16.25%	-35.05%

Volatility

Volatility by Period

	IREZ	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	212.31%	59.95%	+152.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	212.31%	59.95%	+152.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	212.31%	59.95%	+152.36%

IREZ vs. ORCS - Expense Ratio Comparison

IREZ has a 1.49% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

IREZ vs. ORCS - Dividend Comparison

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

Position	TTM	2025
IREZ Tradr 2X Short IREN Daily ETF	0.00%	0.00%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%

Frequently Asked Questions

Can I hold both IREZ and ORCS in my portfolio?

IREZ and ORCS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IREZ 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, IREZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.49% for IREZ.

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

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

What is the main difference between IREZ and ORCS?

They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.49% for IREZ and 0.97% for ORCS.