MIDU vs. ORLG

Last updated Jul 17, 2026

MIDU (Direxion Daily Mid Cap Bull 3X Shares) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - MIDU tracks the S&P MidCap 400 Index (300%) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a 0.04 correlation, their price movements are largely independent. MIDU charges 1.06%/yr vs 0.75%/yr for ORLG.

Performance

MIDU vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Mid Cap Bull 3X Shares (MIDU) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MIDU

• 1D: 1.21%
• 1M: -1.12%
• 6M: 17.14%
• YTD: 40.36%
• 1Y: 54.07%
• 3Y*: 19.03%
• 5Y*: 5.78%
• 10Y*: 11.33%

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)

MIDU vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
MIDU Direxion Daily Mid Cap Bull 3X Shares	21.37%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-25.87%

Correlation

The correlation between MIDU and ORLG is 0.04, 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	0.04

Return for Risk

MIDU vs. ORLG — Risk / Return Rank

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

MIDU

MIDU Risk / Return Rank: 44
MIDU Sharpe Ratio Rank: 39
MIDU Sortino Ratio Rank: 42
MIDU Omega Ratio Rank: 38
MIDU Calmar Ratio Rank: 51
MIDU Martin Ratio Rank: 51

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.

MIDU vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Mid Cap Bull 3X Shares (MIDU) 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.

	MIDU	ORLG	Difference
Sharpe ratio: Return per unit of total volatility	1.16	—	—
Sortino ratio: Return per unit of downside risk	1.78	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	2.11	—	—
Martin ratio: Return relative to average drawdown	6.92	—	—

Drawdowns

MIDU vs. ORLG - Drawdown Comparison

The maximum MIDU drawdown since its inception was -86.26%, which is greater than ORLG's maximum drawdown of -39.93%. Use the drawdown chart below to compare losses from any high point for MIDU and ORLG.

Drawdown Indicators

	MIDU	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-86.26%	-39.93%	-46.33%
Max Drawdown (1Y) Largest decline over 1 year	-25.80%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-60.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-64.14%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.26%	—	—
Current Drawdown Current decline from peak	-5.13%	-34.91%	+29.78%
Average Drawdown Average peak-to-trough decline	-22.31%	-20.65%	-1.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.83%	—	—

Volatility

Volatility by Period

	MIDU	ORLG	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	34.75%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	47.01%	59.08%	-12.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.39%	59.08%	+0.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	63.43%	59.08%	+4.35%

MIDU vs. ORLG - Expense Ratio Comparison

MIDU has a 1.06% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

MIDU vs. ORLG - Dividend Comparison

MIDU's dividend yield for the trailing twelve months is around 0.50%, while ORLG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
MIDU Direxion Daily Mid Cap Bull 3X Shares	0.50%	1.04%	1.10%	1.43%	0.11%	0.00%	0.06%	0.71%	0.70%	2.67%	1.89%
ORLG Leverage Shares 2X Long ORLY Daily ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MIDU and ORLG in my portfolio?

MIDU and ORLG have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MIDU 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, MIDU or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.06% for MIDU.

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

MIDU has the higher dividend yield at 0.50%, compared with 0.00% for ORLG.

What is the main difference between MIDU and ORLG?

MIDU tracks S&P MidCap 400 Index (300%), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Direxion and Leverage Shares. Their fees differ too: 1.06% for MIDU and 0.75% for ORLG.