MSDD vs. ORCS
MSDD (GraniteShares 2x Short MSTR Daily ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. MSDD charges 1.50%/yr vs 0.97%/yr for ORCS.
Performance
MSDD vs. ORCS - Performance Comparison
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Returns By Period
In the year-to-date period, MSDD achieves a -48.72% return, which is significantly lower than ORCS's 18.11% return.
MSDD
- 1D
- 0.00%
- 1M
- -0.02%
- 6M
- -43.28%
- YTD
- -48.72%
- 1Y
- 151.71%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORCS
- 1D
- 2.16%
- 1M
- 28.94%
- 6M
- 20.88%
- YTD
- 18.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSDD vs. ORCS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MSDD GraniteShares 2x Short MSTR Daily ETF | -48.72% | 61.85% |
ORCS Direxion Daily ORCL Bear 1X ETF | 18.11% | 11.07% |
Correlation
The correlation between MSDD and ORCS is 0.39, 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 | 0.39 |
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Return for Risk
MSDD vs. ORCS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares 2x Short MSTR Daily ETF (MSDD) 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.
| MSDD | ORCS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.22 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.92 | — | — |
| Martin ratioReturn relative to average drawdown | 1.81 | — | — |
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Drawdowns
MSDD vs. ORCS - Drawdown Comparison
The maximum MSDD drawdown since its inception was -84.91%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for MSDD and ORCS.
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Drawdown Indicators
| MSDD | ORCS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.91% | -50.25% | -34.66% |
Max Drawdown (1Y)Largest decline over 1 year | -84.91% | — | — |
Current DrawdownCurrent decline from peak | -68.63% | -15.50% | -53.13% |
Average DrawdownAverage peak-to-trough decline | -31.40% | -16.45% | -14.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.10% | — | — |
Volatility
MSDD vs. ORCS - Volatility Comparison
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Volatility by Period
| MSDD | ORCS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.11% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 124.37% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 140.94% | 59.53% | +81.41% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 138.59% | 59.53% | +79.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 138.59% | 59.53% | +79.06% |
MSDD vs. ORCS - Expense Ratio Comparison
MSDD has a 1.50% expense ratio, which is higher than ORCS's 0.97% expense ratio.
Dividends
MSDD vs. ORCS - Dividend Comparison
MSDD has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.21%.
| Position | TTM | 2025 |
|---|---|---|
MSDD GraniteShares 2x Short MSTR Daily ETF | 0.00% | 0.00% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.21% | 0.26% |
Frequently Asked Questions
MSDD and ORCS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ORCS is cheaper with a 0.97% expense ratio, compared with 1.50% for MSDD.
ORCS has the higher dividend yield at 1.21%, compared with 0.00% for MSDD.
They also come from different issuers: GraniteShares and Direxion. Their fees differ too: 1.50% for MSDD and 0.97% for ORCS.
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