MSFD vs. ORCS

Last updated Jul 14, 2026

MSFD (Direxion Daily MSFT Bear 1X Shares) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. MSFD is passively managed, while ORCS is actively managed. A 0.50 correlation means they provide meaningful diversification when combined. MSFD charges 1.06%/yr vs 0.97%/yr for ORCS.

Performance

MSFD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MSFT Bear 1X Shares (MSFD) 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, MSFD achieves a 19.79% return, which is significantly lower than ORCS's 25.50% return.

MSFD

• 1D: -1.53%
• 1M: -0.73%
• 6M: 18.10%
• YTD: 19.79%
• 1Y: 25.82%
• 3Y*: -3.82%
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MSFD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
MSFD Direxion Daily MSFT Bear 1X Shares	19.79%	2.17%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between MSFD and ORCS is 0.50, 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	0.50

Return for Risk

MSFD vs. ORCS — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 32
MSFD Sharpe Ratio Rank: 32
MSFD Sortino Ratio Rank: 35
MSFD Omega Ratio Rank: 35
MSFD Calmar Ratio Rank: 28
MSFD Martin Ratio Rank: 31

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.

MSFD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily MSFT Bear 1X Shares (MSFD) 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.

	MSFD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	0.95	—	—
Sortino ratio: Return per unit of downside risk	1.52	—	—
Omega ratio: Gain probability vs. loss probability	1.19	—	—
Calmar ratio: Return relative to maximum drawdown	1.12	—	—
Martin ratio: Return relative to average drawdown	3.58	—	—

Drawdowns

MSFD vs. ORCS - Drawdown Comparison

The maximum MSFD drawdown since its inception was -59.90%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for MSFD and ORCS.

Drawdown Indicators

	MSFD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-59.90%	-50.25%	-9.65%
Max Drawdown (1Y) Largest decline over 1 year	-23.25%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-40.50%	—	—
Current Drawdown Current decline from peak	-45.97%	-10.21%	-35.76%
Average Drawdown Average peak-to-trough decline	-41.64%	-16.41%	-25.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.23%	—	—

Volatility

Volatility by Period

	MSFD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.57%	—	—
Volatility (6M) Calculated over the trailing 6-month period	23.99%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	27.34%	59.82%	-32.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.39%	59.82%	-33.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.39%	59.82%	-33.43%

MSFD vs. ORCS - Expense Ratio Comparison

MSFD has a 1.06% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

MSFD vs. ORCS - Dividend Comparison

MSFD's dividend yield for the trailing twelve months is around 3.30%, more than ORCS's 1.14% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	3.30%	3.33%	4.46%	4.43%	0.74%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSFD and ORCS in my portfolio?

MSFD and ORCS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MSFD 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, MSFD or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 3.30%, compared with 1.14% for ORCS.

What is the main difference between MSFD and ORCS?

Their fees differ too: 1.06% for MSFD and 0.97% for ORCS.