MUD vs. ORCS

Last updated Jul 15, 2026

MUD (Direxion Daily MU Bear 1X Shares) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. Both are actively managed. At a 0.29 correlation, their price movements are largely independent. Both charge a 0.97% expense ratio.

Performance

MUD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily MU Bear 1X Shares (MUD) 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, MUD achieves a -80.49% return, which is significantly lower than ORCS's 29.11% return.

MUD

• 1D: -4.98%
• 1M: -8.95%
• 6M: -76.32%
• YTD: -80.49%
• 1Y: -92.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 2.88%
• 1M: 40.95%
• 6M: 34.55%
• YTD: 29.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MUD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
MUD Direxion Daily MU Bear 1X Shares	-80.49%	-23.68%
ORCS Direxion Daily ORCL Bear 1X ETF	29.11%	11.07%

Correlation

The correlation between MUD and ORCS is 0.29, 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	0.29

Return for Risk

MUD vs. ORCS — Risk / Return Rank

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

MUD

MUD Risk / Return Rank: 1
MUD Sharpe Ratio Rank: 0
MUD Sortino Ratio Rank: 0
MUD Omega Ratio Rank: 0
MUD Calmar Ratio Rank: 0
MUD Martin Ratio Rank: 2

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.

MUD vs. ORCS - Risk-Adjusted Trends Comparison

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

	MUD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.23	—	—
Sortino ratio: Return per unit of downside risk	-3.70	—	—
Omega ratio: Gain probability vs. loss probability	0.60	—	—
Calmar ratio: Return relative to maximum drawdown	-0.98	—	—
Martin ratio: Return relative to average drawdown	-1.36	—	—

Drawdowns

MUD vs. ORCS - Drawdown Comparison

The maximum MUD drawdown since its inception was -97.03%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for MUD and ORCS.

Drawdown Indicators

	MUD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-97.03%	-50.25%	-46.78%
Max Drawdown (1Y) Largest decline over 1 year	-94.76%	—	—
Current Drawdown Current decline from peak	-96.41%	-7.63%	-88.78%
Average Drawdown Average peak-to-trough decline	-53.04%	-16.35%	-36.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	67.99%	—	—

Volatility

Volatility by Period

	MUD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.91%	—	—
Volatility (6M) Calculated over the trailing 6-month period	64.59%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	76.00%	59.72%	+16.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.22%	59.72%	+11.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.22%	59.72%	+11.50%

MUD vs. ORCS - Expense Ratio Comparison

Both MUD and ORCS have an expense ratio of 0.97%.

Dividends

MUD vs. ORCS - Dividend Comparison

MUD's dividend yield for the trailing twelve months is around 12.55%, more than ORCS's 1.11% yield.

Position	TTM	2025	2024
MUD Direxion Daily MU Bear 1X Shares	12.55%	9.21%	0.47%
ORCS Direxion Daily ORCL Bear 1X ETF	1.11%	0.26%	0.00%

Frequently Asked Questions

Can I hold both MUD and ORCS in my portfolio?

MUD and ORCS have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MUD or ORCS?

Both ETFs have the same 0.97% expense ratio. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MUD or ORCS?

MUD and ORCS have the same expense ratio: 0.97% per year.

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

MUD has the higher dividend yield at 12.55%, compared with 1.11% for ORCS.