NVDD vs. ORCS

Last updated Aug 4, 2026

NVDD (Direxion Daily NVDA Bear 1X Shares) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. Both are actively managed. Their 0.43 correlation means their historical movements had little consistent relationship. NVDD charges 1.01%/yr vs 0.97%/yr for ORCS.

Performance

NVDD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NVDA Bear 1X Shares (NVDD) 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, NVDD achieves a -13.43% return, which is significantly lower than ORCS's 13.04% return.

NVDD

• 1D: -2.79%
• 1M: -6.62%
• 6M: -13.93%
• YTD: -13.43%
• 1Y: -20.12%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -48.64%

ORCS

• 1D: -9.36%
• 1M: -4.99%
• 6M: -5.84%
• YTD: 13.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NVDD Direxion Daily NVDA Bear 1X Shares	$6.44M	$5.40M	$4.86M
ORCS Direxion Daily ORCL Bear 1X ETF	$1.89M	$2.53M	$2.78M

NVDD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
NVDD Direxion Daily NVDA Bear 1X Shares	-13.43%	-2.90%
ORCS Direxion Daily ORCL Bear 1X ETF	13.04%	11.07%

Correlation

The correlation between NVDD and ORCS is 0.43, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.43

Return for Risk

NVDD vs. ORCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NVDD

NVDD Risk / Return Rank: 4
NVDD Sharpe Ratio Rank: 5
NVDD Sortino Ratio Rank: 5
NVDD Omega Ratio Rank: 5
NVDD Calmar Ratio Rank: 4
NVDD 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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NVDD vs. ORCS - Risk-Adjusted Trends Comparison

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

	NVDD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.55	—	—
Sortino ratio: Return per unit of downside risk	-0.61	—	—
Omega ratio: Gain probability vs. loss probability	0.93	—	—
Calmar ratio: Return relative to maximum drawdown	-0.64	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—

Drawdowns

NVDD vs. ORCS - Drawdown Comparison

The maximum NVDD drawdown since its inception was -88.34%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for NVDD and ORCS.

Drawdown Indicators

	NVDD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-88.34%	-50.25%	-38.09%
Max Drawdown (1Y) Largest decline over 1 year	-31.63%	—	—
Current Drawdown Current decline from peak	-86.96%	-20.55%	-66.41%
Average Drawdown Average peak-to-trough decline	-68.05%	-15.60%	-52.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.10%	—	—

Volatility

Volatility by Period

	NVDD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.08%	—	—
Volatility (6M) Calculated over the trailing 6-month period	28.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	36.47%	61.20%	-24.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.06%	61.20%	-14.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.06%	61.20%	-14.14%

NVDD vs. ORCS - Expense Ratio Comparison

NVDD has a 1.01% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

NVDD vs. ORCS - Dividend Comparison

NVDD's dividend yield for the trailing twelve months is around 3.77%, more than ORCS's 1.27% yield.

Position	TTM	2025	2024	2023
NVDD Direxion Daily NVDA Bear 1X Shares	3.77%	4.19%	4.83%	1.31%
ORCS Direxion Daily ORCL Bear 1X ETF	1.27%	0.26%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NVDD and ORCS in my portfolio?

NVDD and ORCS have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, NVDD 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, NVDD or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.01% for NVDD.

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

NVDD has the higher dividend yield at 3.77%, compared with 1.27% for ORCS.

What is the main difference between NVDD and ORCS?

Their fees differ too: 1.01% for NVDD and 0.97% for ORCS.