ORCS vs. CARD
ORCS (Direxion Daily ORCL Bear 1X ETF) and CARD (Max Auto Industry -3X Inverse Leveraged ETN) are both Inverse Equities funds. ORCS is actively managed, while CARD is passively managed. At a 0.36 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 0.95%/yr for CARD.
Performance
ORCS vs. CARD - Performance Comparison
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Returns By Period
In the year-to-date period, ORCS achieves a -20.50% return, which is significantly lower than CARD's 2.62% return.
ORCS
- 1D
- 9.77%
- 1M
- -12.83%
- YTD
- -20.50%
- 6M
- -12.98%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CARD
- 1D
- 6.19%
- 1M
- -1.41%
- YTD
- 2.62%
- 6M
- 6.48%
- 1Y
- -37.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORCS vs. CARD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | -20.50% | 12.36% |
CARD Max Auto Industry -3X Inverse Leveraged ETN | 2.62% | -22.88% |
Correlation
The correlation between ORCS and CARD is 0.36, 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 20, 2025 | 0.36 |
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Return for Risk
ORCS vs. CARD — Risk / Return Rank
ORCS
CARD
ORCS vs. CARD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and Max Auto Industry -3X Inverse Leveraged ETN (CARD). 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ORCS | CARD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.55 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | -0.64 | +0.33 |
Drawdowns
ORCS vs. CARD - Drawdown Comparison
The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum CARD drawdown of -93.51%. Use the drawdown chart below to compare losses from any high point for ORCS and CARD.
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Drawdown Indicators
| ORCS | CARD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -93.51% | +43.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -49.57% | — |
Current DrawdownCurrent decline from peak | -43.12% | -92.29% | +49.17% |
Average DrawdownAverage peak-to-trough decline | -14.84% | -68.20% | +53.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 34.14% | — |
Volatility
ORCS vs. CARD - Volatility Comparison
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Volatility by Period
| ORCS | CARD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 22.85% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 49.91% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 60.71% | 68.83% | -8.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.71% | 80.51% | -19.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.71% | 80.51% | -19.80% |
ORCS vs. CARD - Expense Ratio Comparison
ORCS has a 0.97% expense ratio, which is higher than CARD's 0.95% expense ratio.
Dividends
ORCS vs. CARD - Dividend Comparison
ORCS's dividend yield for the trailing twelve months is around 1.08%, while CARD has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
CARD Max Auto Industry -3X Inverse Leveraged ETN | 0.00% | 0.00% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.08% | 0.26% |
Frequently Asked Questions
ORCS and CARD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, CARD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
CARD is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.
ORCS has the higher dividend yield at 1.08%, compared with 0.00% for CARD.
They also come from different issuers: Direxion and Max. Their fees differ too: 0.97% for ORCS and 0.95% for CARD.
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