ORCS vs. FIAT

Last updated Jun 6, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - ORCS is a Inverse Equities fund actively managed by Direxion, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. At a 0.48 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 0.99%/yr for FIAT.

Performance

ORCS vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily ORCL Bear 1X ETF (ORCS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORCS achieves a -20.50% return, which is significantly lower than FIAT's 19.82% return.

ORCS

• 1D: 9.77%
• 1M: -12.83%
• YTD: -20.50%
• 6M: -12.98%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAT

• 1D: 5.85%
• 1M: 20.43%
• YTD: 19.82%
• 6M: 37.86%
• 1Y: 1.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORCS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025
ORCS Direxion Daily ORCL Bear 1X ETF	-20.50%	12.36%
FIAT YieldMax Short COIN Option Income Strategy ETF	19.82%	9.74%

Correlation

The correlation between ORCS and FIAT is 0.48, 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	0.48

Return for Risk

ORCS vs. FIAT — Risk / Return Rank

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

FIAT

FIAT Risk / Return Rank: 11
FIAT Sharpe Ratio Rank: 10
FIAT Sortino Ratio Rank: 12
FIAT Omega Ratio Rank: 13
FIAT Calmar Ratio Rank: 10
FIAT Martin Ratio Rank: 9

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.

ORCS vs. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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.

Sharpe Ratios by Period

	ORCS	FIAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	-0.34	+0.02

Drawdowns

ORCS vs. FIAT - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum FIAT drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for ORCS and FIAT.

Drawdown Indicators

	ORCS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-70.50%	+20.25%
Max Drawdown (1Y) Largest decline over 1 year	—	-42.26%	—
Current Drawdown Current decline from peak	-43.12%	-48.36%	+5.24%
Average Drawdown Average peak-to-trough decline	-14.84%	-45.37%	+30.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	27.36%	—

Volatility

Volatility by Period

	ORCS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	16.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	42.14%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.71%	55.65%	+5.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.71%	60.59%	+0.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.71%	60.59%	+0.12%

ORCS vs. FIAT - Expense Ratio Comparison

ORCS has a 0.97% expense ratio, which is lower than FIAT's 0.99% expense ratio.

Dividends

ORCS vs. FIAT - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.08%, less than FIAT's 91.05% yield.

Position	TTM	2025	2024
FIAT YieldMax Short COIN Option Income Strategy ETF	91.05%	178.11%	70.99%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%	0.00%

Frequently Asked Questions

Can I hold both ORCS and FIAT in my portfolio?

ORCS and FIAT have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ORCS or FIAT?

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, ORCS or FIAT?

ORCS is cheaper with a 0.97% expense ratio, compared with 0.99% for FIAT.

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

FIAT has the higher dividend yield at 91.05%, compared with 1.08% for ORCS.

What is the main difference between ORCS and FIAT?

ORCS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 0.97% for ORCS and 0.99% for FIAT.