ORCS vs. FLYD
ORCS (Direxion Daily ORCL Bear 1X ETF) and FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) are both Inverse Equities funds. ORCS is actively managed, while FLYD is passively managed. At a 0.32 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 0.95%/yr for FLYD.
Performance
ORCS vs. FLYD - 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 FLYD's -10.89% return.
ORCS
- 1D
- 9.77%
- 1M
- -12.83%
- YTD
- -20.50%
- 6M
- -12.98%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
FLYD
- 1D
- 2.48%
- 1M
- -1.03%
- YTD
- -10.89%
- 6M
- -18.12%
- 1Y
- -47.47%
- 3Y*
- -54.07%
- 5Y*
- —
- 10Y*
- —
ORCS vs. FLYD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | -20.50% | 12.36% |
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -10.89% | -27.52% |
Correlation
The correlation between ORCS and FLYD is 0.32, 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 | 0.32 |
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Return for Risk
ORCS vs. FLYD — Risk / Return Rank
ORCS
FLYD
ORCS vs. FLYD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD). 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 | FLYD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | -0.74 | +0.43 |
Drawdowns
ORCS vs. FLYD - Drawdown Comparison
The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum FLYD drawdown of -98.11%. Use the drawdown chart below to compare losses from any high point for ORCS and FLYD.
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Drawdown Indicators
| ORCS | FLYD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -98.11% | +47.86% |
Max Drawdown (1Y)Largest decline over 1 year | — | -54.89% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -93.41% | — |
Current DrawdownCurrent decline from peak | -43.12% | -97.94% | +54.82% |
Average DrawdownAverage peak-to-trough decline | -14.84% | -83.15% | +68.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 37.34% | — |
Volatility
ORCS vs. FLYD - Volatility Comparison
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Volatility by Period
| ORCS | FLYD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 20.72% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 59.35% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 60.71% | 74.52% | -13.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.71% | 83.64% | -22.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.71% | 83.64% | -22.93% |
ORCS vs. FLYD - Expense Ratio Comparison
ORCS has a 0.97% expense ratio, which is higher than FLYD's 0.95% expense ratio.
Dividends
ORCS vs. FLYD - Dividend Comparison
ORCS's dividend yield for the trailing twelve months is around 1.08%, while FLYD has not paid dividends to shareholders.
| Position | TTM | 2025 |
|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.08% | 0.26% |
Frequently Asked Questions
ORCS and FLYD have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, FLYD is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
FLYD 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 FLYD.
They also come from different issuers: Direxion and REX. Their fees differ too: 0.97% for ORCS and 0.95% for FLYD.
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