ORCS vs. HDGE
ORCS (Direxion Daily ORCL Bear 1X ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Both are actively managed. Their 0.24 correlation means their historical movements had little consistent relationship. ORCS charges 0.97%/yr vs 3.36%/yr for HDGE.
Performance
ORCS vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, ORCS achieves a 35.79% return, which is significantly higher than HDGE's -6.80% return.
ORCS
- 1D
- -0.21%
- 1M
- 21.07%
- 6M
- 23.20%
- YTD
- 35.79%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
HDGE
- 1D
- -3.18%
- 1M
- -9.35%
- 6M
- -8.54%
- YTD
- -6.80%
- 1Y
- -6.89%
- 3Y*
- -3.87%
- 5Y*
- -5.30%
- 10Y*
- -15.49%
- ALL TIME*
- -15.56%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $941.24K | $840.81K | $1.00M | |
| $2.05M | $2.61M | $2.76M |
ORCS vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | 35.79% | 11.07% |
HDGE AdvisorShares Ranger Equity Bear ETF | -6.80% | -5.87% |
Correlation
The correlation between ORCS and HDGE is 0.24, 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 | 0.24 |
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Return for Risk
ORCS vs. HDGE — Risk / Return Rank
ORCS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HDGE
ORCS vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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.
| ORCS | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.96 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.36 | — |
| Martin ratioReturn relative to average drawdown | — | -0.96 | — |
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Drawdowns
ORCS vs. HDGE - Drawdown Comparison
The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for ORCS and HDGE.
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Drawdown Indicators
| ORCS | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -93.88% | +43.63% |
Max Drawdown (1Y)Largest decline over 1 year | — | -19.03% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.50% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.00% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.96% | — |
Current DrawdownCurrent decline from peak | -4.56% | -93.88% | +89.32% |
Average DrawdownAverage peak-to-trough decline | -15.70% | -70.32% | +54.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 7.15% | — |
Volatility
ORCS vs. HDGE - Volatility Comparison
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Volatility by Period
| ORCS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 7.47% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 14.86% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.82% | 19.11% | +40.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.82% | 24.37% | +35.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.82% | 23.52% | +36.30% |
ORCS vs. HDGE - Expense Ratio Comparison
ORCS has a 0.97% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
ORCS vs. HDGE - Dividend Comparison
ORCS's dividend yield for the trailing twelve months is around 1.06%, less than HDGE's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.75% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
ORCS Direxion Daily ORCL Bear 1X ETF | 1.06% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ORCS and HDGE have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ORCS is cheaper with a 0.97% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.75%, compared with 1.06% for ORCS.
They also come from different issuers: Direxion and AdvisorShares. Their fees differ too: 0.97% for ORCS and 3.36% for HDGE.
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