ORCS vs. MSFD

Last updated Jun 6, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion. ORCS is actively managed, while MSFD is passively managed. A 0.58 correlation means they provide meaningful diversification when combined. ORCS charges 0.97%/yr vs 1.06%/yr for MSFD.

Performance

ORCS vs. MSFD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily ORCL Bear 1X ETF (ORCS) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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 MSFD's 13.15% return.

ORCS

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

MSFD

• 1D: 2.74%
• 1M: -1.55%
• YTD: 13.15%
• 6M: 13.29%
• 1Y: 10.90%
• 3Y*: -6.61%
• 5Y*: —
• 10Y*: —

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

ORCS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025
ORCS Direxion Daily ORCL Bear 1X ETF	-20.50%	12.36%
MSFD Direxion Daily MSFT Bear 1X Shares	13.15%	0.75%

Correlation

The correlation between ORCS and MSFD is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	0.58

Return for Risk

ORCS vs. MSFD — Risk / Return Rank

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

MSFD

MSFD Risk / Return Rank: 17
MSFD Sharpe Ratio Rank: 16
MSFD Sortino Ratio Rank: 18
MSFD Omega Ratio Rank: 18
MSFD Calmar Ratio Rank: 15
MSFD Martin Ratio Rank: 16

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. MSFD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and Direxion Daily MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	-0.49	+0.17

Drawdowns

ORCS vs. MSFD - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum MSFD drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for ORCS and MSFD.

Drawdown Indicators

	ORCS	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-59.90%	+9.65%
Max Drawdown (1Y) Largest decline over 1 year	—	-23.25%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-40.50%	—
Current Drawdown Current decline from peak	-43.12%	-48.97%	+5.85%
Average Drawdown Average peak-to-trough decline	-14.84%	-41.61%	+26.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	8.22%	—

Volatility

Volatility by Period

	ORCS	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	10.51%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.07%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.71%	25.46%	+35.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.71%	26.16%	+34.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.71%	26.16%	+34.55%

ORCS vs. MSFD - Expense Ratio Comparison

ORCS has a 0.97% expense ratio, which is lower than MSFD's 1.06% expense ratio.

Dividends

ORCS vs. MSFD - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.08%, less than MSFD's 2.76% yield.

Position	TTM	2025	2024	2023	2022
MSFD Direxion Daily MSFT Bear 1X Shares	2.76%	3.33%	4.46%	4.43%	0.74%
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORCS and MSFD in my portfolio?

ORCS and MSFD have a correlation of 0.58, 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 MSFD?

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 MSFD?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.06% for MSFD.

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

MSFD has the higher dividend yield at 2.76%, compared with 1.08% for ORCS.

What is the main difference between ORCS and MSFD?

Their fees differ too: 0.97% for ORCS and 1.06% for MSFD.