ORCS vs. SEF
ORCS (Direxion Daily ORCL Bear 1X ETF) and SEF (ProShares Short Financials) are both Inverse Equities funds. ORCS is actively managed, while SEF is passively managed. At a 0.12 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 0.95%/yr for SEF.
Performance
ORCS vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, ORCS achieves a 18.11% return, which is significantly higher than SEF's -0.39% return.
ORCS
- 1D
- 2.16%
- 1M
- 29.15%
- 6M
- 20.88%
- YTD
- 18.11%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SEF
- 1D
- -0.17%
- 1M
- -5.52%
- 6M
- 1.24%
- YTD
- -0.39%
- 1Y
- -3.38%
- 3Y*
- -11.90%
- 5Y*
- -7.17%
- 10Y*
- -12.24%
ORCS vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | 18.11% | 11.07% |
SEF ProShares Short Financials | -0.39% | -5.97% |
Correlation
The correlation between ORCS and SEF is 0.12, 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 19, 2025 | 0.12 |
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Return for Risk
ORCS vs. SEF — Risk / Return Rank
ORCS
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SEF
ORCS vs. SEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and ProShares Short Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 0.99 | — |
| Calmar ratioReturn relative to maximum drawdown | — | -0.16 | — |
| Martin ratioReturn relative to average drawdown | — | -0.41 | — |
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Drawdowns
ORCS vs. SEF - Drawdown Comparison
The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for ORCS and SEF.
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Drawdown Indicators
| ORCS | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -96.51% | +46.26% |
Max Drawdown (1Y)Largest decline over 1 year | — | -14.12% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -39.40% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -41.62% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -73.40% | — |
Current DrawdownCurrent decline from peak | -15.50% | -96.42% | +80.92% |
Average DrawdownAverage peak-to-trough decline | -16.45% | -82.77% | +66.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.36% | — |
Volatility
ORCS vs. SEF - Volatility Comparison
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Volatility by Period
| ORCS | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.40% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 11.32% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 59.53% | 14.68% | +44.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.53% | 17.98% | +41.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.53% | 20.45% | +39.08% |
ORCS vs. SEF - Expense Ratio Comparison
ORCS has a 0.97% expense ratio, which is higher than SEF's 0.95% expense ratio.
Dividends
ORCS vs. SEF - Dividend Comparison
ORCS's dividend yield for the trailing twelve months is around 1.21%, less than SEF's 3.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | 1.21% | 0.26% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SEF ProShares Short Financials | 3.37% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
ORCS and SEF have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SEF is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SEF is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.
SEF has the higher dividend yield at 3.37%, compared with 1.21% for ORCS.
They also come from different issuers: Direxion and ProShares. Their fees differ too: 0.97% for ORCS and 0.95% for SEF.
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