ORCS vs. SMCZ

Last updated Jul 12, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and SMCZ (Defiance Daily Target 2X Short SMCI ETF) are both Inverse Equities funds. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 1.29%/yr for SMCZ.

Performance

ORCS vs. SMCZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily ORCL Bear 1X ETF (ORCS) and Defiance Daily Target 2X Short SMCI ETF (SMCZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORCS achieves a 18.11% return, which is significantly higher than SMCZ's -83.94% return.

ORCS

• 1D: 2.16%
• 1M: 29.15%
• 6M: 20.88%
• YTD: 18.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SMCZ

• 1D: -0.85%
• 1M: -0.53%
• 6M: -82.51%
• YTD: -83.94%
• 1Y: -75.41%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORCS vs. SMCZ - Yearly Performance Comparison

	2026 (YTD)	2025
ORCS Direxion Daily ORCL Bear 1X ETF	18.11%	11.07%
SMCZ Defiance Daily Target 2X Short SMCI ETF	-83.94%	27.37%

Correlation

The correlation between ORCS and SMCZ is 0.42, 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	0.42

Return for Risk

ORCS vs. SMCZ — Risk / Return Rank

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

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

SMCZ

SMCZ Risk / Return Rank: 5
SMCZ Sharpe Ratio Rank: 5
SMCZ Sortino Ratio Rank: 9
SMCZ Omega Ratio Rank: 9
SMCZ Calmar Ratio Rank: 2
SMCZ Martin Ratio Rank: 0

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. SMCZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and Defiance Daily Target 2X Short SMCI ETF (SMCZ). 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	SMCZ	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.43	—
Sortino ratio: Return per unit of downside risk	—	0.11	—
Omega ratio: Gain probability vs. loss probability	—	1.01	—
Calmar ratio: Return relative to maximum drawdown	—	-0.81	—
Martin ratio: Return relative to average drawdown	—	-1.65	—

Drawdowns

ORCS vs. SMCZ - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum SMCZ drawdown of -97.40%. Use the drawdown chart below to compare losses from any high point for ORCS and SMCZ.

Drawdown Indicators

	ORCS	SMCZ	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-97.40%	+47.15%
Max Drawdown (1Y) Largest decline over 1 year	—	-91.49%	—
Current Drawdown Current decline from peak	-15.50%	-95.30%	+79.80%
Average Drawdown Average peak-to-trough decline	-16.45%	-77.03%	+60.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	45.12%	—

Volatility

Volatility by Period

	ORCS	SMCZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	76.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	151.82%	—
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	172.72%	-113.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.53%	173.48%	-113.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.53%	173.48%	-113.95%

ORCS vs. SMCZ - Expense Ratio Comparison

ORCS has a 0.97% expense ratio, which is lower than SMCZ's 1.29% expense ratio.

Dividends

ORCS vs. SMCZ - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.21%, less than SMCZ's 12.65% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%
SMCZ Defiance Daily Target 2X Short SMCI ETF	12.65%	2.03%

Frequently Asked Questions

Can I hold both ORCS and SMCZ in my portfolio?

ORCS and SMCZ have a correlation of 0.42, 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 SMCZ?

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 SMCZ?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.29% for SMCZ.

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

SMCZ has the higher dividend yield at 12.65%, compared with 1.21% for ORCS.

What is the main difference between ORCS and SMCZ?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 0.97% for ORCS and 1.29% for SMCZ.