ORCS vs. SMST

Last updated Jun 6, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. Both are actively managed. At a 0.45 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 1.29%/yr for SMST.

Performance

ORCS vs. SMST - 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 MSTR ETF (SMST). 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 higher than SMST's -45.29% return.

ORCS

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

SMST

• 1D: 13.28%
• 1M: 107.06%
• YTD: -45.29%
• 6M: -28.73%
• 1Y: 71.06%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORCS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025
ORCS Direxion Daily ORCL Bear 1X ETF	-20.50%	12.36%
SMST Defiance Daily Target 2X Short MSTR ETF	-45.29%	33.85%

Correlation

The correlation between ORCS and SMST is 0.45, 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	0.45

Return for Risk

ORCS vs. SMST — Risk / Return Rank

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

SMST

SMST Risk / Return Rank: 24
SMST Sharpe Ratio Rank: 18
SMST Sortino Ratio Rank: 32
SMST Omega Ratio Rank: 33
SMST Calmar Ratio Rank: 20
SMST Martin Ratio Rank: 18

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. SMST - 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 MSTR ETF (SMST). 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	SMST	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.51	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	-0.52	+0.21

Drawdowns

ORCS vs. SMST - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for ORCS and SMST.

Drawdown Indicators

	ORCS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-99.25%	+49.00%
Max Drawdown (1Y) Largest decline over 1 year	—	-85.39%	—
Current Drawdown Current decline from peak	-43.12%	-97.85%	+54.73%
Average Drawdown Average peak-to-trough decline	-14.84%	-90.70%	+75.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	41.18%	—

Volatility

Volatility by Period

	ORCS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	38.61%	—
Volatility (6M) Calculated over the trailing 6-month period	—	126.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.71%	141.30%	-80.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.71%	166.75%	-106.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.71%	166.75%	-106.04%

ORCS vs. SMST - Expense Ratio Comparison

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

Dividends

ORCS vs. SMST - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.08%, while SMST has not paid dividends to shareholders.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORCS and SMST in my portfolio?

ORCS and SMST have a correlation of 0.45, 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 SMST?

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 SMST?

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

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

ORCS has the higher dividend yield at 1.08%, compared with 0.00% for SMST.

What is the main difference between ORCS and SMST?

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