ORCS vs. SMZ

Last updated Jul 12, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and SMZ (Tradr 2X Short SMR Daily ETF) are both Inverse Equities funds. ORCS is actively managed, while SMZ is passively managed. A 0.51 correlation means they provide meaningful diversification when combined. ORCS charges 0.97%/yr vs 1.49%/yr for SMZ.

Performance

ORCS vs. SMZ - Performance Comparison

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

Returns By Period

ORCS

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

SMZ

• 1D: -0.22%
• 1M: -6.34%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORCS vs. SMZ - Yearly Performance Comparison

	2026 (YTD)
ORCS Direxion Daily ORCL Bear 1X ETF	0.22%
SMZ Tradr 2X Short SMR Daily ETF	4.34%

Correlation

The correlation between ORCS and SMZ is 0.51, 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 Feb 11, 2026	0.51

Return for Risk

ORCS vs. SMZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and Tradr 2X Short SMR Daily ETF (SMZ). 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.

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

Drawdowns

ORCS vs. SMZ - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum SMZ drawdown of -77.30%. Use the drawdown chart below to compare losses from any high point for ORCS and SMZ.

Drawdown Indicators

	ORCS	SMZ	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-77.30%	+27.05%
Current Drawdown Current decline from peak	-15.50%	-59.15%	+43.65%
Average Drawdown Average peak-to-trough decline	-16.45%	-38.88%	+22.43%

Volatility

Volatility by Period

	ORCS	SMZ	Difference
Volatility (1Y) Calculated over the trailing 1-year period	59.53%	187.85%	-128.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.53%	187.85%	-128.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.53%	187.85%	-128.32%

ORCS vs. SMZ - Expense Ratio Comparison

ORCS has a 0.97% expense ratio, which is lower than SMZ's 1.49% expense ratio.

Dividends

ORCS vs. SMZ - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.21%, while SMZ has not paid dividends to shareholders.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%
SMZ Tradr 2X Short SMR Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ORCS and SMZ in my portfolio?

ORCS and SMZ have a correlation of 0.51, 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 SMZ?

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 SMZ?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.49% for SMZ.

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

ORCS has the higher dividend yield at 1.21%, compared with 0.00% for SMZ.

What is the main difference between ORCS and SMZ?

They also come from different issuers: Direxion and Tradr. Their fees differ too: 0.97% for ORCS and 1.49% for SMZ.