ORCS vs. SOXL

Last updated Jun 6, 2026

ORCS (Direxion Daily ORCL Bear 1X ETF) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - ORCS is a Inverse Equities fund actively managed by Direxion, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. ORCS is actively managed, while SOXL is passively managed. At a correlation of -0.32, they often move in opposite directions. ORCS charges 0.97%/yr vs 0.75%/yr for SOXL.

Performance

ORCS vs. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). 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 SOXL's 334.31% return.

ORCS

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

SOXL

• 1D: -30.51%
• 1M: 10.06%
• YTD: 334.31%
• 6M: 292.56%
• 1Y: 873.79%
• 3Y*: 104.66%
• 5Y*: 36.47%
• 10Y*: 58.09%

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

ORCS vs. SOXL - Yearly Performance Comparison

	2026 (YTD)	2025
ORCS Direxion Daily ORCL Bear 1X ETF	-20.50%	12.36%
SOXL Direxion Daily Semiconductor Bull 3X ETF	334.31%	16.88%

Correlation

The correlation between ORCS and SOXL is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 20, 2025	-0.32

Return for Risk

ORCS vs. SOXL — Risk / Return Rank

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

SOXL

SOXL Risk / Return Rank: 95
SOXL Sharpe Ratio Rank: 99
SOXL Sortino Ratio Rank: 90
SOXL Omega Ratio Rank: 91
SOXL Calmar Ratio Rank: 99
SOXL Martin Ratio Rank: 98

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. SOXL - 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 Semiconductor Bull 3X ETF (SOXL). 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	SOXL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	8.26	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.34	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.59	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.31	0.47	-0.79

Drawdowns

ORCS vs. SOXL - Drawdown Comparison

The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for ORCS and SOXL.

Drawdown Indicators

	ORCS	SOXL	Difference
Max Drawdown Largest peak-to-trough decline	-50.25%	-90.46%	+40.21%
Max Drawdown (1Y) Largest decline over 1 year	—	-43.47%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-87.88%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-90.46%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-90.46%	—
Current Drawdown Current decline from peak	-43.12%	-34.93%	-8.19%
Average Drawdown Average peak-to-trough decline	-14.84%	-35.01%	+20.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	12.85%	—

Volatility

Volatility by Period

	ORCS	SOXL	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	55.19%	—
Volatility (6M) Calculated over the trailing 6-month period	—	89.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	60.71%	106.94%	-46.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.71%	108.10%	-47.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.71%	99.53%	-38.82%

ORCS vs. SOXL - Expense Ratio Comparison

ORCS has a 0.97% expense ratio, which is higher than SOXL's 0.75% expense ratio.

Dividends

ORCS vs. SOXL - Dividend Comparison

ORCS's dividend yield for the trailing twelve months is around 1.08%, more than SOXL's 0.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SOXL Direxion Daily Semiconductor Bull 3X ETF	0.04%	0.34%	1.18%	0.51%	1.07%	0.04%	0.05%	0.38%	1.30%	0.09%	4.84%

Frequently Asked Questions

Can I hold both ORCS and SOXL in my portfolio?

ORCS and SOXL have a correlation of -0.32, 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 SOXL?

On fees, SOXL is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ORCS or SOXL?

SOXL is cheaper with a 0.75% expense ratio, compared with 0.97% for ORCS.

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

ORCS has the higher dividend yield at 1.08%, compared with 0.04% for SOXL.

What is the main difference between ORCS and SOXL?

ORCS is categorized as Inverse Equities, while SOXL is Leveraged Equities. Their fees differ too: 0.97% for ORCS and 0.75% for SOXL.