ORCS vs. TSLQ
ORCS (Direxion Daily ORCL Bear 1X ETF) and TSLQ (AXS TSLA Bear Daily ETF) are both Inverse Equities funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. ORCS charges 0.97%/yr vs 1.15%/yr for TSLQ.
Performance
ORCS vs. TSLQ - Performance Comparison
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Returns By Period
In the year-to-date period, ORCS achieves a -20.50% return, which is significantly lower than TSLQ's 11.62% return.
ORCS
- 1D
- 9.77%
- 1M
- -12.83%
- YTD
- -20.50%
- 6M
- -12.98%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
TSLQ
- 1D
- 13.18%
- 1M
- -1.03%
- YTD
- 11.62%
- 6M
- 11.37%
- 1Y
- -68.35%
- 3Y*
- -66.15%
- 5Y*
- —
- 10Y*
- —
ORCS vs. TSLQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | -20.50% | 12.36% |
TSLQ AXS TSLA Bear Daily ETF | 11.62% | -22.88% |
Correlation
The correlation between ORCS and TSLQ is 0.39, 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 | 0.39 |
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Return for Risk
ORCS vs. TSLQ — Risk / Return Rank
ORCS
TSLQ
ORCS vs. TSLQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bear 1X ETF (ORCS) and AXS TSLA Bear Daily ETF (TSLQ). 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.
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Sharpe Ratios by Period
| ORCS | TSLQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | -0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.31 | -0.63 | +0.31 |
Drawdowns
ORCS vs. TSLQ - Drawdown Comparison
The maximum ORCS drawdown since its inception was -50.25%, smaller than the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for ORCS and TSLQ.
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Drawdown Indicators
| ORCS | TSLQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.25% | -98.73% | +48.48% |
Max Drawdown (1Y)Largest decline over 1 year | — | -74.03% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -97.85% | — |
Current DrawdownCurrent decline from peak | -43.12% | -98.34% | +55.22% |
Average DrawdownAverage peak-to-trough decline | -14.84% | -67.25% | +52.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 59.96% | — |
Volatility
ORCS vs. TSLQ - Volatility Comparison
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Volatility by Period
| ORCS | TSLQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 27.19% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 55.63% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 60.71% | 93.40% | -32.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.71% | 94.27% | -33.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.71% | 94.27% | -33.56% |
ORCS vs. TSLQ - Expense Ratio Comparison
ORCS has a 0.97% expense ratio, which is lower than TSLQ's 1.15% expense ratio.
Dividends
ORCS vs. TSLQ - Dividend Comparison
ORCS's dividend yield for the trailing twelve months is around 1.08%, less than TSLQ's 9.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
ORCS Direxion Daily ORCL Bear 1X ETF | 1.08% | 0.26% | 0.00% | 0.00% | 0.00% |
TSLQ AXS TSLA Bear Daily ETF | 9.46% | 10.56% | 4.95% | 13.35% | 2.56% |
Frequently Asked Questions
ORCS and TSLQ have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
ORCS is cheaper with a 0.97% expense ratio, compared with 1.15% for TSLQ.
TSLQ has the higher dividend yield at 9.46%, compared with 1.08% for ORCS.
They also come from different issuers: Direxion and AXS. Their fees differ too: 0.97% for ORCS and 1.15% for TSLQ.
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