ORCU vs. SPXL
ORCU (Direxion Daily ORCL Bull 2X ETF) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both Leveraged Equities funds from Direxion. ORCU is actively managed, while SPXL is passively managed. At a 0.47 correlation, their price movements are largely independent. ORCU charges 0.97%/yr vs 0.84%/yr for SPXL.
Performance
ORCU vs. SPXL - Performance Comparison
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Returns By Period
In the year-to-date period, ORCU achieves a -67.73% return, which is significantly lower than SPXL's 24.85% return.
ORCU
- 1D
- -12.50%
- 1M
- -57.81%
- 6M
- -65.88%
- YTD
- -67.73%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
SPXL
- 1D
- -1.60%
- 1M
- -0.19%
- 6M
- 19.87%
- YTD
- 24.85%
- 1Y
- 55.18%
- 3Y*
- 44.11%
- 5Y*
- 21.24%
- 10Y*
- 28.72%
ORCU vs. SPXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCU Direxion Daily ORCL Bull 2X ETF | -67.73% | -27.54% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 24.85% | 9.33% |
Correlation
The correlation between ORCU and SPXL is 0.47, 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 | 0.48 |
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Return for Risk
ORCU vs. SPXL — Risk / Return Rank
ORCU
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
SPXL
ORCU vs. SPXL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily ORCL Bull 2X ETF (ORCU) and Direxion Daily S&P 500 Bull 3X ETF (SPXL). 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.
| ORCU | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.26 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.07 | — |
| Martin ratioReturn relative to average drawdown | — | 8.18 | — |
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Drawdowns
ORCU vs. SPXL - Drawdown Comparison
The maximum ORCU drawdown since its inception was -77.22%, roughly equal to the maximum SPXL drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for ORCU and SPXL.
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Drawdown Indicators
| ORCU | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -77.22% | -76.86% | -0.36% |
Max Drawdown (1Y)Largest decline over 1 year | — | -26.77% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -48.95% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -63.80% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -77.22% | -4.60% | -72.62% |
Average DrawdownAverage peak-to-trough decline | -46.00% | -16.06% | -29.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.77% | — |
Volatility
ORCU vs. SPXL - Volatility Comparison
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Volatility by Period
| ORCU | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 10.79% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 30.09% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 119.55% | 37.68% | +81.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 119.55% | 50.59% | +68.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 119.55% | 53.38% | +66.17% |
ORCU vs. SPXL - Expense Ratio Comparison
ORCU has a 0.97% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
ORCU vs. SPXL - Dividend Comparison
ORCU's dividend yield for the trailing twelve months is around 2.72%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
ORCU Direxion Daily ORCL Bull 2X ETF | 2.72% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
ORCU and SPXL have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SPXL is cheaper at 0.84% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SPXL is cheaper with a 0.84% expense ratio, compared with 0.97% for ORCU.
ORCU has the higher dividend yield at 2.72%, compared with 0.52% for SPXL.
Their fees differ too: 0.97% for ORCU and 0.84% for SPXL.
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