ORCX vs. MSTX
ORCX (Defiance Daily Target 2X Long ORCL ETF) and MSTX (Defiance Daily Target 2X Long MSTR ETF) are both Leveraged Equities funds from Defiance. Both are actively managed. Over the past year, ORCX returned -60.79% vs -96.70% for MSTX. At a 0.39 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.
Performance
ORCX vs. MSTX - Performance Comparison
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Returns By Period
In the year-to-date period, ORCX achieves a -42.52% return, which is significantly higher than MSTX's -71.19% return.
ORCX
- 1D
- -11.52%
- 1M
- -30.81%
- YTD
- -42.52%
- 6M
- -42.95%
- 1Y
- -60.79%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MSTX
- 1D
- -10.71%
- 1M
- -61.25%
- YTD
- -71.19%
- 6M
- -73.53%
- 1Y
- -96.70%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ORCX vs. MSTX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ORCX Defiance Daily Target 2X Long ORCL ETF | -42.52% | -16.64% |
MSTX Defiance Daily Target 2X Long MSTR ETF | -71.19% | -90.56% |
Correlation
The correlation between ORCX and MSTX is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (All Time) Calculated using the full available price history since Feb 7, 2025 | 0.39 |
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Return for Risk
ORCX vs. MSTX — Risk / Return Rank
ORCX
MSTX
ORCX vs. MSTX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long ORCL ETF (ORCX) and Defiance Daily Target 2X Long MSTR ETF (MSTX). 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.
| ORCX | MSTX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +2.03 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.76 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | -0.99 | +0.28 |
| Martin ratioReturn relative to average drawdown | -1.01 | -1.23 | +0.22 |
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Drawdowns
ORCX vs. MSTX - Drawdown Comparison
The maximum ORCX drawdown since its inception was -85.98%, smaller than the maximum MSTX drawdown of -99.11%. Use the drawdown chart below to compare losses from any high point for ORCX and MSTX.
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Drawdown Indicators
| ORCX | MSTX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.98% | -99.11% | +13.13% |
Max Drawdown (1Y)Largest decline over 1 year | -85.98% | -97.76% | +11.78% |
Current DrawdownCurrent decline from peak | -82.28% | -99.11% | +16.83% |
Average DrawdownAverage peak-to-trough decline | -45.42% | -70.60% | +25.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.96% | 78.39% | -18.43% |
Volatility
ORCX vs. MSTX - Volatility Comparison
Defiance Daily Target 2X Long ORCL ETF (ORCX) has a higher volatility of 49.57% compared to Defiance Daily Target 2X Long MSTR ETF (MSTX) at 44.91%. This indicates that ORCX's price experiences larger fluctuations and is considered to be riskier than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ORCX | MSTX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 49.57% | 44.91% | +4.66% |
Volatility (6M)Calculated over the trailing 6-month period | 84.44% | 114.95% | -30.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 129.20% | 143.60% | -14.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 122.13% | 167.05% | -44.92% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 122.13% | 167.05% | -44.92% |
ORCX vs. MSTX - Expense Ratio Comparison
Both ORCX and MSTX have an expense ratio of 1.29%.
Dividends
ORCX vs. MSTX - Dividend Comparison
Neither ORCX nor MSTX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
MSTX Defiance Daily Target 2X Long MSTR ETF | 0.00% | 0.00% | 41.01% |
ORCX Defiance Daily Target 2X Long ORCL ETF | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ORCX and MSTX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ORCX has higher volatility (49.57%) compared to MSTX (44.91%). In terms of maximum drawdown, ORCX dropped -85.98% vs MSTX's -99.11%.
On 1-year performance, ORCX leads with -60.79% vs -96.70% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, MSTX has been the lower-risk option at 44.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ORCX has performed better with a -60.79% return vs -96.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ORCX and MSTX have the same expense ratio: 1.29% per year.
ORCX and MSTX have nearly identical dividend yields, around 0.00%.
ORCX currently has the higher Sharpe Ratio (-0.47 vs -0.67), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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