ORCX vs. MSTX

Last updated Jun 4, 2026

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 15.78% vs -95.49% for MSTX. At a 0.38 correlation, their price movements are largely independent. Both charge a 1.29% expense ratio.

Performance

ORCX vs. MSTX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long ORCL ETF (ORCX) and Defiance Daily Target 2X Long MSTR ETF (MSTX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ORCX achieves a 16.25% return, which is significantly higher than MSTX's -54.94% return.

ORCX

• 1D: -11.49%
• 1M: 55.88%
• YTD: 16.25%
• 6M: -1.67%
• 1Y: 15.78%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MSTX

• 1D: -14.41%
• 1M: -56.02%
• YTD: -54.94%
• 6M: -72.02%
• 1Y: -95.49%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ORCX vs. MSTX - Yearly Performance Comparison

	2026 (YTD)	2025
ORCX Defiance Daily Target 2X Long ORCL ETF	16.25%	-16.20%
MSTX Defiance Daily Target 2X Long MSTR ETF	-54.94%	-90.63%

Correlation

The correlation between ORCX and MSTX is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Feb 10, 2025	0.38

Return for Risk

ORCX vs. MSTX — Risk / Return Rank

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

ORCX

ORCX Risk / Return Rank: 15
ORCX Sharpe Ratio Rank: 10
ORCX Sortino Ratio Rank: 23
ORCX Omega Ratio Rank: 21
ORCX Calmar Ratio Rank: 11
ORCX Martin Ratio Rank: 10

MSTX

MSTX Risk / Return Rank: 1
MSTX Sharpe Ratio Rank: 3
MSTX Sortino Ratio Rank: 1
MSTX Omega Ratio Rank: 1
MSTX Calmar Ratio Rank: 0
MSTX Martin Ratio Rank: 3

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.

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.

	ORCX	MSTX	Difference
Sharpe ratio Return per unit of total volatility	0.12	-0.68	+0.81
Sortino ratio Return per unit of downside risk	1.25	-2.10	+3.35
Omega ratio Gain probability vs. loss probability	1.14	0.78	+0.36
Calmar ratio Return relative to maximum drawdown	0.18	-0.99	+1.17
Martin ratio Return relative to average drawdown	0.28	-1.27	+1.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORCX vs. MSTX - Sharpe Ratio Comparison

The current ORCX Sharpe Ratio is 0.12, which is higher than the MSTX Sharpe Ratio of -0.68. The chart below compares the historical Sharpe Ratios of ORCX and MSTX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ORCX	MSTX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	-0.68	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.42	+0.40

Drawdowns

ORCX vs. MSTX - Drawdown Comparison

The maximum ORCX drawdown since its inception was -85.98%, smaller than the maximum MSTX drawdown of -98.66%. Use the drawdown chart below to compare losses from any high point for ORCX and MSTX.

Drawdown Indicators

	ORCX	MSTX	Difference
Max Drawdown Largest peak-to-trough decline	-85.98%	-98.66%	+12.68%
Max Drawdown (1Y) Largest decline over 1 year	-85.98%	-96.62%	+10.64%
Current Drawdown Current decline from peak	-64.17%	-98.61%	+34.44%
Average Drawdown Average peak-to-trough decline	-44.40%	-69.94%	+25.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.49%	75.26%	-17.77%

Volatility

ORCX vs. MSTX - Volatility Comparison

The current volatility for Defiance Daily Target 2X Long ORCL ETF (ORCX) is 36.85%, while Defiance Daily Target 2X Long MSTR ETF (MSTX) has a volatility of 39.64%. This indicates that ORCX experiences smaller price fluctuations and is considered to be less risky than MSTX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ORCX	MSTX	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.85%	39.64%	-2.79%
Volatility (6M) Calculated over the trailing 6-month period	82.26%	112.57%	-30.31%
Volatility (1Y) Calculated over the trailing 1-year period	127.97%	140.09%	-12.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.00%	167.46%	-46.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	121.00%	167.46%	-46.46%

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

Can I hold both ORCX and MSTX in my portfolio?

ORCX and MSTX have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORCX or MSTX?

MSTX has higher volatility (39.64%) compared to ORCX (36.85%). In terms of maximum drawdown, ORCX dropped -85.98% vs MSTX's -98.66%.

Which ETF is better, ORCX or MSTX?

On 1-year performance, ORCX leads with 15.78% vs -95.49% for MSTX. Both ETFs have the same 1.29% expense ratio. On volatility, ORCX has been the lower-risk option at 36.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORCX or MSTX?

Over the 1-year period, ORCX has performed better with a 15.78% return vs -95.49%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORCX or MSTX?

ORCX and MSTX have the same expense ratio: 1.29% per year.

Which ETF pays a higher dividend yield, ORCX or MSTX?

ORCX and MSTX have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

ORCX currently has the higher Sharpe Ratio (0.12 vs -0.68), 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.