PALD vs. ORCS

Last updated Jul 17, 2026

PALD (Direxion Daily PANW Bear 1X Shares) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. Both are actively managed. At a 0.42 correlation, their price movements are largely independent. PALD charges 1.02%/yr vs 0.97%/yr for ORCS.

Performance

PALD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily PANW Bear 1X Shares (PALD) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PALD achieves a -52.89% return, which is significantly lower than ORCS's 32.39% return.

PALD

• 1D: 0.07%
• 1M: -22.76%
• 6M: -51.89%
• YTD: -52.89%
• 1Y: -51.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.05%
• 1M: 48.21%
• 6M: 29.65%
• YTD: 32.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

PALD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
PALD Direxion Daily PANW Bear 1X Shares	-52.89%	8.81%
ORCS Direxion Daily ORCL Bear 1X ETF	32.39%	11.07%

Correlation

The correlation between PALD and ORCS is 0.42, 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	0.42

Return for Risk

PALD vs. ORCS — Risk / Return Rank

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

PALD

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

ORCS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

PALD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily PANW Bear 1X Shares (PALD) and Direxion Daily ORCL Bear 1X ETF (ORCS). 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.

	PALD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.24	—	—
Sortino ratio: Return per unit of downside risk	-2.04	—	—
Omega ratio: Gain probability vs. loss probability	0.77	—	—
Calmar ratio: Return relative to maximum drawdown	-0.81	—	—
Martin ratio: Return relative to average drawdown	-1.95	—	—

Drawdowns

PALD vs. ORCS - Drawdown Comparison

The maximum PALD drawdown since its inception was -63.22%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for PALD and ORCS.

Drawdown Indicators

	PALD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-63.22%	-50.25%	-12.97%
Max Drawdown (1Y) Largest decline over 1 year	-63.22%	—	—
Current Drawdown Current decline from peak	-63.19%	-5.29%	-57.90%
Average Drawdown Average peak-to-trough decline	-24.72%	-16.25%	-8.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.29%	—	—

Volatility

Volatility by Period

	PALD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.21%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.78%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	41.27%	59.95%	-18.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.82%	59.95%	-18.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.82%	59.95%	-18.13%

PALD vs. ORCS - Expense Ratio Comparison

PALD has a 1.02% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

PALD vs. ORCS - Dividend Comparison

PALD's dividend yield for the trailing twelve months is around 5.53%, more than ORCS's 1.08% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%
PALD Direxion Daily PANW Bear 1X Shares	5.53%	3.31%

Frequently Asked Questions

Can I hold both PALD and ORCS in my portfolio?

PALD and ORCS have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, PALD or ORCS?

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.

Which ETF is cheaper, PALD or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.02% for PALD.

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

PALD has the higher dividend yield at 5.53%, compared with 1.08% for ORCS.

What is the main difference between PALD and ORCS?

Their fees differ too: 1.02% for PALD and 0.97% for ORCS.