QBTZ vs. ORCS

Last updated Jul 12, 2026

QBTZ (Defiance Daily Target 2X Short QBTS ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. A 0.54 correlation means they provide meaningful diversification when combined. QBTZ charges 1.29%/yr vs 0.97%/yr for ORCS.

Performance

QBTZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short QBTS ETF (QBTZ) 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, QBTZ achieves a -82.79% return, which is significantly lower than ORCS's 18.11% return.

QBTZ

• 1D: 10.29%
• 1M: 4.01%
• 6M: -78.88%
• YTD: -82.79%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 2.16%
• 1M: 28.94%
• 6M: 20.88%
• YTD: 18.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QBTZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
QBTZ Defiance Daily Target 2X Short QBTS ETF	-82.79%	-58.26%
ORCS Direxion Daily ORCL Bear 1X ETF	18.11%	11.07%

Correlation

The correlation between QBTZ and ORCS is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.54

Return for Risk

QBTZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short QBTS ETF (QBTZ) 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.

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

Drawdowns

QBTZ vs. ORCS - Drawdown Comparison

The maximum QBTZ drawdown since its inception was -96.03%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for QBTZ and ORCS.

Drawdown Indicators

	QBTZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-96.03%	-50.25%	-45.78%
Current Drawdown Current decline from peak	-94.02%	-15.50%	-78.52%
Average Drawdown Average peak-to-trough decline	-60.50%	-16.45%	-44.05%

Volatility

Volatility by Period

	QBTZ	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	229.09%	59.53%	+169.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	229.09%	59.53%	+169.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	229.09%	59.53%	+169.56%

QBTZ vs. ORCS - Expense Ratio Comparison

QBTZ has a 1.29% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

QBTZ vs. ORCS - Dividend Comparison

QBTZ has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.21%.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%
QBTZ Defiance Daily Target 2X Short QBTS ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both QBTZ and ORCS in my portfolio?

QBTZ and ORCS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QBTZ 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, QBTZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.29% for QBTZ.

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

ORCS has the higher dividend yield at 1.21%, compared with 0.00% for QBTZ.

What is the main difference between QBTZ and ORCS?

They also come from different issuers: Defiance ETFs and Direxion. Their fees differ too: 1.29% for QBTZ and 0.97% for ORCS.