QQDN vs. ORCS

Last updated Jul 12, 2026

QQDN (ProShares UltraShort QQQ Mega) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. QQDN is passively managed, while ORCS is actively managed. A 0.51 correlation means they provide meaningful diversification when combined. QQDN charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

QQDN vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort QQQ Mega (QQDN) 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, QQDN achieves a -11.94% return, which is significantly lower than ORCS's 18.11% return.

QQDN

• 1D: -1.18%
• 1M: -4.79%
• 6M: -11.62%
• YTD: -11.94%
• 1Y: -34.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 2.16%
• 1M: 29.15%
• 6M: 20.88%
• YTD: 18.11%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

QQDN vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
QQDN ProShares UltraShort QQQ Mega	-11.94%	-3.09%
ORCS Direxion Daily ORCL Bear 1X ETF	18.11%	11.07%

Correlation

The correlation between QQDN and ORCS is 0.51, 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	0.51

Return for Risk

QQDN vs. ORCS — Risk / Return Rank

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

QQDN

QQDN Risk / Return Rank: 2
QQDN Sharpe Ratio Rank: 2
QQDN Sortino Ratio Rank: 3
QQDN Omega Ratio Rank: 3
QQDN Calmar Ratio Rank: 2
QQDN Martin Ratio Rank: 1

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.

QQDN vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort QQQ Mega (QQDN) 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.

	QQDN	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	—	—
Sortino ratio: Return per unit of downside risk	-1.22	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.80	—	—
Martin ratio: Return relative to average drawdown	-1.40	—	—

Drawdowns

QQDN vs. ORCS - Drawdown Comparison

The maximum QQDN drawdown since its inception was -50.19%, roughly equal to the maximum ORCS drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for QQDN and ORCS.

Drawdown Indicators

	QQDN	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-50.19%	-50.25%	+0.06%
Max Drawdown (1Y) Largest decline over 1 year	-43.68%	—	—
Current Drawdown Current decline from peak	-43.46%	-15.50%	-27.96%
Average Drawdown Average peak-to-trough decline	-31.01%	-16.45%	-14.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.15%	—	—

Volatility

Volatility by Period

	QQDN	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.19%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.46%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	40.32%	59.53%	-19.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.82%	59.53%	-19.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.82%	59.53%	-19.71%

QQDN vs. ORCS - Expense Ratio Comparison

QQDN has a 0.95% expense ratio, which is lower than ORCS's 0.97% expense ratio.

Dividends

QQDN vs. ORCS - Dividend Comparison

QQDN's dividend yield for the trailing twelve months is around 5.59%, more than ORCS's 1.21% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%
QQDN ProShares UltraShort QQQ Mega	5.59%	3.42%

Frequently Asked Questions

Can I hold both QQDN and ORCS in my portfolio?

QQDN and ORCS have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, QQDN or ORCS?

On fees, QQDN is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, QQDN or ORCS?

QQDN is cheaper with a 0.95% expense ratio, compared with 0.97% for ORCS.

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

QQDN has the higher dividend yield at 5.59%, compared with 1.21% for ORCS.

What is the main difference between QQDN and ORCS?

They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for QQDN and 0.97% for ORCS.