RCAX vs. ORLG

Last updated Jun 6, 2026

RCAX (Defiance Daily Target 2X Long RCAT ETF) and ORLG (Leverage Shares 2X Long ORLY Daily ETF) are both Leveraged Equities funds - RCAX tracks the Red Cat Holdings, Inc. (RCAT) while ORLG tracks the O'Reilly Automotive, Inc. (ORLY). Both are passively managed. At a 0.02 correlation, their price movements are largely independent. RCAX charges 1.31%/yr vs 0.75%/yr for ORLG.

Performance

RCAX vs. ORLG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Long RCAT ETF (RCAX) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

RCAX

• 1D: -28.03%
• 1M: 16.56%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORLG

• 1D: 4.54%
• 1M: -10.41%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

RCAX vs. ORLG - Yearly Performance Comparison

	2026 (YTD)
RCAX Defiance Daily Target 2X Long RCAT ETF	-56.40%
ORLG Leverage Shares 2X Long ORLY Daily ETF	-19.57%

Correlation

The correlation between RCAX and ORLG is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 4, 2026	0.02

Return for Risk

RCAX vs. ORLG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Long RCAT ETF (RCAX) and Leverage Shares 2X Long ORLY Daily ETF (ORLG). 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.

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

Sharpe Ratios by Period

	RCAX	ORLG	Difference
Sharpe Ratio (All Time) Calculated using the full available price history	-0.37	-0.57	+0.20

Drawdowns

RCAX vs. ORLG - Drawdown Comparison

The maximum RCAX drawdown since its inception was -81.30%, which is greater than ORLG's maximum drawdown of -32.62%. Use the drawdown chart below to compare losses from any high point for RCAX and ORLG.

Drawdown Indicators

	RCAX	ORLG	Difference
Max Drawdown Largest peak-to-trough decline	-81.30%	-32.62%	-48.68%
Current Drawdown Current decline from peak	-63.85%	-26.10%	-37.75%
Average Drawdown Average peak-to-trough decline	-44.08%	-18.03%	-26.05%

Volatility

Volatility by Period

	RCAX	ORLG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	245.47%	55.44%	+190.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	245.47%	55.44%	+190.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	245.47%	55.44%	+190.03%

RCAX vs. ORLG - Expense Ratio Comparison

RCAX has a 1.31% expense ratio, which is higher than ORLG's 0.75% expense ratio.

Dividends

RCAX vs. ORLG - Dividend Comparison

Neither RCAX nor ORLG has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both RCAX and ORLG in my portfolio?

RCAX and ORLG have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, RCAX or ORLG?

On fees, ORLG is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, RCAX or ORLG?

ORLG is cheaper with a 0.75% expense ratio, compared with 1.31% for RCAX.

Which ETF pays a higher dividend yield, RCAX or ORLG?

RCAX and ORLG have nearly identical dividend yields, around 0.00%.

What is the main difference between RCAX and ORLG?

RCAX tracks Red Cat Holdings, Inc. (RCAT), while ORLG tracks O'Reilly Automotive, Inc. (ORLY). They also come from different issuers: Defiance and Leverage Shares. Their fees differ too: 1.31% for RCAX and 0.75% for ORLG.