SDD vs. ORCS

Last updated Jul 12, 2026

SDD (ProShares UltraShort SmallCap600) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. SDD is passively managed, while ORCS is actively managed. At a 0.22 correlation, their price movements are largely independent. SDD charges 0.95%/yr vs 0.97%/yr for ORCS.

Performance

SDD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraShort SmallCap600 (SDD) 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, SDD achieves a -32.06% return, which is significantly lower than ORCS's 18.11% return.

SDD

• 1D: 0.02%
• 1M: -2.88%
• 6M: -25.07%
• YTD: -32.06%
• 1Y: -40.76%
• 3Y*: -24.65%
• 5Y*: -17.22%
• 10Y*: -26.98%

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)

SDD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
SDD ProShares UltraShort SmallCap600	-32.06%	-10.25%
ORCS Direxion Daily ORCL Bear 1X ETF	18.11%	11.07%

Correlation

The correlation between SDD and ORCS is 0.22, 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	0.22

Return for Risk

SDD vs. ORCS — Risk / Return Rank

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

SDD

SDD Risk / Return Rank: 1
SDD Sharpe Ratio Rank: 1
SDD Sortino Ratio Rank: 1
SDD Omega Ratio Rank: 1
SDD Calmar Ratio Rank: 2
SDD 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.

SDD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort SmallCap600 (SDD) 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.

	SDD	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	—	—
Sortino ratio: Return per unit of downside risk	-1.58	—	—
Omega ratio: Gain probability vs. loss probability	0.82	—	—
Calmar ratio: Return relative to maximum drawdown	-0.83	—	—
Martin ratio: Return relative to average drawdown	-1.45	—	—

Drawdowns

SDD vs. ORCS - Drawdown Comparison

The maximum SDD drawdown since its inception was -99.94%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for SDD and ORCS.

Drawdown Indicators

	SDD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-99.94%	-50.25%	-49.69%
Max Drawdown (1Y) Largest decline over 1 year	-47.71%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-69.10%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-71.26%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.11%	—	—
Current Drawdown Current decline from peak	-99.94%	-15.50%	-84.44%
Average Drawdown Average peak-to-trough decline	-86.96%	-16.45%	-70.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.29%	—	—

Volatility

Volatility by Period

	SDD	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.95%	—	—
Volatility (6M) Calculated over the trailing 6-month period	24.79%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	35.96%	59.53%	-23.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.10%	59.53%	-16.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.02%	59.53%	-14.51%

SDD vs. ORCS - Expense Ratio Comparison

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

Dividends

SDD vs. ORCS - Dividend Comparison

SDD's dividend yield for the trailing twelve months is around 6.33%, more than ORCS's 1.21% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SDD ProShares UltraShort SmallCap600	6.33%	5.07%	4.34%	3.84%	0.33%	0.00%	0.00%	1.20%	0.52%

Frequently Asked Questions

Can I hold both SDD and ORCS in my portfolio?

SDD and ORCS have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SDD or ORCS?

On fees, SDD 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, SDD or ORCS?

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

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

SDD has the higher dividend yield at 6.33%, compared with 1.21% for ORCS.

What is the main difference between SDD and ORCS?

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