SMCZ vs. ORCS

Last updated Aug 4, 2026

SMCZ (Defiance Daily Target 2X Short SMCI ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. Their 0.42 correlation means their historical movements had little consistent relationship. SMCZ charges 1.29%/yr vs 0.97%/yr for ORCS.

Performance

SMCZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Defiance Daily Target 2X Short SMCI ETF (SMCZ) 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, SMCZ achieves a -87.76% return, which is significantly lower than ORCS's 13.04% return.

SMCZ

• 1D: -1.52%
• 1M: -31.27%
• 6M: -85.93%
• YTD: -87.76%
• 1Y: -73.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -89.95%

ORCS

• 1D: -9.36%
• 1M: -4.99%
• 6M: -5.84%
• YTD: 13.04%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ORCS Direxion Daily ORCL Bear 1X ETF	$1.89M	$2.53M	$2.78M
SMCZ Defiance Daily Target 2X Short SMCI ETF	$23.07M	$12.69M	$14.60M

SMCZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
SMCZ Defiance Daily Target 2X Short SMCI ETF	-87.76%	27.37%
ORCS Direxion Daily ORCL Bear 1X ETF	13.04%	11.07%

Correlation

The correlation between SMCZ and ORCS is 0.42, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.42

Return for Risk

SMCZ vs. ORCS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SMCZ

SMCZ Risk / Return Rank: 7
SMCZ Sharpe Ratio Rank: 6
SMCZ Sortino Ratio Rank: 12
SMCZ Omega Ratio Rank: 12
SMCZ Calmar Ratio Rank: 3
SMCZ 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) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SMCZ vs. ORCS - Risk-Adjusted Trends Comparison

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

	SMCZ	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.41	—	—
Sortino ratio: Return per unit of downside risk	0.24	—	—
Omega ratio: Gain probability vs. loss probability	1.03	—	—
Calmar ratio: Return relative to maximum drawdown	-0.80	—	—
Martin ratio: Return relative to average drawdown	-1.47	—	—

Drawdowns

SMCZ vs. ORCS - Drawdown Comparison

The maximum SMCZ drawdown since its inception was -97.40%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for SMCZ and ORCS.

Drawdown Indicators

	SMCZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-97.40%	-50.25%	-47.15%
Max Drawdown (1Y) Largest decline over 1 year	-91.49%	—	—
Current Drawdown Current decline from peak	-96.42%	-20.55%	-75.87%
Average Drawdown Average peak-to-trough decline	-77.91%	-15.60%	-62.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	49.58%	—	—

Volatility

Volatility by Period

	SMCZ	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	65.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	160.74%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	178.69%	61.20%	+117.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	175.68%	61.20%	+114.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	175.68%	61.20%	+114.48%

SMCZ vs. ORCS - Expense Ratio Comparison

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

Dividends

SMCZ vs. ORCS - Dividend Comparison

SMCZ's dividend yield for the trailing twelve months is around 16.59%, more than ORCS's 1.27% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.27%	0.26%
SMCZ Defiance Daily Target 2X Short SMCI ETF	16.59%	2.03%

Frequently Asked Questions

Can I hold both SMCZ and ORCS in my portfolio?

SMCZ 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, SMCZ 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, SMCZ or ORCS?

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

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

SMCZ has the higher dividend yield at 16.59%, compared with 1.27% for ORCS.

What is the main difference between SMCZ and ORCS?

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