SMST.L vs. ORCS

Last updated Jul 18, 2026

SMST.L (Leverage Shares -3x Short MicroStrategy ETP) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. At a 0.30 correlation, their price movements are largely independent. SMST.L charges 0.75%/yr vs 0.97%/yr for ORCS.

Performance

SMST.L vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a £10,000 investment in Leverage Shares -3x Short MicroStrategy ETP (SMST.L) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SMST.L is traded in GBP, while ORCS is traded in USD. To make them comparable, the ORCS values have been converted to GBP using the latest available exchange rates.

Returns By Period

In the year-to-date period, SMST.L achieves a -53.68% return, which is significantly lower than ORCS's 30.31% return.

SMST.L

• 1D: 0.00%
• 1M: 43.51%
• 6M: -31.54%
• YTD: -53.68%
• 1Y: 333.03%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: -1.55%
• 1M: 40.25%
• 6M: 27.68%
• YTD: 30.31%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SMST.L vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
SMST.L Leverage Shares -3x Short MicroStrategy ETP	-53.68%	91.88%
ORCS Direxion Daily ORCL Bear 1X ETF	30.31%	7.65%

Correlation

The correlation between SMST.L and ORCS is 0.30, 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	0.30

Return for Risk

SMST.L vs. ORCS — Risk / Return Rank

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

SMST.L

SMST.L Risk / Return Rank: 71
SMST.L Sharpe Ratio Rank: 58
SMST.L Sortino Ratio Rank: 81
SMST.L Omega Ratio Rank: 79
SMST.L Calmar Ratio Rank: 86
SMST.L Martin Ratio Rank: 50

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.

SMST.L vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leverage Shares -3x Short MicroStrategy ETP (SMST.L) 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.

	SMST.L	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	1.48	—	—
Sortino ratio: Return per unit of downside risk	2.75	—	—
Omega ratio: Gain probability vs. loss probability	1.35	—	—
Calmar ratio: Return relative to maximum drawdown	3.57	—	—
Martin ratio: Return relative to average drawdown	6.31	—	—

Drawdowns

SMST.L vs. ORCS - Drawdown Comparison

The maximum SMST.L drawdown since its inception was -97.98%, which is greater than ORCS's maximum drawdown of -49.98%. Use the drawdown chart below to compare losses from any high point for SMST.L and ORCS.

Drawdown Indicators

	SMST.L	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-97.98%	-49.98%	-48.00%
Max Drawdown (1Y) Largest decline over 1 year	-93.24%	—	—
Current Drawdown Current decline from peak	-88.42%	-6.38%	-82.04%
Average Drawdown Average peak-to-trough decline	-81.31%	-15.95%	-65.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.75%	—	—

Volatility

Volatility by Period

	SMST.L	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	76.93%	—	—
Volatility (6M) Calculated over the trailing 6-month period	189.01%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	225.47%	61.51%	+163.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27,708.02%	61.51%	+27,646.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27,708.02%	61.51%	+27,646.51%

SMST.L vs. ORCS - Expense Ratio Comparison

SMST.L has a 0.75% expense ratio, which is lower than ORCS's 0.97% expense ratio.

Dividends

SMST.L vs. ORCS - Dividend Comparison

SMST.L has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.10%.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.10%	0.26%
SMST.L Leverage Shares -3x Short MicroStrategy ETP	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMST.L and ORCS in my portfolio?

SMST.L and ORCS have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SMST.L or ORCS?

On fees, SMST.L 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, SMST.L or ORCS?

SMST.L is cheaper with a 0.75% expense ratio, compared with 0.97% for ORCS.

What is the main difference between SMST.L and ORCS?

They also come from different issuers: Leverage Shares and Direxion. Their fees differ too: 0.75% for SMST.L and 0.97% for ORCS.