SMZ vs. ORCS

Last updated Jul 11, 2026

SMZ (Tradr 2X Short SMR Daily ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. SMZ is passively managed, while ORCS is actively managed. A 0.51 correlation means they provide meaningful diversification when combined. SMZ charges 1.49%/yr vs 0.97%/yr for ORCS.

Performance

SMZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tradr 2X Short SMR Daily ETF (SMZ) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

SMZ

• 1D: -0.22%
• 1M: -6.34%
• 6M: —
• YTD: —
• 1Y: —
• 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)

SMZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)
SMZ Tradr 2X Short SMR Daily ETF	4.34%
ORCS Direxion Daily ORCL Bear 1X ETF	0.22%

Correlation

The correlation between SMZ 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 Feb 11, 2026	0.51

Return for Risk

SMZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short SMR Daily ETF (SMZ) 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.

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

Drawdowns

SMZ vs. ORCS - Drawdown Comparison

The maximum SMZ drawdown since its inception was -77.30%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for SMZ and ORCS.

Drawdown Indicators

	SMZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-77.30%	-50.25%	-27.05%
Current Drawdown Current decline from peak	-59.15%	-15.50%	-43.65%
Average Drawdown Average peak-to-trough decline	-38.88%	-16.45%	-22.43%

Volatility

Volatility by Period

	SMZ	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	187.85%	59.53%	+128.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	187.85%	59.53%	+128.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	187.85%	59.53%	+128.32%

SMZ vs. ORCS - Expense Ratio Comparison

SMZ has a 1.49% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

SMZ vs. ORCS - Dividend Comparison

SMZ has not paid dividends to shareholders, while ORCS's dividend yield for the trailing twelve months is around 1.21%.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%
SMZ Tradr 2X Short SMR Daily ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both SMZ and ORCS in my portfolio?

SMZ 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, SMZ 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, SMZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.49% for SMZ.

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

ORCS has the higher dividend yield at 1.21%, compared with 0.00% for SMZ.

What is the main difference between SMZ and ORCS?

They also come from different issuers: Tradr and Direxion. Their fees differ too: 1.49% for SMZ and 0.97% for ORCS.