TSLZ vs. ORCS

Last updated Jul 14, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. TSLZ charges 1.05%/yr vs 0.97%/yr for ORCS.

Performance

TSLZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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, TSLZ achieves a -2.82% return, which is significantly lower than ORCS's 25.50% return.

TSLZ

• 1D: 6.27%
• 1M: -2.04%
• 6M: -2.04%
• YTD: -2.82%
• 1Y: -64.57%
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSLZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	-2.82%	-24.26%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between TSLZ and ORCS is 0.39, 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	0.39

Return for Risk

TSLZ vs. ORCS — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 3
TSLZ Sharpe Ratio Rank: 3
TSLZ Sortino Ratio Rank: 3
TSLZ Omega Ratio Rank: 4
TSLZ Calmar Ratio Rank: 1
TSLZ Martin Ratio Rank: 3

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.

TSLZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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.

	TSLZ	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.73	—	—
Sortino ratio: Return per unit of downside risk	-1.00	—	—
Omega ratio: Gain probability vs. loss probability	0.89	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.17	—	—

Drawdowns

TSLZ vs. ORCS - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for TSLZ and ORCS.

Drawdown Indicators

	TSLZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-50.25%	-48.86%
Max Drawdown (1Y) Largest decline over 1 year	-69.73%	—	—
Current Drawdown Current decline from peak	-98.98%	-10.21%	-88.77%
Average Drawdown Average peak-to-trough decline	-76.15%	-16.41%	-59.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.11%	—	—

Volatility

Volatility by Period

	TSLZ	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	62.89%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	88.39%	59.82%	+28.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	117.16%	59.82%	+57.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	117.16%	59.82%	+57.34%

TSLZ vs. ORCS - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

TSLZ vs. ORCS - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.71%, less than ORCS's 1.14% yield.

Position	TTM	2025	2024	2023
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%	0.00%	0.00%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.71%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and ORCS in my portfolio?

TSLZ and ORCS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSLZ 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, TSLZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.05% for TSLZ.

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

ORCS has the higher dividend yield at 1.14%, compared with 0.71% for TSLZ.

What is the main difference between TSLZ and ORCS?

They also come from different issuers: T-Rex and Direxion. Their fees differ too: 1.05% for TSLZ and 0.97% for ORCS.