TSMZ vs. ORCS

Last updated Jul 12, 2026

TSMZ (Direxion Daily TSM Bear 1X Shares) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. Both are actively managed. At a 0.38 correlation, their price movements are largely independent. TSMZ charges 0.98%/yr vs 0.97%/yr for ORCS.

Performance

TSMZ vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSM Bear 1X Shares (TSMZ) 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, TSMZ achieves a -35.32% return, which is significantly lower than ORCS's 18.11% return.

TSMZ

• 1D: 0.66%
• 1M: -4.73%
• 6M: -30.97%
• YTD: -35.32%
• 1Y: -52.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

TSMZ vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
TSMZ Direxion Daily TSM Bear 1X Shares	-35.32%	-9.09%
ORCS Direxion Daily ORCL Bear 1X ETF	18.11%	11.07%

Correlation

The correlation between TSMZ and ORCS is 0.38, 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	0.38

Return for Risk

TSMZ vs. ORCS — Risk / Return Rank

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

TSMZ

TSMZ Risk / Return Rank: 1
TSMZ Sharpe Ratio Rank: 0
TSMZ Sortino Ratio Rank: 0
TSMZ Omega Ratio Rank: 0
TSMZ Calmar Ratio Rank: 1
TSMZ 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.

TSMZ vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSM Bear 1X Shares (TSMZ) 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.

	TSMZ	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-1.34	—	—
Sortino ratio: Return per unit of downside risk	-2.19	—	—
Omega ratio: Gain probability vs. loss probability	0.76	—	—
Calmar ratio: Return relative to maximum drawdown	-0.93	—	—
Martin ratio: Return relative to average drawdown	-1.57	—	—

Drawdowns

TSMZ vs. ORCS - Drawdown Comparison

The maximum TSMZ drawdown since its inception was -74.02%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for TSMZ and ORCS.

Drawdown Indicators

	TSMZ	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-74.02%	-50.25%	-23.77%
Max Drawdown (1Y) Largest decline over 1 year	-56.52%	—	—
Current Drawdown Current decline from peak	-71.73%	-15.50%	-56.23%
Average Drawdown Average peak-to-trough decline	-39.59%	-16.45%	-23.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.35%	—	—

Volatility

Volatility by Period

	TSMZ	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.38%	—	—
Volatility (6M) Calculated over the trailing 6-month period	31.71%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	39.31%	59.53%	-20.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.59%	59.53%	-17.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.59%	59.53%	-17.94%

TSMZ vs. ORCS - Expense Ratio Comparison

TSMZ has a 0.98% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

TSMZ vs. ORCS - Dividend Comparison

TSMZ's dividend yield for the trailing twelve months is around 4.66%, more than ORCS's 1.21% yield.

Position	TTM	2025	2024
ORCS Direxion Daily ORCL Bear 1X ETF	1.21%	0.26%	0.00%
TSMZ Direxion Daily TSM Bear 1X Shares	4.66%	4.88%	0.86%

Frequently Asked Questions

Can I hold both TSMZ and ORCS in my portfolio?

TSMZ and ORCS have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TSMZ 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, TSMZ or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 0.98% for TSMZ.

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

TSMZ has the higher dividend yield at 4.66%, compared with 1.21% for ORCS.

What is the main difference between TSMZ and ORCS?

Their fees differ too: 0.98% for TSMZ and 0.97% for ORCS.