TSXD vs. ORCS

Last updated Jul 17, 2026

TSXD (Direxion Daily Semiconductors Top 5 Bear 2X ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds from Direxion. Both are actively managed. At a 0.44 correlation, their price movements are largely independent.

Performance

TSXD vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) 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, TSXD achieves a -65.26% return, which is significantly lower than ORCS's 32.39% return.

TSXD

• 1D: 8.37%
• 1M: 1.98%
• 6M: -58.85%
• YTD: -65.26%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 6.05%
• 1M: 48.21%
• 6M: 29.65%
• YTD: 32.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TSXD vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF	-65.26%	-6.89%
ORCS Direxion Daily ORCL Bear 1X ETF	32.39%	11.07%

Correlation

The correlation between TSXD and ORCS is 0.44, 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	0.44

Return for Risk

TSXD vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Semiconductors Top 5 Bear 2X ETF (TSXD) 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

TSXD vs. ORCS - Drawdown Comparison

The maximum TSXD drawdown since its inception was -78.82%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for TSXD and ORCS.

Drawdown Indicators

	TSXD	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-78.82%	-50.25%	-28.57%
Current Drawdown Current decline from peak	-73.23%	-5.29%	-67.94%
Average Drawdown Average peak-to-trough decline	-40.44%	-16.25%	-24.19%

Volatility

Volatility by Period

	TSXD	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	87.13%	59.95%	+27.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	87.13%	59.95%	+27.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	87.13%	59.95%	+27.18%

Dividends

TSXD vs. ORCS - Dividend Comparison

TSXD's dividend yield for the trailing twelve months is around 5.01%, more than ORCS's 1.08% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.08%	0.26%
TSXD Direxion Daily Semiconductors Top 5 Bear 2X ETF	5.01%	1.03%

Frequently Asked Questions

Can I hold both TSXD and ORCS in my portfolio?

TSXD and ORCS have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

TSXD has the higher dividend yield at 5.01%, compared with 1.08% for ORCS.