ZIVB vs. ORCS

Last updated Jul 8, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a correlation of -0.15, they often move in opposite directions. ZIVB charges 1.35%/yr vs 0.97%/yr for ORCS.

Performance

ZIVB vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: 2.42%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

ORCS

• 1D: 1.62%
• 1M: 48.24%
• 6M: 16.98%
• YTD: 17.86%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

ZIVB vs. ORCS - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	33.28%
ORCS Direxion Daily ORCL Bear 1X ETF	27.34%

Correlation

The correlation between ZIVB and ORCS is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	-0.15

Return for Risk

ZIVB vs. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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

ZIVB vs. ORCS - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum ORCS drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for ZIVB and ORCS.

Drawdown Indicators

	ZIVB	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-50.25%	+50.25%
Current Drawdown Current decline from peak	0.00%	-15.68%	+15.68%
Average Drawdown Average peak-to-trough decline	0.00%	-16.45%	+16.45%

Volatility

Volatility by Period

	ZIVB	ORCS	Difference
Volatility (1Y) Calculated over the trailing 1-year period	92.06%	59.95%	+32.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.06%	59.95%	+32.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.06%	59.95%	+32.11%

ZIVB vs. ORCS - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

ZIVB vs. ORCS - Dividend Comparison

ZIVB's dividend yield for the trailing twelve months is around 2.37%, more than ORCS's 1.22% yield.

Position	TTM	2025
ORCS Direxion Daily ORCL Bear 1X ETF	1.22%	0.26%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	2.37%	0.00%

Frequently Asked Questions

Can I hold both ZIVB and ORCS in my portfolio?

ZIVB and ORCS have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, ZIVB 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, ZIVB or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 1.35% for ZIVB.

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

ZIVB has the higher dividend yield at 2.37%, compared with 1.22% for ORCS.

What is the main difference between ZIVB and ORCS?

They also come from different issuers: Volatility Shares and Direxion. Their fees differ too: 1.35% for ZIVB and 0.97% for ORCS.