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AAPD vs ORCS

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Direxion Daily ORCL Bear 1X ETF

ORCSANasdaq

Overlap

Expense ratio

AAPD −0.01pt a year

AAPD0.96%ORCS0.97%

Avg volume · 30D

AAPD 155.5×the volume

AAPD8.8MORCS56.6K

AAPD vs ORCS Performance

Dec 31, 2025 – Oct 30, 2026

−21.6%AAPD+15.5%ORCS

Dec 31, 2025 to Oct 30, 2026. AAPD −21.6%. ORCS +15.5%. Use the arrow keys to read each point.0%40%Dec 2025Jun 2026Oct 2026
Expense ratio
AAPD 0.96%, better
ORCS 0.97%
Fund size
AAPD $24M
ORCS $7M
1Y total return
AAPD −21.5%
ORCS No data
Yield (12M)
AAPD 4.51%
ORCS No data
Holdings
AAPD 4
ORCS 4
Avg volume (30D)
AAPD 8.8M sh, better
ORCS 56.6K sh
NAV per share
AAPD $9.86
ORCS $29.11
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. ORCS: Cost 94, Risk 80, Mission 74, Tradability 33, Holdings not scored, Durability 48.
Pillar letters and Scores for AAPD, ORCS, with each pillar’s weight
PillarAAPDORCS
Cost30% weightA97HigherA94
Mission25% weightA85HigherA74
Risk15% weightA75A80Higher
Tradability15% weightA80HigherD33
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherC48

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPD and ORCS are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AAPD ranks 1st and ORCS 11th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 11ANVDDDirexion Daily NVDA Bear 1X ETFScore 73
  4. Rank 11AORCSDirexion Daily ORCL Bear 1X ETFScore 73
  5. Rank 13AMETDDirexion Daily META Bear 1X ETFScore 71

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

ORCSADirexion Daily ORCL Bear 1X ETF

In short

AAPD The straight-shooting short on Apple. No 2x, no options overlay: AAPD aims to deliver 100% of the inverse of AAPL's daily move, and it charges less than the typical single-stock bear fund to do it.

ORCS The unleveraged short on Oracle. ORCS aims to deliver 100% of the inverse of ORCL's move each day, reset daily, so bearish exposure arrives as a regular ETF share instead of a margin ticket and a stock borrow.

Stated mandate

AAPD The fund seeks daily investment results, before fees and expenses, equal to 100% of the inverse of the performance of Apple Inc.'s common shares.

ORCS The fund seeks daily investment results equal to 100% of the inverse of Oracle Corporation common shares. Its objective is reset daily and is designed for short-term use rather than tracking the stock over longer periods.

Why people hold it

  • AAPD One-to-one inverse, not amplified. The fund targets 100% of the opposite of Apple's daily move, so a bearish view doesn't come pre-loaded with 2x leverage on top.direxion.com
  • Cheap for the aisle it sits in: 0.96% a year against a 1.29% median for inverse single-stock funds, and under 2x rivals like TSDD (1.13%) and MSTZ (1.05%).
  • An early mover in single-stock ETFs, live since 2022, and one of the more actively traded names in the inverse single-stock group.
  • Hits its stated daily target closely and ranks among the strongest implementations in its peer group of inverse single-stock funds.
  • ORCS 0.97% net of a waiver through September 1, 2027 (0.99% gross), below the category's typical fee and in line with Direxion siblings AAPD at 0.96% and TSLS at 0.95%.
  • Short exposure in a plain ETF share: no margin account to maintain, no shares to locate and borrow, no dividends owed on a short position.direxion.comsec.gov
  • One times inverse, not two or three. It targets the opposite of Oracle's daily move one-for-one, the mildest gear on a single-stock shelf mostly built for amplified bets.direxion.com
  • Lands in the top quartile of its single-stock bear peer group, helped by sitting on the cheaper side of a category where fees do real damage.

Worth knowing

  • AAPD The objective resets every day. Hold longer and compounding takes over, so results over a week or a month can differ from the inverse of Apple's move over that stretch, especially in choppy markets.
  • One company, one story. There is no diversification here: an Apple earnings night or product cycle drives the entire position.
  • A small fund by assets, and any distributions come on a quarterly schedule rather than as a steady income stream.
  • ORCS Daily reset. Hold past one session and returns compound day by day, which can land far from -100% of Oracle's move over the stretch, especially in a choppy tape.sec.gov
  • Young (launched November 2025) and moderately traded, so the bid/ask spread is part of what you pay getting in and out.
  • One stock, one direction. Oracle's own headlines drive the whole ride, with no diversification in the portfolio to soften a surprise.sec.gov

Full AAPD profile⁠

Full ORCS profile⁠

AAPD vs ORCS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPD vs ORCS Cost

Overpaying ORCS vs AAPD

$164

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AAPD 0.96%

    $18,034

  • ORCS 0.97%

    $18,198

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • ORCS 0.97%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530ORCS $18,198AAPD $18,034

Year by year

YearAAPDORCSOverpaying
10$1,695$1,712$17
20$6,383$6,443$60
30$18,034$18,198$164

Expense ratio

  • 0.96%AAPD, cheaper
  • 0.97%ORCS
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

ORCS 4th cheapest of 43 funds

AAPD vs ORCS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%
ORCS No data
Payout (12M)
AAPD $0.45
ORCS No data
Last payment
AAPD $0.18
ORCS $0.22
Ex-dividend
AAPD Sep 22, 2026
ORCS Sep 22, 2026
Paid on
AAPD Sep 29, 2026
ORCS Sep 29, 2026
Frequency
AAPD Quarterly
ORCS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

AAPDQuarterly · 18 paymentsAll AAPD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.03; Dec 8, 2022 $0.0061; Dec 20, 2022 $0.13; Mar 21, 2023 $0.18; Jun 21, 2023 $0.24; Sep 19, 2023 $0.19; Dec 21, 2023 $0.26; Mar 19, 2024 $0.18; Jun 25, 2024 $0.21; Sep 24, 2024 $0.15; Dec 23, 2024 $0.16; Mar 25, 2025 $0.12; Jun 24, 2025 $0.12; Sep 23, 2025 $0.12; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.08; Sep 22, 2026 $0.18. Use the arrow keys to read each point.$0$0.2520232026YTD
ORCSQuarterly · 4 paymentsAll ORCS payments⁠
One bar per payment. 4 payments from 2022 to 2026 YTD. Dec 23, 2025 $0.07; Mar 24, 2026 $0.16; Jun 23, 2026 $0.16; Sep 22, 2026 $0.22. Use the arrow keys to read each point.$0$0.2520232026YTD

AAPD vs ORCS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAPD 19.8%ORCS No data
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32ORCS No data
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022ORCS No data
Market sensitivityBeta, 5 years
AAPD −0.84ORCS −2.04

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