BERZ vs. EDZ

Last updated Aug 2, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and EDZ (Direxion Daily Emerging Markets Bear 3X Shares) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while EDZ is a Leveraged Equities fund tracking the MSCI Emerging Markets Index (-300%). Both are passively managed. Over the past 3 years, BERZ returned -71.80%/yr vs -43.25%/yr for EDZ. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BERZ charges 0.95%/yr vs 1.08%/yr for EDZ.

Performance

BERZ vs. EDZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

As of year-to-date, both investments have demonstrated similar returns, with BERZ at -51.36% and EDZ at -51.36%.

BERZ

• 1D: -2.06%
• 1M: 9.10%
• 6M: -50.40%
• YTD: -51.36%
• 1Y: -76.10%
• 3Y*: -71.80%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -64.98%

EDZ

• 1D: -2.59%
• 1M: 4.19%
• 6M: -38.26%
• YTD: -51.36%
• 1Y: -67.69%
• 3Y*: -43.25%
• 5Y*: -26.30%
• 10Y*: -34.27%
• ALL TIME*: -40.49%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	$2.17M	$1.82M	$2.17M
EDZ Direxion Daily Emerging Markets Bear 3X Shares	$5.00M	$3.72M	$4.38M

BERZ vs. EDZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-51.36%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%
EDZ Direxion Daily Emerging Markets Bear 3X Shares	-51.36%	-59.30%	-12.71%	-20.28%	49.27%	-1.24%

Correlation

The correlation between BERZ and EDZ is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.63
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	0.64

The correlation between BERZ and EDZ shifts across timeframes, from 0.63 (3 years) to 0.76 (1 year), reflecting how their relationship changes across market environments.

BERZ vs. EDZ - Sectors Allocation Comparison

Sectors	BERZ	EDZ
Technology	65.0%	14.6%
Communication Services	20.9%	3.4%
Consumer Cyclical	14.2%	8.0%
Financial Services	13.3%	26.2%
Basic Materials	-	3.7%
Consumer Defensive	-	6.0%
Energy	-	3.9%
Healthcare	-	5.9%
Industrials	-	19.7%
Real Estate	-	1.4%
Utilities	-	7.2%

Return for Risk

BERZ vs. EDZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BERZ

BERZ Risk / Return Rank: 2
BERZ Sharpe Ratio Rank: 2
BERZ Sortino Ratio Rank: 2
BERZ Omega Ratio Rank: 2
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 2

EDZ

EDZ Risk / Return Rank: 1
EDZ Sharpe Ratio Rank: 2
EDZ Sortino Ratio Rank: 1
EDZ Omega Ratio Rank: 1
EDZ Calmar Ratio Rank: 1
EDZ Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BERZ vs. EDZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Direxion Daily Emerging Markets Bear 3X Shares (EDZ). 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.

	BERZ	EDZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.85	-0.92	+0.07
Sortino ratio: Return per unit of downside risk	-1.52	-1.62	+0.09
Omega ratio: Gain probability vs. loss probability	0.84	0.81	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.89	+0.01
Martin ratio: Return relative to average drawdown	-1.32	-1.41	+0.08

BERZ vs. EDZ - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.85, which is comparable to the EDZ Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of BERZ and EDZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BERZ vs. EDZ - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum EDZ drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for BERZ and EDZ.

Drawdown Indicators

	BERZ	EDZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-99.99%	+0.19%
Max Drawdown (1Y) Largest decline over 1 year	-83.72%	-74.94%	-8.78%
Max Drawdown (3Y) Largest decline over 3 years	-98.87%	-90.46%	-8.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.91%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.90%	—
Current Drawdown Current decline from peak	-99.71%	-99.99%	+0.28%
Average Drawdown Average peak-to-trough decline	-72.42%	-97.74%	+25.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.70%	47.58%	+8.12%

Volatility

BERZ vs. EDZ - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 33.28% compared to Direxion Daily Emerging Markets Bear 3X Shares (EDZ) at 27.48%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than EDZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	EDZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.28%	27.48%	+5.80%
Volatility (6M) Calculated over the trailing 6-month period	70.82%	66.43%	+4.39%
Volatility (1Y) Calculated over the trailing 1-year period	87.12%	72.99%	+14.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.03%	59.75%	+33.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.03%	61.90%	+31.13%

BERZ vs. EDZ - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is lower than EDZ's 1.08% expense ratio.

Dividends

BERZ vs. EDZ - Dividend Comparison

BERZ has not paid dividends to shareholders, while EDZ's dividend yield for the trailing twelve months is around 6.88%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
EDZ Direxion Daily Emerging Markets Bear 3X Shares	6.88%	6.58%	4.87%	4.34%	0.00%	0.00%	0.82%	1.67%	0.68%

Frequently Asked Questions

Can I hold both BERZ and EDZ in my portfolio?

BERZ and EDZ have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BERZ or EDZ?

BERZ has higher volatility (33.28%) compared to EDZ (27.48%). In terms of maximum drawdown, BERZ dropped -99.80% vs EDZ's -99.99%.

Which ETF is better, BERZ or EDZ?

On 3-year performance, EDZ leads with -43.25% vs -71.80% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, EDZ has been the lower-risk option at 27.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or EDZ?

Over the 3-year period, EDZ has performed better with a -43.25% return vs -71.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or EDZ?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.08% for EDZ.

Which ETF pays a higher dividend yield, BERZ or EDZ?

EDZ has the higher dividend yield at 6.88%, compared with 0.00% for BERZ.

What is the main difference between BERZ and EDZ?

BERZ is categorized as Inverse Equities, while EDZ is Leveraged Equities. BERZ tracks Solactive FANG Innovation Index, while EDZ tracks MSCI Emerging Markets Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.08% for EDZ.

Which has better risk-adjusted returns?

BERZ currently has the higher Sharpe Ratio (-0.85 vs -0.92), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.