BERZ vs. EFZ

Last updated Jun 25, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and EFZ (ProShares Short MSCI EAFE) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while EFZ tracks the MSCI EAFE Index (-100%). Both are passively managed. Over the past 3 years, BERZ returned -74.39%/yr vs -10.23%/yr for EFZ. A 0.63 correlation means they provide meaningful diversification when combined. Both charge a 0.95% expense ratio.

Performance

BERZ vs. EFZ - 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 ProShares Short MSCI EAFE (EFZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -54.07% return, which is significantly lower than EFZ's -7.69% return.

BERZ

• 1D: 3.58%
• 1M: 8.45%
• YTD: -54.07%
• 6M: -51.33%
• 1Y: -78.37%
• 3Y*: -74.39%
• 5Y*: —
• 10Y*: —

EFZ

• 1D: -0.76%
• 1M: -0.79%
• YTD: -7.69%
• 6M: -7.43%
• 1Y: -14.45%
• 3Y*: -10.23%
• 5Y*: -5.64%
• 10Y*: -8.90%

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

BERZ vs. EFZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-54.07%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%
EFZ ProShares Short MSCI EAFE	-7.69%	-20.92%	2.90%	-10.38%	13.15%	-1.33%

Correlation

The correlation between BERZ and EFZ is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	0.63

The correlation between BERZ and EFZ has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.

Return for Risk

BERZ vs. EFZ — Risk / Return Rank

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

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 2
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 1

EFZ

EFZ Risk / Return Rank: 2
EFZ Sharpe Ratio Rank: 3
EFZ Sortino Ratio Rank: 3
EFZ Omega Ratio Rank: 3
EFZ Calmar Ratio Rank: 2
EFZ Martin Ratio Rank: 2

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.

BERZ vs. EFZ - 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 ProShares Short MSCI EAFE (EFZ). 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	EFZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	-0.87	-0.10
Sortino ratio: Return per unit of downside risk	-2.06	-1.17	-0.88
Omega ratio: Gain probability vs. loss probability	0.78	0.87	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.93	-0.85	-0.08
Martin ratio: Return relative to average drawdown	-1.50	-1.43	-0.08

BERZ vs. EFZ - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.97, which is comparable to the EFZ Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of BERZ and EFZ, 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. EFZ - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, which is greater than EFZ's maximum drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for BERZ and EFZ.

Drawdown Indicators

	BERZ	EFZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-88.08%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-84.60%	-17.09%	-67.51%
Max Drawdown (3Y) Largest decline over 3 years	-98.87%	-35.42%	-63.45%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.77%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-61.88%	—
Current Drawdown Current decline from peak	-99.72%	-87.91%	-11.81%
Average Drawdown Average peak-to-trough decline	-71.83%	-67.13%	-4.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.07%	10.13%	+41.94%

Volatility

BERZ vs. EFZ - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 34.25% compared to ProShares Short MSCI EAFE (EFZ) at 5.44%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	EFZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.25%	5.44%	+28.81%
Volatility (6M) Calculated over the trailing 6-month period	63.61%	14.13%	+49.48%
Volatility (1Y) Calculated over the trailing 1-year period	81.43%	16.83%	+64.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.78%	16.83%	+75.95%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.78%	17.16%	+75.62%

BERZ vs. EFZ - Expense Ratio Comparison

Both BERZ and EFZ have an expense ratio of 0.95%.

Dividends

BERZ vs. EFZ - Dividend Comparison

BERZ has not paid dividends to shareholders, while EFZ's dividend yield for the trailing twelve months is around 4.07%.

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%
EFZ ProShares Short MSCI EAFE	4.07%	4.55%	5.29%	4.66%	0.57%	0.00%	0.04%	1.56%	0.34%

Frequently Asked Questions

Can I hold both BERZ and EFZ in my portfolio?

BERZ and EFZ have a correlation of 0.56, 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 EFZ?

BERZ has higher volatility (34.25%) compared to EFZ (5.44%). In terms of maximum drawdown, BERZ dropped -99.80% vs EFZ's -88.08%.

Which ETF is better, BERZ or EFZ?

On 3-year performance, EFZ leads with -10.23% vs -74.39% for BERZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or EFZ?

Over the 3-year period, EFZ has performed better with a -10.23% return vs -74.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or EFZ?

BERZ and EFZ have the same expense ratio: 0.95% per year.

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

EFZ has the higher dividend yield at 4.07%, compared with 0.00% for BERZ.

What is the main difference between BERZ and EFZ?

BERZ tracks Solactive FANG Innovation Index, while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: BMO and ProShares.

Which has better risk-adjusted returns?

EFZ currently has the higher Sharpe Ratio (-0.87 vs -0.97), 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.