BERZ vs. EFZ
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 -77.59%/yr vs -9.77%/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
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Returns By Period
In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than EFZ's -6.98% return.
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
EFZ
- 1D
- 0.88%
- 1M
- -3.23%
- YTD
- -6.98%
- 6M
- -8.53%
- 1Y
- -14.24%
- 3Y*
- -9.77%
- 5Y*
- -5.38%
- 10Y*
- -8.29%
BERZ vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -65.19% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -1.48% |
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 19, 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.
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Return for Risk
BERZ vs. EFZ — Risk / Return Rank
BERZ
EFZ
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.
| BERZ | EFZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | -1.77 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 0.86 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.82 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.47 | -0.07 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BERZ | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | -0.88 | -0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.32 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.34 | -0.41 |
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.
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Drawdown Indicators
| BERZ | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -88.08% | -11.72% |
Max Drawdown (1Y)Largest decline over 1 year | -87.32% | -17.36% | -69.96% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | -35.42% | -63.55% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.77% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -61.88% | — |
Current DrawdownCurrent decline from peak | -99.79% | -87.82% | -11.97% |
Average DrawdownAverage peak-to-trough decline | -71.57% | -67.08% | -4.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.07% | 9.71% | +46.36% |
Volatility
BERZ vs. EFZ - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to ProShares Short MSCI EAFE (EFZ) at 5.19%. 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.
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Volatility by Period
| BERZ | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 5.19% | +18.44% |
Volatility (6M)Calculated over the trailing 6-month period | 57.98% | 13.49% | +44.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 16.35% | +59.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.20% | 16.72% | +75.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.20% | 17.38% | +74.82% |
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 4.04%.
| 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 | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
Frequently Asked Questions
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.
BERZ has higher volatility (23.63%) compared to EFZ (5.19%). In terms of maximum drawdown, BERZ dropped -99.80% vs EFZ's -88.08%.
On 3-year performance, EFZ leads with -9.77% vs -77.59% for BERZ. Both ETFs have the same 0.95% expense ratio. On volatility, EFZ has been the lower-risk option at 5.19%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, EFZ has performed better with a -9.77% return vs -77.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BERZ and EFZ have the same expense ratio: 0.95% per year.
EFZ has the higher dividend yield at 4.04%, compared with 0.00% for BERZ.
BERZ tracks Solactive FANG Innovation Index, while EFZ tracks MSCI EAFE Index (-100%). They also come from different issuers: BMO and ProShares.
EFZ currently has the higher Sharpe Ratio (-0.88 vs -1.14), 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.
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