BERZ vs. FIAT
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while FIAT is a Derivative Income fund actively managed by YieldMax. BERZ is passively managed, while FIAT is actively managed. Over the past year, BERZ returned -86.22% vs -0.18% for FIAT. A 0.60 correlation means they provide meaningful diversification when combined. BERZ charges 0.95%/yr vs 0.99%/yr for FIAT.
Performance
BERZ vs. FIAT - 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 FIAT's 13.84% return.
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
FIAT
- 1D
- 4.32%
- 1M
- 16.99%
- YTD
- 13.84%
- 6M
- 33.71%
- 1Y
- -0.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BERZ vs. FIAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -65.19% | -78.81% | -16.22% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 13.84% | -24.17% | -28.61% |
Correlation
The correlation between BERZ and FIAT is 0.57, 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 | 0.57 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2024 | 0.60 |
The correlation between BERZ and FIAT has been stable across timeframes, ranging from 0.57 to 0.60 - a consistent structural relationship.
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Return for Risk
BERZ vs. FIAT — Risk / Return Rank
BERZ
FIAT
BERZ vs. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 | FIAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.14 | ||
| Sortino ratioReturn per unit of downside risk | -3.32 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.05 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.00 | -0.98 |
| Martin ratioReturn relative to average drawdown | -1.54 | -0.01 | -1.53 |
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 | FIAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | -0.00 | -1.14 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.37 | -0.37 |
Drawdowns
BERZ vs. FIAT - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for BERZ and FIAT.
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Drawdown Indicators
| BERZ | FIAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -70.50% | -29.30% |
Max Drawdown (1Y)Largest decline over 1 year | -87.32% | -42.26% | -45.06% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | — | — |
Current DrawdownCurrent decline from peak | -99.79% | -50.94% | -48.85% |
Average DrawdownAverage peak-to-trough decline | -71.57% | -45.35% | -26.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.07% | 27.32% | +28.75% |
Volatility
BERZ vs. FIAT - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 15.34%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | FIAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 15.34% | +8.29% |
Volatility (6M)Calculated over the trailing 6-month period | 57.98% | 42.03% | +15.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 55.49% | +20.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.20% | 60.56% | +31.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.20% | 60.56% | +31.64% |
BERZ vs. FIAT - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than FIAT's 0.99% expense ratio.
Dividends
BERZ vs. FIAT - Dividend Comparison
BERZ has not paid dividends to shareholders, while FIAT's dividend yield for the trailing twelve months is around 93.28%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% |
FIAT YieldMax Short COIN Option Income Strategy ETF | 93.28% | 178.11% | 70.99% |
Frequently Asked Questions
BERZ and FIAT have a correlation of 0.57, 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 FIAT (15.34%). In terms of maximum drawdown, BERZ dropped -99.80% vs FIAT's -70.50%.
On 1-year performance, FIAT leads with -0.18% vs -86.22% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, FIAT has been the lower-risk option at 15.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, FIAT has performed better with a -0.18% return vs -86.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BERZ is cheaper with a 0.95% expense ratio, compared with 0.99% for FIAT.
FIAT has the higher dividend yield at 93.28%, compared with 0.00% for BERZ.
BERZ is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: BMO and YieldMax. Their fees differ too: 0.95% for BERZ and 0.99% for FIAT.
FIAT currently has the higher Sharpe Ratio (-0.00 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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