BERZ vs. LSAT
Compare and contrast key facts about MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Leadershares Alphafactor Tactical Focused ETF (LSAT).
BERZ and LSAT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BERZ is a passively managed fund by BMO that tracks the performance of the Solactive FANG Innovation Index. It was launched on Aug 17, 2021. LSAT is an actively managed fund by Redwood. It was launched on Oct 27, 2020.
Performance
BERZ vs. LSAT - Performance Comparison
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BERZ vs. LSAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 19.74% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.40% | -1.54% | 18.16% | 13.64% | -12.99% | 3.46% |
Returns By Period
In the year-to-date period, BERZ achieves a 19.74% return, which is significantly higher than LSAT's 1.40% return.
BERZ
- 1D
- -14.87%
- 1M
- 7.73%
- YTD
- 19.74%
- 6M
- -4.91%
- 1Y
- -79.02%
- 3Y*
- -70.51%
- 5Y*
- —
- 10Y*
- —
LSAT
- 1D
- 1.77%
- 1M
- -1.78%
- YTD
- 1.40%
- 6M
- -2.97%
- 1Y
- 0.13%
- 3Y*
- 9.21%
- 5Y*
- 5.57%
- 10Y*
- —
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BERZ vs. LSAT - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than LSAT's 0.99% expense ratio.
Return for Risk
BERZ vs. LSAT — Risk / Return Rank
BERZ
LSAT
BERZ vs. LSAT - 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 Leadershares Alphafactor Tactical Focused ETF (LSAT). 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 | LSAT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.84 | 0.01 | -0.85 |
Sortino ratioReturn per unit of downside risk | -1.52 | 0.13 | -1.65 |
Omega ratioGain probability vs. loss probability | 0.81 | 1.02 | -0.21 |
Calmar ratioReturn relative to maximum drawdown | -0.88 | 0.07 | -0.95 |
Martin ratioReturn relative to average drawdown | -1.00 | 0.21 | -1.21 |
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 | LSAT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | 0.01 | -0.85 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.34 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.66 | 0.65 | -1.31 |
Correlation
The correlation between BERZ and LSAT is -0.47. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.
Dividends
BERZ vs. LSAT - Dividend Comparison
BERZ has not paid dividends to shareholders, while LSAT's dividend yield for the trailing twelve months is around 1.87%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LSAT Leadershares Alphafactor Tactical Focused ETF | 1.87% | 1.90% | 1.31% | 1.85% | 0.36% | 3.44% | 0.30% |
Drawdowns
BERZ vs. LSAT - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.46%, which is greater than LSAT's maximum drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for BERZ and LSAT.
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Drawdown Indicators
| BERZ | LSAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.46% | -20.48% | -78.98% |
Max Drawdown (1Y)Largest decline over 1 year | -89.01% | -13.54% | -75.47% |
Max Drawdown (5Y)Largest decline over 5 years | — | -20.48% | — |
Current DrawdownCurrent decline from peak | -99.28% | -6.77% | -92.51% |
Average DrawdownAverage peak-to-trough decline | -70.50% | -5.68% | -64.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.74% | 4.22% | +74.52% |
Volatility
BERZ vs. LSAT - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 29.36% compared to Leadershares Alphafactor Tactical Focused ETF (LSAT) at 4.05%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than LSAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | LSAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.36% | 4.05% | +25.31% |
Volatility (6M)Calculated over the trailing 6-month period | 61.12% | 9.35% | +51.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.14% | 17.26% | +76.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.55% | 16.28% | +76.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.55% | 16.90% | +75.65% |