BERZ vs. LSAT

Last updated Aug 6, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and LSAT (Leadershares Alphafactor Tactical Focused ETF) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while LSAT is a Money Market fund actively managed by Redwood. BERZ is passively managed, while LSAT is actively managed. Over the past 3 years, BERZ returned -74.58%/yr vs 11.45%/yr for LSAT. Their -0.44 correlation means they have often moved in opposite directions in the past. BERZ charges 0.95%/yr vs 0.99%/yr for LSAT.

Performance

BERZ vs. LSAT - 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 Leadershares Alphafactor Tactical Focused ETF (LSAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -61.34% return, which is significantly lower than LSAT's 19.13% return.

BERZ

• 1D: 4.13%
• 1M: -7.94%
• 6M: -66.38%
• YTD: -61.34%
• 1Y: -79.59%
• 3Y*: -74.58%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -66.47%

LSAT

• 1D: -1.23%
• 1M: 1.59%
• 6M: 15.59%
• YTD: 19.13%
• 1Y: 17.86%
• 3Y*: 11.45%
• 5Y*: 7.24%
• 10Y*: —
• ALL TIME*: 13.10%

*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	$2.42M	$1.78M	$2.10M
LSAT Leadershares Alphafactor Tactical Focused ETF	$120.31K	$110.92K	$106.93K

BERZ vs. LSAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-61.34%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%
LSAT Leadershares Alphafactor Tactical Focused ETF	19.13%	-1.54%	18.16%	13.64%	-12.99%	2.55%

Correlation

The correlation between BERZ and LSAT is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.17
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	-0.44

Over the past year, the inverse relationship between BERZ and LSAT has weakened: their correlation has moved from -0.44 to -0.17, meaning they move in opposite directions less often than they have historically.

BERZ vs. LSAT - Sectors Allocation Comparison

Sectors	BERZ	LSAT
Technology	65.0%	15.3%
Communication Services	20.9%	9.4%
Consumer Cyclical	14.2%	23.3%
Financial Services	13.3%	20.9%
Basic Materials	-	2.3%
Consumer Defensive	-	2.7%
Energy	-	2.5%
Healthcare	-	7.6%
Industrials	-	13.4%
Real Estate	-	2.8%
Utilities	-	-

Return for Risk

BERZ vs. LSAT — Risk / Return Rank

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

BERZ

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

LSAT

LSAT Risk / Return Rank: 48
LSAT Sharpe Ratio Rank: 48
LSAT Sortino Ratio Rank: 51
LSAT Omega Ratio Rank: 44
LSAT Calmar Ratio Rank: 56
LSAT Martin Ratio Rank: 42

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. 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.

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	LSAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	1.36	-2.26
Sortino ratio: Return per unit of downside risk	-1.84	2.06	-3.90
Omega ratio: Gain probability vs. loss probability	0.80	1.24	-0.43
Calmar ratio: Return relative to maximum drawdown	-0.97	2.26	-3.23
Martin ratio: Return relative to average drawdown	-1.51	5.34	-6.85

BERZ vs. LSAT - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.90, which is lower than the LSAT Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BERZ and LSAT, 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. LSAT - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, 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.

Drawdown Indicators

	BERZ	LSAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-20.48%	-79.32%
Max Drawdown (1Y) Largest decline over 1 year	-82.07%	-7.94%	-74.13%
Max Drawdown (3Y) Largest decline over 3 years	-98.87%	-18.25%	-80.62%
Max Drawdown (5Y) Largest decline over 5 years	—	-20.48%	—
Current Drawdown Current decline from peak	-99.77%	-1.23%	-98.54%
Average Drawdown Average peak-to-trough decline	-72.48%	-5.41%	-67.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.65%	3.35%	+50.30%

Volatility

BERZ vs. LSAT - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 37.85% compared to Leadershares Alphafactor Tactical Focused ETF (LSAT) at 5.02%. 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.

Volatility by Period

	BERZ	LSAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.85%	5.02%	+32.83%
Volatility (6M) Calculated over the trailing 6-month period	72.82%	10.15%	+62.67%
Volatility (1Y) Calculated over the trailing 1-year period	88.13%	13.20%	+74.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.29%	16.29%	+77.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.29%	16.73%	+76.56%

BERZ vs. LSAT - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is lower than LSAT's 0.99% expense ratio.

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 1.59%.

Position	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	1.59%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%

Frequently Asked Questions

Can I hold both BERZ and LSAT in my portfolio?

BERZ and LSAT have a correlation of -0.17, 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 LSAT?

BERZ has higher volatility (37.85%) compared to LSAT (5.02%). In terms of maximum drawdown, BERZ dropped -99.80% vs LSAT's -20.48%.

Which ETF is better, BERZ or LSAT?

On 3-year performance, LSAT leads with 11.45% vs -74.58% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, LSAT has been the lower-risk option at 5.02%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or LSAT?

Over the 3-year period, LSAT has performed better with a 11.45% return vs -74.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or LSAT?

BERZ is cheaper with a 0.95% expense ratio, compared with 0.99% for LSAT.

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

LSAT has the higher dividend yield at 1.59%, compared with 0.00% for BERZ.

What is the main difference between BERZ and LSAT?

BERZ is categorized as Inverse Equities, while LSAT is Money Market. They also come from different issuers: BMO and Redwood. Their fees differ too: 0.95% for BERZ and 0.99% for LSAT.

Which has better risk-adjusted returns?

LSAT currently has the higher Sharpe Ratio (1.36 vs -0.90), 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.