BERZ vs. NFXS

Last updated Jun 4, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both Inverse Equities funds. BERZ is passively managed, while NFXS is actively managed. Over the past year, BERZ returned -86.22% vs 43.26% for NFXS. At a 0.35 correlation, their price movements are largely independent. BERZ charges 0.95%/yr vs 1.03%/yr for NFXS.

Performance

BERZ vs. NFXS - 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 Direxion Daily NFLX Bear 1X Shares (NFXS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than NFXS's 11.23% return.

BERZ

• 1D: 3.73%
• 1M: -37.37%
• YTD: -65.19%
• 6M: -64.50%
• 1Y: -86.22%
• 3Y*: -77.59%
• 5Y*: —
• 10Y*: —

NFXS

• 1D: 2.15%
• 1M: 11.52%
• YTD: 11.23%
• 6M: 23.05%
• 1Y: 43.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BERZ vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-65.19%	-78.81%	-25.25%
NFXS Direxion Daily NFLX Bear 1X Shares	11.23%	-8.56%	-21.19%

Correlation

The correlation between BERZ and NFXS is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (All Time) Calculated using the full available price history since Oct 4, 2024	0.35

The correlation between BERZ and NFXS shifts across timeframes, from 0.17 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BERZ vs. NFXS — Risk / Return Rank

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

BERZ

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

NFXS

NFXS Risk / Return Rank: 35
NFXS Sharpe Ratio Rank: 37
NFXS Sortino Ratio Rank: 37
NFXS Omega Ratio Rank: 42
NFXS Calmar Ratio Rank: 29
NFXS Martin Ratio Rank: 28

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. NFXS - 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 Direxion Daily NFLX Bear 1X Shares (NFXS). 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	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	1.31	-2.45
Sortino ratio: Return per unit of downside risk	-2.96	1.90	-4.86
Omega ratio: Gain probability vs. loss probability	0.69	1.27	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.99	1.39	-2.38
Martin ratio: Return relative to average drawdown	-1.54	3.81	-5.35
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BERZ vs. NFXS - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -1.14, which is lower than the NFXS Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of BERZ and NFXS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BERZ	NFXS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	1.31	-2.45
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.36	-0.38

Drawdowns

BERZ vs. NFXS - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for BERZ and NFXS.

Drawdown Indicators

	BERZ	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-50.37%	-49.43%
Max Drawdown (1Y) Largest decline over 1 year	-87.32%	-31.31%	-56.01%
Max Drawdown (3Y) Largest decline over 3 years	-98.97%	—	—
Current Drawdown Current decline from peak	-99.79%	-21.98%	-77.81%
Average Drawdown Average peak-to-trough decline	-71.57%	-32.39%	-39.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.07%	11.39%	+44.68%

Volatility

BERZ vs. NFXS - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.23%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.63%	7.23%	+16.40%
Volatility (6M) Calculated over the trailing 6-month period	57.98%	26.37%	+31.61%
Volatility (1Y) Calculated over the trailing 1-year period	75.77%	33.13%	+42.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.20%	34.68%	+57.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.20%	34.68%	+57.52%

BERZ vs. NFXS - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is lower than NFXS's 1.03% expense ratio.

Dividends

BERZ vs. NFXS - Dividend Comparison

BERZ has not paid dividends to shareholders, while NFXS's dividend yield for the trailing twelve months is around 2.81%.

Position	TTM	2025	2024
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%
NFXS Direxion Daily NFLX Bear 1X Shares	2.81%	3.53%	0.87%

Frequently Asked Questions

Can I hold both BERZ and NFXS in my portfolio?

BERZ and NFXS 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 NFXS?

BERZ has higher volatility (23.63%) compared to NFXS (7.23%). In terms of maximum drawdown, BERZ dropped -99.80% vs NFXS's -50.37%.

Which ETF is better, BERZ or NFXS?

On 1-year performance, NFXS leads with 43.26% vs -86.22% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, NFXS has been the lower-risk option at 7.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or NFXS?

Over the 1-year period, NFXS has performed better with a 43.26% return vs -86.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or NFXS?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.03% for NFXS.

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

NFXS has the higher dividend yield at 2.81%, compared with 0.00% for BERZ.

What is the main difference between BERZ and NFXS?

They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.31 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.