BERZ vs. QUS

Last updated Aug 4, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and QUS (State Street SPDR MSCI USA StrategicFactors ETF) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while QUS is a Large Cap Blend Equities fund tracking the MSCI USA Factor Mix A-Series Capped Index. Both are passively managed. Over the past 3 years, BERZ returned -73.46%/yr vs 17.10%/yr for QUS. Their -0.72 correlation means they have often moved in opposite directions in the past. BERZ charges 0.95%/yr vs 0.15%/yr for QUS.

Performance

BERZ vs. QUS - 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 State Street SPDR MSCI USA StrategicFactors ETF (QUS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -56.00% return, which is significantly lower than QUS's 10.23% return.

BERZ

• 1D: -9.54%
• 1M: -1.31%
• 6M: -53.80%
• YTD: -56.00%
• 1Y: -78.38%
• 3Y*: -73.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -65.62%

QUS

• 1D: 0.83%
• 1M: 1.29%
• 6M: 7.60%
• YTD: 10.23%
• 1Y: 19.80%
• 3Y*: 17.10%
• 5Y*: 10.91%
• 10Y*: 13.54%
• ALL TIME*: 12.75%

*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	$2.22M	$1.80M	$2.11M
QUS State Street SPDR MSCI USA StrategicFactors ETF	$3.01M	$4.81M	$3.43M

BERZ vs. QUS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-56.00%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%
QUS State Street SPDR MSCI USA StrategicFactors ETF	10.23%	14.13%	18.99%	21.78%	-14.15%	5.78%

Correlation

The correlation between BERZ and QUS is -0.51, 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.	-0.51
Correlation (3Y) Balances recent behavior with more history.	-0.62
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	-0.72

Over the past year, the inverse relationship between BERZ and QUS has weakened: their correlation has moved from -0.72 to -0.51, meaning they move in opposite directions less often than they have historically.

BERZ vs. QUS - Sectors Allocation Comparison

Sectors	BERZ	QUS
Technology	65.0%	28.4%
Communication Services	20.9%	8.2%
Consumer Cyclical	14.2%	5.7%
Financial Services	13.3%	15.7%
Basic Materials	-	2.2%
Consumer Defensive	-	8.3%
Energy	-	3.3%
Healthcare	-	14.4%
Industrials	-	8.1%
Real Estate	-	1.6%
Utilities	-	3.9%

Return for Risk

BERZ vs. QUS — 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

QUS

QUS Risk / Return Rank: 85
QUS Sharpe Ratio Rank: 87
QUS Sortino Ratio Rank: 88
QUS Omega Ratio Rank: 86
QUS Calmar Ratio Rank: 78
QUS Martin Ratio Rank: 86

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. QUS - 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 State Street SPDR MSCI USA StrategicFactors ETF (QUS). 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	QUS	Difference
Sharpe ratio: Return per unit of total volatility	-0.90	2.16	-3.06
Sortino ratio: Return per unit of downside risk	-1.81	3.05	-4.86
Omega ratio: Gain probability vs. loss probability	0.81	1.39	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.95	2.90	-3.85
Martin ratio: Return relative to average drawdown	-1.47	12.95	-14.42

BERZ vs. QUS - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.90, which is lower than the QUS Sharpe Ratio of 2.16. The chart below compares the historical Sharpe Ratios of BERZ and QUS, 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. QUS - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, which is greater than QUS's maximum drawdown of -33.78%. Use the drawdown chart below to compare losses from any high point for BERZ and QUS.

Drawdown Indicators

	BERZ	QUS	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-33.78%	-66.02%
Max Drawdown (1Y) Largest decline over 1 year	-82.50%	-6.85%	-75.65%
Max Drawdown (3Y) Largest decline over 3 years	-98.87%	-13.94%	-84.93%
Max Drawdown (5Y) Largest decline over 5 years	—	-22.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.78%	—
Current Drawdown Current decline from peak	-99.74%	0.00%	-99.74%
Average Drawdown Average peak-to-trough decline	-72.44%	-3.66%	-68.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	55.92%	1.53%	+54.39%

Volatility

BERZ vs. QUS - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 34.42% compared to State Street SPDR MSCI USA StrategicFactors ETF (QUS) at 2.42%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than QUS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	QUS	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.42%	2.42%	+32.00%
Volatility (6M) Calculated over the trailing 6-month period	71.04%	6.97%	+64.07%
Volatility (1Y) Calculated over the trailing 1-year period	87.15%	9.22%	+77.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.09%	14.32%	+78.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.09%	16.40%	+76.69%

BERZ vs. QUS - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is higher than QUS's 0.15% expense ratio.

Dividends

BERZ vs. QUS - Dividend Comparison

BERZ has not paid dividends to shareholders, while QUS's dividend yield for the trailing twelve months is around 1.27%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
QUS State Street SPDR MSCI USA StrategicFactors ETF	1.27%	1.38%	1.49%	1.57%	1.68%	1.27%	1.73%	1.81%	2.12%	1.86%	2.07%	1.48%

Frequently Asked Questions

Can I hold both BERZ and QUS in my portfolio?

BERZ and QUS have a correlation of -0.51, 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 QUS?

BERZ has higher volatility (34.42%) compared to QUS (2.42%). In terms of maximum drawdown, BERZ dropped -99.80% vs QUS's -33.78%.

Which ETF is better, BERZ or QUS?

On 3-year performance, QUS leads with 17.10% vs -73.46% for BERZ. On fees, QUS is cheaper at 0.15% per year. On volatility, QUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or QUS?

Over the 3-year period, QUS has performed better with a 17.10% return vs -73.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or QUS?

QUS is cheaper with a 0.15% expense ratio, compared with 0.95% for BERZ.

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

QUS has the higher dividend yield at 1.27%, compared with 0.00% for BERZ.

What is the main difference between BERZ and QUS?

BERZ is categorized as Inverse Equities, while QUS is Large Cap Blend Equities. BERZ tracks Solactive FANG Innovation Index, while QUS tracks MSCI USA Factor Mix A-Series Capped Index. They also come from different issuers: BMO and State Street. Their fees differ too: 0.95% for BERZ and 0.15% for QUS.

Which has better risk-adjusted returns?

QUS currently has the higher Sharpe Ratio (2.16 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.