BERZ vs. SHNY

Last updated Apr 1, 2026

Compare and contrast key facts about MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and MicroSectors Gold 3X Leveraged ETN (SHNY).

BERZ and SHNY 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. SHNY is managed by BMO. It was launched on Feb 24, 2023.

Performance

BERZ vs. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). The values are adjusted to include any dividend payments, if applicable.

BERZ vs. SHNY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	19.74%	-78.81%	-65.95%	-80.53%
SHNY MicroSectors Gold 3X Leveraged ETN	6.21%	214.54%	50.30%	12.52%

Returns By Period

In the year-to-date period, BERZ achieves a 19.74% return, which is significantly higher than SHNY's 6.21% return.

BERZ

• 1D: -14.87%
• 1M: 7.73%
• YTD: 19.74%
• 6M: -4.91%
• 1Y: -79.02%
• 3Y*: -70.51%
• 5Y*: —
• 10Y*: —

SHNY

• 1D: 11.13%
• 1M: -33.49%
• YTD: 6.21%
• 6M: 33.01%
• 1Y: 111.33%
• 3Y*: 66.83%
• 5Y*: —
• 10Y*: —

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

BERZ vs. SHNY - Expense Ratio Comparison

Both BERZ and SHNY have an expense ratio of 0.95%.

BERZ

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN

SHNY

MicroSectors Gold 3X Leveraged ETN

Return for Risk

BERZ vs. SHNY — Risk / Return Rank

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

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 1
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 4

SHNY

SHNY Risk / Return Rank: 76
SHNY Sharpe Ratio Rank: 77
SHNY Sortino Ratio Rank: 75
SHNY Omega Ratio Rank: 75
SHNY Calmar Ratio Rank: 82
SHNY Martin Ratio Rank: 70

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. SHNY - 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 MicroSectors Gold 3X Leveraged ETN (SHNY). 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	SHNY	Difference
Sharpe ratio Return per unit of total volatility	-0.84	1.36	-2.20
Sortino ratio Return per unit of downside risk	-1.52	1.85	-3.36
Omega ratio Gain probability vs. loss probability	0.81	1.27	-0.47
Calmar ratio Return relative to maximum drawdown	-0.88	2.22	-3.10
Martin ratio Return relative to average drawdown	-1.00	6.73	-7.73
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. SHNY - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.84, which is lower than the SHNY Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of BERZ and SHNY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BERZ	SHNY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	1.36	-2.20
Sharpe Ratio (All Time) Calculated using the full available price history	-0.66	1.29	-1.95

Correlation

The correlation between BERZ and SHNY is -0.05. 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. SHNY - Dividend Comparison

Neither BERZ nor SHNY has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BERZ vs. SHNY - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.46%, which is greater than SHNY's maximum drawdown of -54.35%. Use the drawdown chart below to compare losses from any high point for BERZ and SHNY.

Drawdown Indicators

	BERZ	SHNY	Difference
Max Drawdown Largest peak-to-trough decline	-99.46%	-54.35%	-45.11%
Max Drawdown (1Y) Largest decline over 1 year	-89.01%	-54.35%	-34.66%
Current Drawdown Current decline from peak	-99.28%	-44.12%	-55.16%
Average Drawdown Average peak-to-trough decline	-70.50%	-13.13%	-57.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	78.74%	17.91%	+60.83%

Volatility

BERZ vs. SHNY - Volatility Comparison

The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 29.36%, while MicroSectors Gold 3X Leveraged ETN (SHNY) has a volatility of 33.24%. This indicates that BERZ experiences smaller price fluctuations and is considered to be less risky than SHNY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	SHNY	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	33.24%	-3.88%
Volatility (6M) Calculated over the trailing 6-month period	61.12%	74.50%	-13.38%
Volatility (1Y) Calculated over the trailing 1-year period	94.14%	82.50%	+11.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.55%	58.28%	+34.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.55%	58.28%	+34.27%