BERZ vs. SOXS
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 3 years, BERZ returned -75.61%/yr vs -88.23%/yr for SOXS. Their correlation of 0.86 suggests significant overlap in exposure. BERZ charges 0.95%/yr vs 1.08%/yr for SOXS.
Performance
BERZ vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -60.32% return, which is significantly higher than SOXS's -94.69% return.
BERZ
- 1D
- 2.65%
- 1M
- -6.29%
- YTD
- -60.32%
- 6M
- -58.94%
- 1Y
- -83.28%
- 3Y*
- -75.61%
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- -8.08%
- 1M
- -57.31%
- YTD
- -94.69%
- 6M
- -94.57%
- 1Y
- -98.20%
- 3Y*
- -88.23%
- 5Y*
- -81.24%
- 10Y*
- -79.95%
BERZ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -60.32% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.69% | -85.53% | -59.55% | -84.56% | 15.76% | -53.66% |
Correlation
The correlation between BERZ and SOXS is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.86 |
The correlation between BERZ and SOXS has been stable across timeframes, ranging from 0.77 to 0.86 - a consistent structural relationship.
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Return for Risk
BERZ vs. SOXS — Risk / Return Rank
BERZ
SOXS
BERZ vs. SOXS - 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 Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | +1.19 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.61 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -1.00 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.46 | -0.08 |
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Drawdowns
BERZ vs. SOXS - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BERZ and SOXS.
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Drawdown Indicators
| BERZ | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -100.00% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -85.55% | -98.17% | +12.62% |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | -99.87% | +1.00% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.98% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.76% | -100.00% | +0.24% |
Average DrawdownAverage peak-to-trough decline | -71.79% | -92.60% | +20.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.40% | 67.64% | -12.24% |
Volatility
BERZ vs. SOXS - Volatility Comparison
The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 32.14%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 61.89%. This indicates that BERZ experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.14% | 61.89% | -29.75% |
Volatility (6M)Calculated over the trailing 6-month period | 63.10% | 97.94% | -34.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.60% | 115.12% | -34.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.68% | 110.92% | -18.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.68% | 101.99% | -9.31% |
BERZ vs. SOXS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
BERZ vs. SOXS - Dividend Comparison
BERZ has not paid dividends to shareholders, while SOXS's dividend yield for the trailing twelve months is around 101.68%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 101.68% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
BERZ and SOXS have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (61.89%) compared to BERZ (32.14%). In terms of maximum drawdown, BERZ dropped -99.80% vs SOXS's -100.00%.
On 3-year performance, BERZ leads with -75.61% vs -88.23% for SOXS. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 32.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BERZ has performed better with a -75.61% return vs -88.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BERZ is cheaper with a 0.95% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 101.68%, compared with 0.00% for BERZ.
BERZ tracks Solactive FANG Innovation Index, while SOXS tracks PHLX Semiconductor Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.85 vs -1.04), 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.
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