BERZ vs. SOXS
Compare and contrast key facts about MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Direxion Daily Semiconductor Bear 3x Shares (SOXS).
BERZ and SOXS 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. SOXS is a passively managed fund by Direxion that tracks the performance of the PHLX Semiconductor Index (-300%). It was launched on Mar 11, 2010. Both BERZ and SOXS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BERZ vs. SOXS - Performance Comparison
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BERZ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | 19.74% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -35.85% | -85.53% | -59.55% | -84.56% | 15.76% | -55.70% |
Returns By Period
In the year-to-date period, BERZ achieves a 19.74% return, which is significantly higher than SOXS's -35.85% return.
BERZ
- 1D
- -14.87%
- 1M
- 7.73%
- YTD
- 19.74%
- 6M
- -4.91%
- 1Y
- -79.02%
- 3Y*
- -70.51%
- 5Y*
- —
- 10Y*
- —
SOXS
- 1D
- -18.22%
- 1M
- 12.17%
- YTD
- -35.85%
- 6M
- -60.64%
- 1Y
- -92.86%
- 3Y*
- -75.94%
- 5Y*
- -69.51%
- 10Y*
- -74.41%
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BERZ vs. SOXS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than SOXS's 1.08% expense ratio.
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.
| BERZ | SOXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.84 | -0.78 | -0.07 |
Sortino ratioReturn per unit of downside risk | -1.52 | -1.97 | +0.45 |
Omega ratioGain probability vs. loss probability | 0.81 | 0.75 | +0.06 |
Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.96 | +0.08 |
Martin ratioReturn relative to average drawdown | -1.00 | -1.09 | +0.09 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BERZ | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.84 | -0.78 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.66 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.75 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.66 | -0.75 | +0.10 |
Correlation
The correlation between BERZ and SOXS is 0.87, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
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 8.42%.
| 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 | 8.42% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Drawdowns
BERZ vs. SOXS - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.46%, 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 | -99.46% | -100.00% | +0.54% |
Max Drawdown (1Y)Largest decline over 1 year | -89.01% | -96.52% | +7.51% |
Max Drawdown (5Y)Largest decline over 5 years | — | -99.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.28% | -100.00% | +0.72% |
Average DrawdownAverage peak-to-trough decline | -70.50% | -92.52% | +22.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 78.74% | 85.40% | -6.66% |
Volatility
BERZ vs. SOXS - Volatility Comparison
The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 29.36%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 40.43%. 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 | 29.36% | 40.43% | -11.07% |
Volatility (6M)Calculated over the trailing 6-month period | 61.12% | 78.54% | -17.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 94.14% | 119.87% | -25.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.55% | 106.45% | -13.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.55% | 99.17% | -6.62% |