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 -71.80%/yr vs -84.46%/yr for SOXS. Their correlation of 0.86 means they have usually moved in the same direction. 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 -51.36% return, which is significantly higher than SOXS's -91.17% return.
BERZ
- 1D
- -2.06%
- 1M
- 9.10%
- 6M
- -50.40%
- YTD
- -51.36%
- 1Y
- -76.10%
- 3Y*
- -71.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -64.98%
SOXS
- 1D
- 0.65%
- 1M
- 20.33%
- 6M
- -85.96%
- YTD
- -91.17%
- 1Y
- -96.46%
- 3Y*
- -84.46%
- 5Y*
- -78.46%
- 10Y*
- -78.06%
- ALL TIME*
- -70.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $1.82M | $2.17M | |
| $3.72B | $3.43B | $3.32B |
BERZ vs. SOXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -51.36% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.17% | -85.53% | -59.55% | -84.56% | 15.76% | -53.66% |
Correlation
The correlation between BERZ and SOXS is 0.80, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.80 |
Correlation (3Y) Balances recent behavior with more history. | 0.83 |
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 0.80 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 | -0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.74 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.98 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.35 | +0.03 |
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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 | -83.72% | -97.89% | +14.17% |
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 | -99.71% | -100.00% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -72.42% | -92.65% | +20.23% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.70% | 71.27% | -15.57% |
Volatility
BERZ vs. SOXS - Volatility Comparison
The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 33.28%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 55.41%. 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 | 33.28% | 55.41% | -22.13% |
Volatility (6M)Calculated over the trailing 6-month period | 70.82% | 117.32% | -46.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.12% | 132.87% | -45.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.03% | 114.55% | -21.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.03% | 103.76% | -10.73% |
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 41.84%.
| 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 | 41.84% | 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 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (55.41%) compared to BERZ (33.28%). In terms of maximum drawdown, BERZ dropped -99.80% vs SOXS's -100.00%.
On 3-year performance, BERZ leads with -71.80% vs -84.46% for SOXS. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 33.28%. 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 -71.80% return vs -84.46%. 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 41.84%, 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 (-0.73 vs -0.85), 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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