BERZ vs. SPDN
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 3 years, BERZ returned -74.69%/yr vs -11.95%/yr for SPDN. Their correlation of 0.87 suggests significant overlap in exposure. BERZ charges 0.95%/yr vs 0.50%/yr for SPDN.
Performance
BERZ vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -55.66% return, which is significantly lower than SPDN's -6.10% return.
BERZ
- 1D
- 11.73%
- 1M
- 4.71%
- YTD
- -55.66%
- 6M
- -53.62%
- 1Y
- -80.66%
- 3Y*
- -74.69%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.69%
- 1M
- 0.80%
- YTD
- -6.10%
- 6M
- -5.09%
- 1Y
- -14.93%
- 3Y*
- -11.95%
- 5Y*
- -8.36%
- 10Y*
- -12.66%
BERZ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -55.66% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -6.10% | -11.09% | -12.88% | -15.04% | 18.63% | -7.75% |
Correlation
The correlation between BERZ and SPDN is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.87 |
The correlation between BERZ and SPDN has been stable across timeframes, ranging from 0.83 to 0.87 - a consistent structural relationship.
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Return for Risk
BERZ vs. SPDN — Risk / Return Rank
BERZ
SPDN
BERZ vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.52 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.81 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.93 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.75 | +0.20 |
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Drawdowns
BERZ vs. SPDN - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for BERZ and SPDN.
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Drawdown Indicators
| BERZ | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -75.31% | -24.49% |
Max Drawdown (1Y)Largest decline over 1 year | -84.60% | -16.05% | -68.55% |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | -38.24% | -60.63% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.31% | — |
Current DrawdownCurrent decline from peak | -99.73% | -74.71% | -25.02% |
Average DrawdownAverage peak-to-trough decline | -71.81% | -48.66% | -23.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.31% | 9.44% | +44.87% |
Volatility
BERZ vs. SPDN - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 34.10% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.51%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.10% | 4.51% | +29.59% |
Volatility (6M)Calculated over the trailing 6-month period | 63.77% | 9.82% | +53.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.37% | 12.59% | +68.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.80% | 16.95% | +75.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.80% | 18.04% | +74.76% |
BERZ vs. SPDN - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
BERZ vs. SPDN - Dividend Comparison
BERZ has not paid dividends to shareholders, while SPDN's dividend yield for the trailing twelve months is around 4.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 4.02% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
BERZ and SPDN have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (34.10%) compared to SPDN (4.51%). In terms of maximum drawdown, BERZ dropped -99.80% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -11.95% vs -74.69% for BERZ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SPDN has performed better with a -11.95% return vs -74.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 0.95% for BERZ.
SPDN has the higher dividend yield at 4.02%, compared with 0.00% for BERZ.
BERZ tracks Solactive FANG Innovation Index, while SPDN tracks S&P 500 Index. They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 0.50% for SPDN.
BERZ currently has the higher Sharpe Ratio (-0.99 vs -1.19), 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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