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 -77.59%/yr vs -12.80%/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
Loading charts...
Returns By Period
In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than SPDN's -7.81% return.
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
SPDN
- 1D
- 0.58%
- 1M
- -4.42%
- YTD
- -7.81%
- 6M
- -7.36%
- 1Y
- -16.94%
- 3Y*
- -12.80%
- 5Y*
- -8.88%
- 10Y*
- —
BERZ vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -65.19% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.81% | -11.09% | -12.88% | -15.04% | 18.63% | -8.83% |
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 19, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| BERZ | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | -0.94 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 0.78 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.95 | -0.04 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.74 | +0.20 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| BERZ | SPDN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | -1.41 | +0.27 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.53 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.70 | -0.05 |
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.
Loading charts...
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 | -87.32% | -17.95% | -69.37% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | -38.24% | -60.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.85% | — |
Current DrawdownCurrent decline from peak | -99.79% | -75.17% | -24.62% |
Average DrawdownAverage peak-to-trough decline | -71.57% | -48.54% | -23.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.07% | 9.78% | +46.29% |
Volatility
BERZ vs. SPDN - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.78%. 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.
Loading charts...
Volatility by Period
| BERZ | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 2.78% | +20.85% |
Volatility (6M)Calculated over the trailing 6-month period | 57.98% | 9.08% | +48.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 12.10% | +63.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.20% | 16.86% | +75.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.20% | 18.04% | +74.16% |
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 4.09%.
| 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 | 4.09% | 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 (23.63%) compared to SPDN (2.78%). In terms of maximum drawdown, BERZ dropped -99.80% vs SPDN's -75.31%.
On 3-year performance, SPDN leads with -12.80% vs -77.59% for BERZ. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.78%. 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 -12.80% return vs -77.59%. 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 4.09%, 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 (-1.14 vs -1.41), 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.
Find the right allocation for BERZ and SPDN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer