BERZ vs. TECS
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and TECS (Direxion Daily Technology Bear 3X Shares) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%). Both are passively managed. Over the past 3 years, BERZ returned -74.69%/yr vs -62.98%/yr for TECS. Their correlation of 0.93 suggests significant overlap in exposure. BERZ charges 0.95%/yr vs 1.08%/yr for TECS.
Performance
BERZ vs. TECS - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -55.66% return, which is significantly higher than TECS's -60.06% return.
BERZ
- 1D
- 11.73%
- 1M
- 4.71%
- YTD
- -55.66%
- 6M
- -53.62%
- 1Y
- -80.66%
- 3Y*
- -74.69%
- 5Y*
- —
- 10Y*
- —
TECS
- 1D
- 11.54%
- 1M
- -13.82%
- YTD
- -60.06%
- 6M
- -58.34%
- 1Y
- -76.73%
- 3Y*
- -62.98%
- 5Y*
- -57.09%
- 10Y*
- -62.40%
BERZ vs. TECS - 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% |
TECS Direxion Daily Technology Bear 3X Shares | -60.06% | -62.44% | -49.76% | -74.45% | 45.05% | -36.86% |
Correlation
The correlation between BERZ and TECS is 0.90, 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 | 0.90 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.93 |
The correlation between BERZ and TECS has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.
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Return for Risk
BERZ vs. TECS — Risk / Return Rank
BERZ
TECS
BERZ vs. TECS - 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 Technology Bear 3X Shares (TECS). 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 | TECS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.10 | ||
| Sortino ratioReturn per unit of downside risk | +0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.75 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.98 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.86 | +0.30 |
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Drawdowns
BERZ vs. TECS - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum TECS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BERZ and TECS.
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Drawdown Indicators
| BERZ | TECS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -100.00% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -84.60% | -78.66% | -5.94% |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | -96.22% | -2.65% |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.82% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.73% | -100.00% | +0.27% |
Average DrawdownAverage peak-to-trough decline | -71.81% | -96.76% | +24.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.31% | 43.87% | +10.44% |
Volatility
BERZ vs. TECS - Volatility Comparison
The current volatility for MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) is 34.10%, while Direxion Daily Technology Bear 3X Shares (TECS) has a volatility of 36.37%. This indicates that BERZ experiences smaller price fluctuations and is considered to be less risky than TECS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | TECS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.10% | 36.37% | -2.27% |
Volatility (6M)Calculated over the trailing 6-month period | 63.77% | 58.81% | +4.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 81.37% | 70.17% | +11.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.80% | 75.65% | +17.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.80% | 72.84% | +19.96% |
BERZ vs. TECS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than TECS's 1.08% expense ratio.
Dividends
BERZ vs. TECS - Dividend Comparison
BERZ has not paid dividends to shareholders, while TECS's dividend yield for the trailing twelve months is around 9.75%.
| 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% |
TECS Direxion Daily Technology Bear 3X Shares | 9.75% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
BERZ and TECS have a correlation of 0.90, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECS has higher volatility (36.37%) compared to BERZ (34.10%). In terms of maximum drawdown, BERZ dropped -99.80% vs TECS's -100.00%.
On 3-year performance, TECS leads with -62.98% vs -74.69% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 34.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TECS has performed better with a -62.98% return vs -74.69%. 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 TECS.
TECS has the higher dividend yield at 9.75%, compared with 0.00% for BERZ.
BERZ is categorized as Inverse Equities, while TECS is Leveraged Equities. BERZ tracks Solactive FANG Innovation Index, while TECS tracks Technology Select Sector Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.08% for TECS.
BERZ currently has the higher Sharpe Ratio (-0.99 vs -1.10), 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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