BERZ vs. TECS
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and TECS (Direxion Daily Technology Bear 3X Shares) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while TECS tracks the Technology Select Sector Index (-300%). Both are passively managed. Over the past 3 years, BERZ returned -71.80%/yr vs -59.51%/yr for TECS. Their correlation of 0.93 means they have usually moved in the same direction. BERZ charges 0.95%/yr vs 1.01%/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 -51.36% return, which is significantly higher than TECS's -55.78% 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%
TECS
- 1D
- 0.41%
- 1M
- 4.74%
- 6M
- -55.63%
- YTD
- -55.78%
- 1Y
- -69.62%
- 3Y*
- -59.51%
- 5Y*
- -54.69%
- 10Y*
- -60.95%
- ALL TIME*
- -57.85%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $1.82M | $2.17M | |
| $26.82M | $44.05M | $62.80M |
BERZ vs. TECS - 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% |
TECS Direxion Daily Technology Bear 3X Shares | -55.78% | -62.44% | -49.76% | -74.45% | 45.05% | -36.86% |
Correlation
The correlation between BERZ and TECS is 0.91, 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. | 0.91 |
Correlation (3Y) Balances recent behavior with more history. | 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 0.91 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 | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.84 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.89 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.58 | +0.26 |
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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 | -83.72% | -76.16% | -7.56% |
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 | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -99.71% | -100.00% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -72.42% | -96.78% | +24.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.70% | 42.80% | +12.90% |
Volatility
BERZ vs. TECS - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 33.28% compared to Direxion Daily Technology Bear 3X Shares (TECS) at 29.88%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier 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 | 33.28% | 29.88% | +3.40% |
Volatility (6M)Calculated over the trailing 6-month period | 70.82% | 65.87% | +4.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.12% | 76.74% | +10.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.03% | 76.85% | +16.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.03% | 73.44% | +19.59% |
BERZ vs. TECS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than TECS's 1.01% 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 7.33%.
| 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 | 7.33% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
With a correlation of 0.91, BERZ and TECS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
BERZ has higher volatility (33.28%) compared to TECS (29.88%). In terms of maximum drawdown, BERZ dropped -99.80% vs TECS's -100.00%.
On 3-year performance, TECS leads with -59.51% vs -71.80% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TECS has been the lower-risk option at 29.88%. 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 -59.51% return vs -71.80%. 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 1.01% for TECS.
TECS has the higher dividend yield at 7.33%, compared with 0.00% for BERZ.
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 1.01% for TECS.
BERZ currently has the higher Sharpe Ratio (-0.85 vs -0.88), 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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