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 -77.86%/yr vs -65.09%/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
The year-to-date returns for both investments are quite close, with BERZ having a -66.44% return and TECS slightly higher at -65.30%.
BERZ
- 1D
- 1.28%
- 1M
- -39.84%
- YTD
- -66.44%
- 6M
- -65.90%
- 1Y
- -87.23%
- 3Y*
- -77.86%
- 5Y*
- —
- 10Y*
- —
TECS
- 1D
- -3.56%
- 1M
- -46.98%
- YTD
- -65.30%
- 6M
- -65.15%
- 1Y
- -82.22%
- 3Y*
- -65.09%
- 5Y*
- -59.77%
- 10Y*
- -62.62%
BERZ vs. TECS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -66.44% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
TECS Direxion Daily Technology Bear 3X Shares | -65.30% | -62.44% | -49.76% | -74.45% | 45.05% | -39.20% |
Correlation
The correlation between BERZ and TECS is 0.89, 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 | 0.89 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | 0.93 |
The correlation between BERZ and TECS has been stable across timeframes, ranging from 0.89 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.
| BERZ | TECS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.15 | -1.32 | +0.17 |
Sortino ratioReturn per unit of downside risk | -3.08 | -3.22 | +0.14 |
Omega ratioGain probability vs. loss probability | 0.68 | 0.67 | +0.01 |
Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.01 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.56 | -1.79 | +0.22 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BERZ | TECS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.15 | -1.32 | +0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.81 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.89 | +0.14 |
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 | -87.32% | -81.50% | -5.82% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | -96.22% | -2.75% |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.88% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.80% | -100.00% | +0.20% |
Average DrawdownAverage peak-to-trough decline | -71.55% | -96.76% | +25.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.01% | 46.27% | +9.74% |
Volatility
BERZ vs. TECS - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 22.91% compared to Direxion Daily Technology Bear 3X Shares (TECS) at 20.79%. 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 | 22.91% | 20.79% | +2.12% |
Volatility (6M)Calculated over the trailing 6-month period | 57.83% | 50.38% | +7.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.67% | 62.20% | +13.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.22% | 74.25% | +17.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.22% | 72.18% | +20.04% |
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 11.22%.
| 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 | 11.22% | 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 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (22.91%) compared to TECS (20.79%). In terms of maximum drawdown, BERZ dropped -99.80% vs TECS's -100.00%.
On 3-year performance, TECS leads with -65.09% vs -77.86% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TECS has been the lower-risk option at 20.79%. 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 -65.09% return vs -77.86%. 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 11.22%, 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 (-1.15 vs -1.32), 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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