BERZ vs. TSLQ

Last updated Jun 4, 2026

BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and TSLQ (AXS TSLA Bear Daily ETF) are both Inverse Equities funds. BERZ is passively managed, while TSLQ is actively managed. Over the past 3 years, BERZ returned -77.59%/yr vs -68.13%/yr for TSLQ. A 0.61 correlation means they provide meaningful diversification when combined. BERZ charges 0.95%/yr vs 1.15%/yr for TSLQ.

Performance

BERZ vs. TSLQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and AXS TSLA Bear Daily ETF (TSLQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than TSLQ's -3.74% return.

BERZ

• 1D: 3.73%
• 1M: -37.37%
• YTD: -65.19%
• 6M: -64.50%
• 1Y: -86.22%
• 3Y*: -77.59%
• 5Y*: —
• 10Y*: —

TSLQ

• 1D: 0.06%
• 1M: -17.27%
• YTD: -3.74%
• 6M: -7.45%
• 1Y: -62.40%
• 3Y*: -68.13%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BERZ vs. TSLQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-65.19%	-78.81%	-65.95%	-89.12%	-6.01%
TSLQ AXS TSLA Bear Daily ETF	-3.74%	-74.67%	-83.21%	-59.97%	63.52%

Correlation

The correlation between BERZ and TSLQ is 0.57, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jul 15, 2022	0.61

The correlation between BERZ and TSLQ has been stable across timeframes, ranging from 0.57 to 0.61 - a consistent structural relationship.

Return for Risk

BERZ vs. TSLQ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BERZ

BERZ Risk / Return Rank: 0
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 0
BERZ Calmar Ratio Rank: 0
BERZ Martin Ratio Rank: 1

TSLQ

TSLQ Risk / Return Rank: 3
TSLQ Sharpe Ratio Rank: 3
TSLQ Sortino Ratio Rank: 3
TSLQ Omega Ratio Rank: 3
TSLQ Calmar Ratio Rank: 2
TSLQ Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BERZ vs. TSLQ - 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 AXS TSLA Bear Daily ETF (TSLQ). 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	TSLQ	Difference
Sharpe ratio: Return per unit of total volatility	-1.14	-0.67	-0.47
Sortino ratio: Return per unit of downside risk	-2.96	-0.84	-2.11
Omega ratio: Gain probability vs. loss probability	0.69	0.91	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.82	-0.16
Martin ratio: Return relative to average drawdown	-1.54	-1.05	-0.49
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BERZ vs. TSLQ - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -1.14, which is lower than the TSLQ Sharpe Ratio of -0.67. The chart below compares the historical Sharpe Ratios of BERZ and TSLQ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BERZ	TSLQ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.14	-0.67	-0.47
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.65	-0.10

Drawdowns

BERZ vs. TSLQ - Drawdown Comparison

The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum TSLQ drawdown of -98.73%. Use the drawdown chart below to compare losses from any high point for BERZ and TSLQ.

Drawdown Indicators

	BERZ	TSLQ	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-98.73%	-1.07%
Max Drawdown (1Y) Largest decline over 1 year	-87.32%	-75.93%	-11.39%
Max Drawdown (3Y) Largest decline over 3 years	-98.97%	-97.85%	-1.12%
Current Drawdown Current decline from peak	-99.79%	-98.57%	-1.22%
Average Drawdown Average peak-to-trough decline	-71.57%	-67.19%	-4.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.07%	59.63%	-3.56%

Volatility

BERZ vs. TSLQ - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and AXS TSLA Bear Daily ETF (TSLQ) have volatilities of 23.63% and 24.10%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BERZ	TSLQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.63%	24.10%	-0.47%
Volatility (6M) Calculated over the trailing 6-month period	57.98%	54.84%	+3.14%
Volatility (1Y) Calculated over the trailing 1-year period	75.77%	92.69%	-16.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.20%	94.11%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.20%	94.11%	-1.91%

BERZ vs. TSLQ - Expense Ratio Comparison

BERZ has a 0.95% expense ratio, which is lower than TSLQ's 1.15% expense ratio.

Dividends

BERZ vs. TSLQ - Dividend Comparison

BERZ has not paid dividends to shareholders, while TSLQ's dividend yield for the trailing twelve months is around 10.97%.

Position	TTM	2025	2024	2023	2022
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
TSLQ AXS TSLA Bear Daily ETF	10.97%	10.56%	4.95%	13.35%	2.56%

Frequently Asked Questions

Can I hold both BERZ and TSLQ in my portfolio?

BERZ and TSLQ have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BERZ or TSLQ?

TSLQ has higher volatility (24.10%) compared to BERZ (23.63%). In terms of maximum drawdown, BERZ dropped -99.80% vs TSLQ's -98.73%.

Which ETF is better, BERZ or TSLQ?

On 3-year performance, TSLQ leads with -68.13% vs -77.59% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 23.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or TSLQ?

Over the 3-year period, TSLQ has performed better with a -68.13% return vs -77.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or TSLQ?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.15% for TSLQ.

Which ETF pays a higher dividend yield, BERZ or TSLQ?

TSLQ has the higher dividend yield at 10.97%, compared with 0.00% for BERZ.

What is the main difference between BERZ and TSLQ?

They also come from different issuers: BMO and AXS. Their fees differ too: 0.95% for BERZ and 1.15% for TSLQ.

Which has better risk-adjusted returns?

TSLQ currently has the higher Sharpe Ratio (-0.67 vs -1.14), 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.