BERZ vs. TSLS
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and TSLS (Direxion Daily TSLA Bear 1X Shares) are both Inverse Equities funds - BERZ tracks the Solactive FANG Innovation Index while TSLS tracks the Tesla Inc (--100%). Both are passively managed. Over the past 3 years, BERZ returned -77.59%/yr vs -38.33%/yr for TSLS. A 0.61 correlation means they provide meaningful diversification when combined. BERZ charges 0.95%/yr vs 1.07%/yr for TSLS.
Performance
BERZ vs. TSLS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BERZ achieves a -65.19% return, which is significantly lower than TSLS's 3.13% return.
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
TSLS
- 1D
- 0.10%
- 1M
- -8.14%
- YTD
- 3.13%
- 6M
- 2.01%
- 1Y
- -28.79%
- 3Y*
- -38.33%
- 5Y*
- —
- 10Y*
- —
BERZ vs. TSLS - 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% | 44.61% |
TSLS Direxion Daily TSLA Bear 1X Shares | 3.13% | -34.95% | -55.71% | -60.12% | 100.52% |
Correlation
The correlation between BERZ and TSLS 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.61 |
The correlation between BERZ and TSLS has been stable across timeframes, ranging from 0.57 to 0.61 - 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. TSLS — Risk / Return Rank
BERZ
TSLS
BERZ vs. TSLS - 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 TSLA Bear 1X Shares (TSLS). 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 | TSLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.52 | ||
| Sortino ratioReturn per unit of downside risk | -2.25 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 0.92 | -0.23 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.62 | -0.37 |
| Martin ratioReturn relative to average drawdown | -1.54 | -0.88 | -0.66 |
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 | TSLS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | -0.62 | -0.52 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.54 | -0.21 |
Drawdowns
BERZ vs. TSLS - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, which is greater than TSLS's maximum drawdown of -90.73%. Use the drawdown chart below to compare losses from any high point for BERZ and TSLS.
Loading charts...
Drawdown Indicators
| BERZ | TSLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -90.73% | -9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -87.32% | -46.42% | -40.90% |
Max Drawdown (3Y)Largest decline over 3 years | -98.97% | -84.16% | -14.81% |
Current DrawdownCurrent decline from peak | -99.79% | -89.60% | -10.19% |
Average DrawdownAverage peak-to-trough decline | -71.57% | -63.49% | -8.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.07% | 32.85% | +23.22% |
Volatility
BERZ vs. TSLS - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 23.63% compared to Direxion Daily TSLA Bear 1X Shares (TSLS) at 12.06%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than TSLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| BERZ | TSLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.63% | 12.06% | +11.57% |
Volatility (6M)Calculated over the trailing 6-month period | 57.98% | 27.72% | +30.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 46.68% | +29.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.20% | 58.76% | +33.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.20% | 58.76% | +33.44% |
BERZ vs. TSLS - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than TSLS's 1.07% expense ratio.
Dividends
BERZ vs. TSLS - Dividend Comparison
BERZ has not paid dividends to shareholders, while TSLS's dividend yield for the trailing twelve months is around 3.39%.
| 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% |
TSLS Direxion Daily TSLA Bear 1X Shares | 3.39% | 4.30% | 7.62% | 4.52% | 3.46% |
Frequently Asked Questions
BERZ and TSLS 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.
BERZ has higher volatility (23.63%) compared to TSLS (12.06%). In terms of maximum drawdown, BERZ dropped -99.80% vs TSLS's -90.73%.
On 3-year performance, TSLS leads with -38.33% vs -77.59% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 12.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLS has performed better with a -38.33% return vs -77.59%. 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 1.07% for TSLS.
TSLS has the higher dividend yield at 3.39%, compared with 0.00% for BERZ.
BERZ tracks Solactive FANG Innovation Index, while TSLS tracks Tesla Inc (--100%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.07% for TSLS.
TSLS currently has the higher Sharpe Ratio (-0.62 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.
Find the right allocation for BERZ and TSLS
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