BERZ vs. TSLS

Last updated Jul 17, 2026

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 -72.79%/yr vs -30.15%/yr for TSLS. A 0.62 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

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) and Direxion Daily TSLA Bear 1X Shares (TSLS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BERZ achieves a -54.50% return, which is significantly lower than TSLS's 8.52% return.

BERZ

• 1D: 8.13%
• 1M: 12.66%
• 6M: -51.50%
• YTD: -54.50%
• 1Y: -75.61%
• 3Y*: -72.79%
• 5Y*: —
• 10Y*: —

TSLS

• 1D: 0.85%
• 1M: 1.46%
• 6M: 5.81%
• YTD: 8.52%
• 1Y: -26.98%
• 3Y*: -30.15%
• 5Y*: —
• 10Y*: —

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

BERZ vs. TSLS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-54.50%	-78.81%	-65.95%	-89.12%	54.91%
TSLS Direxion Daily TSLA Bear 1X Shares	8.52%	-34.95%	-55.71%	-60.12%	105.60%

Correlation

The correlation between BERZ and TSLS is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.62

The correlation between BERZ and TSLS has been stable across timeframes, ranging from 0.62 to 0.62 - a consistent structural relationship.

Return for Risk

BERZ vs. TSLS — Risk / Return Rank

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

BERZ

BERZ Risk / Return Rank: 1
BERZ Sharpe Ratio Rank: 2
BERZ Sortino Ratio Rank: 1
BERZ Omega Ratio Rank: 1
BERZ Calmar Ratio Rank: 1
BERZ Martin Ratio Rank: 1

TSLS

TSLS Risk / Return Rank: 5
TSLS Sharpe Ratio Rank: 4
TSLS Sortino Ratio Rank: 5
TSLS Omega Ratio Rank: 5
TSLS Calmar Ratio Rank: 4
TSLS Martin Ratio Rank: 5

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. 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.

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	TSLS	Difference
Sharpe ratio: Return per unit of total volatility	-0.91	-0.60	-0.31
Sortino ratio: Return per unit of downside risk	-1.80	-0.66	-1.14
Omega ratio: Gain probability vs. loss probability	0.81	0.93	-0.12
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.65	-0.25
Martin ratio: Return relative to average drawdown	-1.42	-0.92	-0.49

BERZ vs. TSLS - Sharpe Ratio Comparison

The current BERZ Sharpe Ratio is -0.91, which is lower than the TSLS Sharpe Ratio of -0.60. The chart below compares the historical Sharpe Ratios of BERZ and TSLS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	BERZ	TSLS	Difference
Max Drawdown Largest peak-to-trough decline	-99.80%	-90.73%	-9.07%
Max Drawdown (1Y) Largest decline over 1 year	-83.72%	-41.36%	-42.36%
Max Drawdown (3Y) Largest decline over 3 years	-98.87%	-84.16%	-14.71%
Current Drawdown Current decline from peak	-99.73%	-89.06%	-10.67%
Average Drawdown Average peak-to-trough decline	-72.17%	-64.18%	-7.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.42%	29.23%	+24.19%

Volatility

BERZ vs. TSLS - Volatility Comparison

MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 25.86% compared to Direxion Daily TSLA Bear 1X Shares (TSLS) at 17.06%. 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.

Volatility by Period

	BERZ	TSLS	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.86%	17.06%	+8.80%
Volatility (6M) Calculated over the trailing 6-month period	65.71%	31.45%	+34.26%
Volatility (1Y) Calculated over the trailing 1-year period	82.83%	45.14%	+37.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.62%	58.73%	+33.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.62%	58.73%	+33.89%

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 2.90%.

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	2.90%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both BERZ and TSLS in my portfolio?

BERZ and TSLS have a correlation of 0.62, 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 TSLS?

BERZ has higher volatility (25.86%) compared to TSLS (17.06%). In terms of maximum drawdown, BERZ dropped -99.80% vs TSLS's -90.73%.

Which ETF is better, BERZ or TSLS?

On 3-year performance, TSLS leads with -30.15% vs -72.79% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 17.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BERZ or TSLS?

Over the 3-year period, TSLS has performed better with a -30.15% return vs -72.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BERZ or TSLS?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLS.

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

TSLS has the higher dividend yield at 2.90%, compared with 0.00% for BERZ.

What is the main difference between BERZ and TSLS?

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.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.60 vs -0.91), 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.