BERZ vs. TZA
BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both exchange-traded funds - BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index, while TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). Both are passively managed. Over the past 3 years, BERZ returned -73.44%/yr vs -42.97%/yr for TZA. A 0.69 correlation means they provide meaningful diversification when combined. BERZ charges 0.95%/yr vs 1.11%/yr for TZA.
Performance
BERZ vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, BERZ achieves a -56.03% return, which is significantly lower than TZA's -44.60% return.
BERZ
- 1D
- 7.36%
- 1M
- 3.14%
- 6M
- -51.87%
- YTD
- -56.03%
- 1Y
- -77.38%
- 3Y*
- -73.44%
- 5Y*
- —
- 10Y*
- —
TZA
- 1D
- 2.26%
- 1M
- -0.96%
- 6M
- -33.75%
- YTD
- -44.60%
- 1Y
- -61.49%
- 3Y*
- -42.97%
- 5Y*
- -32.31%
- 10Y*
- -42.71%
BERZ vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -56.03% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
TZA Direxion Daily Small Cap Bear 3X Shares | -44.60% | -40.22% | -32.22% | -41.19% | 30.21% | -18.36% |
Correlation
The correlation between BERZ and TZA 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 | 0.60 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.69 |
The correlation between BERZ and TZA has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.
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Return for Risk
BERZ vs. TZA — Risk / Return Rank
BERZ
TZA
BERZ vs. TZA - 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 Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.92 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.47 | -1.41 | -0.06 |
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Drawdowns
BERZ vs. TZA - Drawdown Comparison
The maximum BERZ drawdown since its inception was -99.80%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for BERZ and TZA.
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Drawdown Indicators
| BERZ | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.80% | -100.00% | +0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -83.72% | -67.34% | -16.38% |
Max Drawdown (3Y)Largest decline over 3 years | -98.87% | -89.50% | -9.37% |
Max Drawdown (5Y)Largest decline over 5 years | — | -91.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.67% | — |
Current DrawdownCurrent decline from peak | -99.74% | -100.00% | +0.26% |
Average DrawdownAverage peak-to-trough decline | -72.11% | -97.99% | +25.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 52.73% | 43.61% | +9.12% |
Volatility
BERZ vs. TZA - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 28.93% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 14.74%. This indicates that BERZ's price experiences larger fluctuations and is considered to be riskier than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BERZ | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 28.93% | 14.74% | +14.19% |
Volatility (6M)Calculated over the trailing 6-month period | 65.42% | 42.49% | +22.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.48% | 58.13% | +24.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 92.64% | 67.54% | +25.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.64% | 68.81% | +23.83% |
BERZ vs. TZA - Expense Ratio Comparison
BERZ has a 0.95% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
BERZ vs. TZA - Dividend Comparison
BERZ has not paid dividends to shareholders, while TZA's dividend yield for the trailing twelve months is around 4.78%.
| 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.78% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
BERZ and TZA 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.
BERZ has higher volatility (28.93%) compared to TZA (14.74%). In terms of maximum drawdown, BERZ dropped -99.80% vs TZA's -100.00%.
On 3-year performance, TZA leads with -42.97% vs -73.44% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 14.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TZA has performed better with a -42.97% return vs -73.44%. 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 1.11% for TZA.
TZA has the higher dividend yield at 4.78%, compared with 0.00% for BERZ.
BERZ is categorized as Inverse Equities, while TZA is Leveraged Equities. BERZ tracks Solactive FANG Innovation Index, while TZA tracks Russell 2000 Index (-300%). They also come from different issuers: BMO and Direxion. Their fees differ too: 0.95% for BERZ and 1.11% for TZA.
BERZ currently has the higher Sharpe Ratio (-0.94 vs -1.06), 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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