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 -71.80%/yr vs -40.66%/yr for TZA. Their 0.69 correlation means they have sometimes moved together and sometimes differently. 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 -51.36% return, which is significantly lower than TZA's -43.24% return.
BERZ
- 1D
- -2.06%
- 1M
- 9.10%
- 6M
- -50.40%
- YTD
- -51.36%
- 1Y
- -76.10%
- 3Y*
- -71.80%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -64.98%
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.17M | $1.82M | $2.17M | |
| $153.79M | $463.04M | $1.03B |
BERZ vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -51.36% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -18.36% |
Correlation
The correlation between BERZ and TZA is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 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 | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 0.80 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.92 | +0.04 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.34 | +0.01 |
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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 | -99.71% | -100.00% | +0.29% |
Average DrawdownAverage peak-to-trough decline | -72.42% | -98.00% | +25.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.70% | 46.18% | +9.52% |
Volatility
BERZ vs. TZA - Volatility Comparison
MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a higher volatility of 33.28% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 11.25%. 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 | 33.28% | 11.25% | +22.03% |
Volatility (6M)Calculated over the trailing 6-month period | 70.82% | 42.35% | +28.47% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.12% | 57.73% | +29.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 93.03% | 67.27% | +25.76% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.03% | 68.83% | +24.20% |
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 4.67%.
| 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 | 4.67% | 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 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (33.28%) compared to TZA (11.25%). In terms of maximum drawdown, BERZ dropped -99.80% vs TZA's -100.00%.
On 3-year performance, TZA leads with -40.66% vs -71.80% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 11.25%. 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 -40.66% return vs -71.80%. 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 4.67%, 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 (-0.85 vs -1.07), 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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