LSAT vs. BERZ

Last updated Aug 2, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index. LSAT is actively managed, while BERZ is passively managed. Over the past 3 years, LSAT returned 10.30%/yr vs -71.80%/yr for BERZ. Their -0.43 correlation means they have often moved in opposite directions in the past. LSAT charges 0.99%/yr vs 0.95%/yr for BERZ.

Performance

LSAT vs. BERZ - Performance Comparison

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

Returns By Period

In the year-to-date period, LSAT achieves a 16.87% return, which is significantly higher than BERZ's -51.36% return.

LSAT

• 1D: -1.47%
• 1M: -0.08%
• 6M: 16.18%
• YTD: 16.87%
• 1Y: 16.88%
• 3Y*: 10.30%
• 5Y*: 7.11%
• 10Y*: —
• ALL TIME*: 12.76%

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%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	$2.17M	$1.82M	$2.17M
LSAT Leadershares Alphafactor Tactical Focused ETF	$127.96K	$112.69K	$108.05K

LSAT vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LSAT Leadershares Alphafactor Tactical Focused ETF	16.87%	-1.54%	18.16%	13.64%	-12.99%	2.55%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-51.36%	-78.81%	-65.95%	-89.12%	102.85%	-28.36%

Correlation

The correlation between LSAT and BERZ is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.16
Correlation (3Y) Balances recent behavior with more history.	-0.29
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021	-0.43

Over the past year, the inverse relationship between LSAT and BERZ has weakened: their correlation has moved from -0.43 to -0.15, meaning they move in opposite directions less often than they have historically.

LSAT vs. BERZ - Sectors Allocation Comparison

Sectors	LSAT	BERZ
Consumer Cyclical	23.3%	14.2%
Financial Services	20.9%	13.3%
Technology	15.3%	65.0%
Industrials	13.4%	-
Communication Services	9.4%	20.9%
Healthcare	7.6%	-
Real Estate	2.8%	-
Consumer Defensive	2.7%	-
Energy	2.5%	-
Basic Materials	2.3%	-
Utilities	-	-

Return for Risk

LSAT vs. BERZ — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LSAT

LSAT Risk / Return Rank: 51
LSAT Sharpe Ratio Rank: 52
LSAT Sortino Ratio Rank: 54
LSAT Omega Ratio Rank: 47
LSAT Calmar Ratio Rank: 57
LSAT Martin Ratio Rank: 44

BERZ

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

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LSAT vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ). 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.

	LSAT	BERZ	Difference
Sharpe ratio: Return per unit of total volatility	1.25	-0.85	+2.09
Sortino ratio: Return per unit of downside risk	1.90	-1.52	+3.42
Omega ratio: Gain probability vs. loss probability	1.22	0.84	+0.38
Calmar ratio: Return relative to maximum drawdown	2.04	-0.88	+2.93
Martin ratio: Return relative to average drawdown	4.83	-1.32	+6.16

LSAT vs. BERZ - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 1.25, which is higher than the BERZ Sharpe Ratio of -0.85. The chart below compares the historical Sharpe Ratios of LSAT and BERZ, 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

LSAT vs. BERZ - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for LSAT and BERZ.

Drawdown Indicators

	LSAT	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-99.80%	+79.32%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-83.72%	+75.78%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-98.87%	+80.62%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	—	—
Current Drawdown Current decline from peak	-3.01%	-99.71%	+96.70%
Average Drawdown Average peak-to-trough decline	-5.42%	-72.42%	+67.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	55.70%	-52.35%

Volatility

LSAT vs. BERZ - Volatility Comparison

The current volatility for Leadershares Alphafactor Tactical Focused ETF (LSAT) is 4.50%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 33.28%. This indicates that LSAT experiences smaller price fluctuations and is considered to be less risky than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	33.28%	-28.78%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	70.82%	-60.98%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	87.12%	-74.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	93.03%	-76.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	93.03%	-76.32%

LSAT vs. BERZ - Expense Ratio Comparison

LSAT has a 0.99% expense ratio, which is higher than BERZ's 0.95% expense ratio.

Dividends

LSAT vs. BERZ - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.62%, while BERZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.62%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%

Frequently Asked Questions

Can I hold both LSAT and BERZ in my portfolio?

LSAT and BERZ have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAT or BERZ?

BERZ has higher volatility (33.28%) compared to LSAT (4.50%). In terms of maximum drawdown, LSAT dropped -20.48% vs BERZ's -99.80%.

Which ETF is better, LSAT or BERZ?

On 3-year performance, LSAT leads with 10.30% vs -71.80% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, LSAT has been the lower-risk option at 4.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAT or BERZ?

Over the 3-year period, LSAT has performed better with a 10.30% return vs -71.80%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAT or BERZ?

BERZ is cheaper with a 0.95% expense ratio, compared with 0.99% for LSAT.

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

LSAT has the higher dividend yield at 1.62%, compared with 0.00% for BERZ.

What is the main difference between LSAT and BERZ?

LSAT is categorized as Money Market, while BERZ is Inverse Equities. They also come from different issuers: Redwood and BMO. Their fees differ too: 0.99% for LSAT and 0.95% for BERZ.

Which has better risk-adjusted returns?

LSAT currently has the higher Sharpe Ratio (1.25 vs -0.85), 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.