TECS vs. BERZ
TECS (Direxion Daily Technology Bear 3X Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both exchange-traded funds - TECS is a Leveraged Equities fund tracking the Technology Select Sector Index (-300%), while BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, TECS returned -60.99%/yr vs -73.44%/yr for BERZ. Their correlation of 0.93 suggests significant overlap in exposure. TECS charges 1.08%/yr vs 0.95%/yr for BERZ.
Performance
TECS vs. BERZ - Performance Comparison
Loading charts...
Returns By Period
The year-to-date returns for both investments are quite close, with TECS having a -58.72% return and BERZ slightly higher at -56.03%.
TECS
- 1D
- 7.33%
- 1M
- 0.55%
- 6M
- -56.32%
- YTD
- -58.72%
- 1Y
- -71.99%
- 3Y*
- -60.99%
- 5Y*
- -55.41%
- 10Y*
- -61.53%
BERZ
- 1D
- 7.36%
- 1M
- 3.14%
- 6M
- -51.87%
- YTD
- -56.03%
- 1Y
- -77.38%
- 3Y*
- -73.44%
- 5Y*
- —
- 10Y*
- —
TECS vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TECS Direxion Daily Technology Bear 3X Shares | -58.72% | -62.44% | -49.76% | -74.45% | 45.05% | -36.86% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -56.03% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
Correlation
The correlation between TECS and BERZ is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.91 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.92 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.93 |
The correlation between TECS and BERZ has been stable across timeframes, ranging from 0.91 to 0.93 - 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
TECS vs. BERZ — Risk / Return Rank
TECS
BERZ
TECS vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Technology Bear 3X Shares (TECS) 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.
| TECS | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.93 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.79 | -1.47 | -0.33 |
Loading charts...
Drawdowns
TECS vs. BERZ - Drawdown Comparison
The maximum TECS drawdown since its inception was -100.00%, roughly equal to the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for TECS and BERZ.
Loading charts...
Drawdown Indicators
| TECS | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.80% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -76.47% | -83.72% | +7.25% |
Max Drawdown (3Y)Largest decline over 3 years | -96.22% | -98.87% | +2.65% |
Max Drawdown (5Y)Largest decline over 5 years | -98.82% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.74% | -0.26% |
Average DrawdownAverage peak-to-trough decline | -96.77% | -72.11% | -24.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 40.15% | 52.73% | -12.58% |
Volatility
TECS vs. BERZ - Volatility Comparison
Direxion Daily Technology Bear 3X Shares (TECS) has a higher volatility of 33.32% compared to MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) at 28.93%. This indicates that TECS's price experiences larger fluctuations and is considered to be riskier than BERZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| TECS | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 33.32% | 28.93% | +4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 62.24% | 65.42% | -3.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.30% | 82.48% | -9.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 76.27% | 92.64% | -16.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 73.10% | 92.64% | -19.54% |
TECS vs. BERZ - Expense Ratio Comparison
TECS has a 1.08% expense ratio, which is higher than BERZ's 0.95% expense ratio.
Dividends
TECS vs. BERZ - Dividend Comparison
TECS's dividend yield for the trailing twelve months is around 7.85%, while BERZ has not paid dividends to shareholders.
| 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% |
TECS Direxion Daily Technology Bear 3X Shares | 7.85% | 5.83% | 5.24% | 7.52% | 0.00% | 0.00% | 1.50% | 2.40% | 0.72% |
Frequently Asked Questions
With a correlation of 0.91, TECS and BERZ move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TECS has higher volatility (33.32%) compared to BERZ (28.93%). In terms of maximum drawdown, TECS dropped -100.00% vs BERZ's -99.80%.
On 3-year performance, TECS leads with -60.99% vs -73.44% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, BERZ has been the lower-risk option at 28.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TECS has performed better with a -60.99% 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 1.08% for TECS.
TECS has the higher dividend yield at 7.85%, compared with 0.00% for BERZ.
TECS is categorized as Leveraged Equities, while BERZ is Inverse Equities. TECS tracks Technology Select Sector Index (-300%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.08% for TECS and 0.95% for BERZ.
BERZ currently has the higher Sharpe Ratio (-0.94 vs -0.99), 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 TECS and BERZ
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