TECS vs. BERZ

Last updated Jun 3, 2026

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 -65.09%/yr vs -77.86%/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

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

Returns By Period

The year-to-date returns for both stocks are quite close, with TECS having a -65.30% return and BERZ slightly lower at -66.44%.

TECS

• 1D: -3.56%
• 1M: -46.98%
• YTD: -65.30%
• 6M: -65.15%
• 1Y: -82.22%
• 3Y*: -65.09%
• 5Y*: -59.77%
• 10Y*: -62.62%

BERZ

• 1D: 1.28%
• 1M: -39.84%
• YTD: -66.44%
• 6M: -65.90%
• 1Y: -87.23%
• 3Y*: -77.86%
• 5Y*: —
• 10Y*: —

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

TECS vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TECS Direxion Daily Technology Bear 3X Shares	-65.30%	-62.44%	-49.76%	-74.45%	45.05%	-39.20%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-66.44%	-78.81%	-65.95%	-89.12%	102.85%	-30.19%

Correlation

The correlation between TECS and BERZ is 0.89, 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	0.89
Correlation (3Y) Calculated over the trailing 3-year period	0.91
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021	0.93

The correlation between TECS and BERZ has been stable across timeframes, ranging from 0.89 to 0.93 - a consistent structural relationship.

Return for Risk

TECS vs. BERZ — Risk / Return Rank

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

TECS

TECS Risk / Return Rank: 0
TECS Sharpe Ratio Rank: 0
TECS Sortino Ratio Rank: 0
TECS Omega Ratio Rank: 0
TECS Calmar Ratio Rank: 0
TECS Martin Ratio Rank: 0

BERZ

BERZ Risk / Return Rank: 0
BERZ Sharpe Ratio Rank: 1
BERZ Sortino Ratio Rank: 0
BERZ Omega Ratio Rank: 0
BERZ Calmar Ratio Rank: 0
BERZ Martin Ratio Rank: 1

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.

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.

	TECS	BERZ	Difference
Sharpe ratio Return per unit of total volatility	-1.32	-1.15	-0.17
Sortino ratio Return per unit of downside risk	-3.22	-3.08	-0.14
Omega ratio Gain probability vs. loss probability	0.67	0.68	-0.01
Calmar ratio Return relative to maximum drawdown	-1.01	-1.00	0.00
Martin ratio Return relative to average drawdown	-1.79	-1.56	-0.22
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TECS vs. BERZ - Sharpe Ratio Comparison

The current TECS Sharpe Ratio is -1.32, which is comparable to the BERZ Sharpe Ratio of -1.15. The chart below compares the historical Sharpe Ratios of TECS 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.

Sharpe Ratios by Period

	TECS	BERZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.32	-1.15	-0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.81	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.87	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.89	-0.75	-0.14

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.

Drawdown Indicators

	TECS	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.80%	-0.20%
Max Drawdown (1Y) Largest decline over 1 year	-81.50%	-87.32%	+5.82%
Max Drawdown (3Y) Largest decline over 3 years	-96.22%	-98.97%	+2.75%
Max Drawdown (5Y) Largest decline over 5 years	-98.88%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-100.00%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.80%	-0.20%
Average Drawdown Average peak-to-trough decline	-96.76%	-71.55%	-25.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.27%	56.01%	-9.74%

Volatility

TECS vs. BERZ - Volatility Comparison

The current volatility for Direxion Daily Technology Bear 3X Shares (TECS) is 20.79%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 22.91%. This indicates that TECS 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

	TECS	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.79%	22.91%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	50.38%	57.83%	-7.45%
Volatility (1Y) Calculated over the trailing 1-year period	62.20%	75.67%	-13.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.25%	92.22%	-17.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.18%	92.22%	-20.04%

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 11.22%, 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	11.22%	5.83%	5.24%	7.52%	0.00%	0.00%	1.50%	2.40%	0.72%

Frequently Asked Questions

Can I hold both TECS and BERZ in my portfolio?

TECS and BERZ have a correlation of 0.89, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TECS or BERZ?

BERZ has higher volatility (22.91%) compared to TECS (20.79%). In terms of maximum drawdown, TECS dropped -100.00% vs BERZ's -99.80%.

Which ETF is better, TECS or BERZ?

On 3-year performance, TECS leads with -65.09% vs -77.86% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TECS has been the lower-risk option at 20.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TECS or BERZ?

Over the 3-year period, TECS has performed better with a -65.09% return vs -77.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TECS or BERZ?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.08% for TECS.

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

TECS has the higher dividend yield at 11.22%, compared with 0.00% for BERZ.

What is the main difference between TECS and 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.

Which has better risk-adjusted returns?

BERZ currently has the higher Sharpe Ratio (-1.15 vs -1.32), 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.