TSLS vs. BERZ

Last updated Jun 24, 2026

TSLS (Direxion Daily TSLA Bear 1X Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - TSLS tracks the Tesla Inc (--100%) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, TSLS returned -32.36%/yr vs -74.69%/yr for BERZ. A 0.62 correlation means they provide meaningful diversification when combined. TSLS charges 1.07%/yr vs 0.95%/yr for BERZ.

Performance

TSLS vs. BERZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily TSLA Bear 1X Shares (TSLS) 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, TSLS achieves a 12.45% return, which is significantly higher than BERZ's -55.66% return.

TSLS

• 1D: 5.18%
• 1M: 9.46%
• YTD: 12.45%
• 6M: 21.31%
• 1Y: -18.80%
• 3Y*: -32.36%
• 5Y*: —
• 10Y*: —

BERZ

• 1D: 11.73%
• 1M: 4.71%
• YTD: -55.66%
• 6M: -53.62%
• 1Y: -80.66%
• 3Y*: -74.69%
• 5Y*: —
• 10Y*: —

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

TSLS vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
TSLS Direxion Daily TSLA Bear 1X Shares	12.45%	-34.95%	-55.71%	-60.12%	105.60%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-55.66%	-78.81%	-65.95%	-89.12%	54.91%

Correlation

The correlation between TSLS and BERZ is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022	0.62

The correlation between TSLS and BERZ has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.

Return for Risk

TSLS vs. BERZ — Risk / Return Rank

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

TSLS

TSLS Risk / Return Rank: 6
TSLS Sharpe Ratio Rank: 5
TSLS Sortino Ratio Rank: 6
TSLS Omega Ratio Rank: 6
TSLS Calmar Ratio Rank: 5
TSLS Martin Ratio Rank: 6

BERZ

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

TSLS vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X Shares (TSLS) 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.

	TSLS	BERZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.43	-0.99	+0.57
Sortino ratio: Return per unit of downside risk	-0.35	-2.23	+1.87
Omega ratio: Gain probability vs. loss probability	0.96	0.77	+0.20
Calmar ratio: Return relative to maximum drawdown	-0.43	-0.96	+0.52
Martin ratio: Return relative to average drawdown	-0.62	-1.56	+0.94

TSLS vs. BERZ - Sharpe Ratio Comparison

The current TSLS Sharpe Ratio is -0.43, which is higher than the BERZ Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of TSLS 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

TSLS vs. BERZ - Drawdown Comparison

The maximum TSLS drawdown since its inception was -90.73%, smaller than the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for TSLS and BERZ.

Drawdown Indicators

	TSLS	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-90.73%	-99.80%	+9.07%
Max Drawdown (1Y) Largest decline over 1 year	-43.46%	-84.60%	+41.14%
Max Drawdown (3Y) Largest decline over 3 years	-84.16%	-98.87%	+14.71%
Current Drawdown Current decline from peak	-88.66%	-99.73%	+11.07%
Average Drawdown Average peak-to-trough decline	-63.77%	-71.81%	+8.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.42%	54.31%	-23.89%

Volatility

TSLS vs. BERZ - Volatility Comparison

The current volatility for Direxion Daily TSLA Bear 1X Shares (TSLS) is 13.77%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 34.10%. This indicates that TSLS 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

	TSLS	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.77%	34.10%	-20.33%
Volatility (6M) Calculated over the trailing 6-month period	28.37%	63.77%	-35.40%
Volatility (1Y) Calculated over the trailing 1-year period	44.91%	81.37%	-36.46%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.68%	92.80%	-34.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.68%	92.80%	-34.12%

TSLS vs. BERZ - Expense Ratio Comparison

TSLS has a 1.07% expense ratio, which is higher than BERZ's 0.95% expense ratio.

Dividends

TSLS vs. BERZ - Dividend Comparison

TSLS's dividend yield for the trailing twelve months is around 3.11%, while BERZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%	0.00%
TSLS Direxion Daily TSLA Bear 1X Shares	3.11%	4.30%	7.62%	4.52%	3.46%

Frequently Asked Questions

Can I hold both TSLS and BERZ in my portfolio?

TSLS and BERZ have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TSLS or BERZ?

BERZ has higher volatility (34.10%) compared to TSLS (13.77%). In terms of maximum drawdown, TSLS dropped -90.73% vs BERZ's -99.80%.

Which ETF is better, TSLS or BERZ?

On 3-year performance, TSLS leads with -32.36% vs -74.69% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TSLS has been the lower-risk option at 13.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLS or BERZ?

Over the 3-year period, TSLS has performed better with a -32.36% return vs -74.69%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLS or BERZ?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.07% for TSLS.

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

TSLS has the higher dividend yield at 3.11%, compared with 0.00% for BERZ.

What is the main difference between TSLS and BERZ?

TSLS tracks Tesla Inc (--100%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.07% for TSLS and 0.95% for BERZ.

Which has better risk-adjusted returns?

TSLS currently has the higher Sharpe Ratio (-0.43 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.