TSLS vs. BERZ
TSLS (Direxion Daily TSLA Bear 1X ETF) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds - TSLS tracks the Tesla, Inc. (-100% Daily) while BERZ tracks the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, TSLS returned -29.02%/yr vs -74.58%/yr for BERZ. Their 0.63 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.95% expense ratio.
Performance
TSLS vs. BERZ - Performance Comparison
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Returns By Period
In the year-to-date period, TSLS achieves a 28.76% return, which is significantly higher than BERZ's -61.34% return.
TSLS
- 1D
- 1.80%
- 1M
- 27.14%
- 6M
- 17.00%
- YTD
- 28.76%
- 1Y
- -16.09%
- 3Y*
- -29.02%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -25.79%
BERZ
- 1D
- 4.13%
- 1M
- -7.94%
- 6M
- -66.38%
- YTD
- -61.34%
- 1Y
- -79.59%
- 3Y*
- -74.58%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -66.47%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $2.42M | $1.78M | $2.10M | |
| $27.73M | $25.66M | $30.41M |
TSLS vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
TSLS Direxion Daily TSLA Bear 1X ETF | 28.76% | -34.95% | -55.71% | -60.12% | 105.60% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -61.34% | -78.81% | -65.95% | -89.12% | 54.91% |
Correlation
The correlation between TSLS and BERZ is 0.66, 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. | 0.66 |
Correlation (3Y) Balances recent behavior with more history. | 0.63 |
Correlation (All Time) Calculated using the full available price history since Aug 9, 2022 | 0.63 |
The correlation between TSLS and BERZ has been stable across timeframes, ranging from 0.63 to 0.66 - a consistent structural relationship.
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Return for Risk
TSLS vs. BERZ — Risk / Return Rank
TSLS
BERZ
TSLS vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily TSLA Bear 1X ETF (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 ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 0.80 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | -0.97 | +0.55 |
| Martin ratioReturn relative to average drawdown | -0.63 | -1.51 | +0.88 |
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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.
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Drawdown Indicators
| TSLS | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.73% | -99.80% | +9.07% |
Max Drawdown (1Y)Largest decline over 1 year | -37.90% | -82.07% | +44.17% |
Max Drawdown (3Y)Largest decline over 3 years | -84.16% | -98.87% | +14.71% |
Current DrawdownCurrent decline from peak | -87.02% | -99.77% | +12.75% |
Average DrawdownAverage peak-to-trough decline | -64.50% | -72.48% | +7.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.18% | 53.65% | -25.47% |
Volatility
TSLS vs. BERZ - Volatility Comparison
The current volatility for Direxion Daily TSLA Bear 1X ETF (TSLS) is 16.58%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 37.85%. 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.
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Volatility by Period
| TSLS | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.58% | 37.85% | -21.27% |
Volatility (6M)Calculated over the trailing 6-month period | 34.04% | 72.82% | -38.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 46.79% | 88.13% | -41.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.93% | 93.29% | -34.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.93% | 93.29% | -34.36% |
TSLS vs. BERZ - Expense Ratio Comparison
Both TSLS and BERZ have an expense ratio of 0.95%.
Dividends
TSLS vs. BERZ - Dividend Comparison
TSLS's dividend yield for the trailing twelve months is around 2.44%, 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 ETF | 2.44% | 4.30% | 7.62% | 4.52% | 3.46% |
Frequently Asked Questions
TSLS and BERZ have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (37.85%) compared to TSLS (16.58%). In terms of maximum drawdown, TSLS dropped -90.73% vs BERZ's -99.80%.
On 3-year performance, TSLS leads with -29.02% vs -74.58% for BERZ. Both ETFs have the same 0.95% expense ratio. On volatility, TSLS has been the lower-risk option at 16.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TSLS has performed better with a -29.02% return vs -74.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TSLS and BERZ have the same expense ratio: 0.95% per year.
TSLS has the higher dividend yield at 2.44%, compared with 0.00% for BERZ.
TSLS tracks Tesla, Inc. (-100% Daily), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO.
TSLS currently has the higher Sharpe Ratio (-0.35 vs -0.90), 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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