TSLZ vs. BERZ

Last updated Jun 24, 2026

TSLZ (T-Rex 2X Inverse Tesla Daily Target ETF) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both Inverse Equities funds. TSLZ is actively managed, while BERZ is passively managed. Over the past year, TSLZ returned -51.89% vs -80.66% for BERZ. A 0.61 correlation means they provide meaningful diversification when combined. TSLZ charges 1.05%/yr vs 0.95%/yr for BERZ.

Performance

TSLZ vs. BERZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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, TSLZ achieves a 11.42% return, which is significantly higher than BERZ's -55.66% return.

TSLZ

• 1D: 11.56%
• 1M: 18.35%
• YTD: 11.42%
• 6M: 29.37%
• 1Y: -51.89%
• 3Y*: —
• 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)

TSLZ vs. BERZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	11.42%	-75.98%	-88.79%	-24.75%
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	-55.66%	-78.81%	-65.95%	-44.49%

Correlation

The correlation between TSLZ 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 (All Time) Calculated using the full available price history since Oct 19, 2023	0.61

The correlation between TSLZ and BERZ has been stable across timeframes, ranging from 0.60 to 0.61 - a consistent structural relationship.

Return for Risk

TSLZ vs. BERZ — Risk / Return Rank

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

TSLZ

TSLZ Risk / Return Rank: 4
TSLZ Sharpe Ratio Rank: 4
TSLZ Sortino Ratio Rank: 5
TSLZ Omega Ratio Rank: 5
TSLZ Calmar Ratio Rank: 3
TSLZ Martin Ratio Rank: 5

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.

TSLZ vs. BERZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) 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.

	TSLZ	BERZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	-0.99	+0.39
Sortino ratio: Return per unit of downside risk	-0.58	-2.23	+1.65
Omega ratio: Gain probability vs. loss probability	0.94	0.77	+0.17
Calmar ratio: Return relative to maximum drawdown	-0.71	-0.96	+0.24
Martin ratio: Return relative to average drawdown	-0.91	-1.56	+0.65

TSLZ vs. BERZ - Sharpe Ratio Comparison

The current TSLZ Sharpe Ratio is -0.60, which is higher than the BERZ Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of TSLZ 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

TSLZ vs. BERZ - Drawdown Comparison

The maximum TSLZ drawdown since its inception was -99.11%, roughly equal to the maximum BERZ drawdown of -99.80%. Use the drawdown chart below to compare losses from any high point for TSLZ and BERZ.

Drawdown Indicators

	TSLZ	BERZ	Difference
Max Drawdown Largest peak-to-trough decline	-99.11%	-99.80%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	-72.88%	-84.60%	+11.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-98.87%	—
Current Drawdown Current decline from peak	-98.83%	-99.73%	+0.90%
Average Drawdown Average peak-to-trough decline	-75.70%	-71.81%	-3.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.22%	54.31%	+2.91%

Volatility

TSLZ vs. BERZ - Volatility Comparison

The current volatility for T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ) is 27.70%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 34.10%. This indicates that TSLZ 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

	TSLZ	BERZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	27.70%	34.10%	-6.40%
Volatility (6M) Calculated over the trailing 6-month period	56.77%	63.77%	-7.00%
Volatility (1Y) Calculated over the trailing 1-year period	88.07%	81.37%	+6.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	116.88%	92.80%	+24.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	116.88%	92.80%	+24.08%

TSLZ vs. BERZ - Expense Ratio Comparison

TSLZ has a 1.05% expense ratio, which is higher than BERZ's 0.95% expense ratio.

Dividends

TSLZ vs. BERZ - Dividend Comparison

TSLZ's dividend yield for the trailing twelve months is around 0.62%, while BERZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN	0.00%	0.00%	0.00%	0.00%
TSLZ T-Rex 2X Inverse Tesla Daily Target ETF	0.62%	0.69%	2.08%	12.15%

Frequently Asked Questions

Can I hold both TSLZ and BERZ in my portfolio?

TSLZ 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, TSLZ or BERZ?

BERZ has higher volatility (34.10%) compared to TSLZ (27.70%). In terms of maximum drawdown, TSLZ dropped -99.11% vs BERZ's -99.80%.

Which ETF is better, TSLZ or BERZ?

On 1-year performance, TSLZ leads with -51.89% vs -80.66% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TSLZ has been the lower-risk option at 27.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TSLZ or BERZ?

Over the 1-year period, TSLZ has performed better with a -51.89% return vs -80.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TSLZ or BERZ?

BERZ is cheaper with a 0.95% expense ratio, compared with 1.05% for TSLZ.

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

TSLZ has the higher dividend yield at 0.62%, compared with 0.00% for BERZ.

What is the main difference between TSLZ and BERZ?

They also come from different issuers: T-Rex and BMO. Their fees differ too: 1.05% for TSLZ and 0.95% for BERZ.

Which has better risk-adjusted returns?

TSLZ currently has the higher Sharpe Ratio (-0.60 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.