TZA vs. BERZ
TZA (Direxion Daily Small Cap Bear 3X Shares) and BERZ (MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%), while BERZ is a Inverse Equities fund tracking the Solactive FANG Innovation Index. Both are passively managed. Over the past 3 years, TZA returned -47.17%/yr vs -74.94%/yr for BERZ. A 0.69 correlation means they provide meaningful diversification when combined. TZA charges 1.11%/yr vs 0.95%/yr for BERZ.
Performance
TZA vs. BERZ - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -47.59% return, which is significantly higher than BERZ's -54.85% return.
TZA
- 1D
- -2.03%
- 1M
- -9.56%
- YTD
- -47.59%
- 6M
- -43.28%
- 1Y
- -68.17%
- 3Y*
- -47.17%
- 5Y*
- -30.85%
- 10Y*
- -44.82%
BERZ
- 1D
- -1.69%
- 1M
- 16.26%
- YTD
- -54.85%
- 6M
- -52.15%
- 1Y
- -78.45%
- 3Y*
- -74.94%
- 5Y*
- —
- 10Y*
- —
TZA vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -47.59% | -40.22% | -32.22% | -41.19% | 30.21% | -18.36% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -54.85% | -78.81% | -65.95% | -89.12% | 102.85% | -28.36% |
Correlation
The correlation between TZA and BERZ is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Aug 18, 2021 | 0.69 |
The correlation between TZA and BERZ has been stable across timeframes, ranging from 0.60 to 0.69 - a consistent structural relationship.
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Return for Risk
TZA vs. BERZ — Risk / Return Rank
TZA
BERZ
TZA vs. BERZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.20 | ||
| Sortino ratioReturn per unit of downside risk | -0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.78 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -0.93 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.50 | -0.15 |
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Drawdowns
TZA vs. BERZ - Drawdown Comparison
The maximum TZA 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 TZA and BERZ.
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Drawdown Indicators
| TZA | BERZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.80% | -0.20% |
Max Drawdown (1Y)Largest decline over 1 year | -66.73% | -84.60% | +17.87% |
Max Drawdown (3Y)Largest decline over 3 years | -89.31% | -98.87% | +9.56% |
Max Drawdown (5Y)Largest decline over 5 years | -91.59% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.73% | -0.27% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -71.86% | -26.13% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 52.31% | -8.68% |
Volatility
TZA vs. BERZ - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 18.54%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 33.01%. This indicates that TZA 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
| TZA | BERZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.54% | 33.01% | -14.47% |
Volatility (6M)Calculated over the trailing 6-month period | 42.79% | 63.57% | -20.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.52% | 81.14% | -22.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.65% | 92.75% | -25.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.96% | 92.75% | -23.79% |
TZA vs. BERZ - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than BERZ's 0.95% expense ratio.
Dividends
TZA vs. BERZ - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.06%, 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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.06% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and BERZ have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BERZ has higher volatility (33.01%) compared to TZA (18.54%). In terms of maximum drawdown, TZA dropped -100.00% vs BERZ's -99.80%.
On 3-year performance, TZA leads with -47.17% vs -74.94% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 18.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TZA has performed better with a -47.17% return vs -74.94%. 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 1.11% for TZA.
TZA has the higher dividend yield at 5.06%, compared with 0.00% for BERZ.
TZA is categorized as Leveraged Equities, while BERZ is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while BERZ tracks Solactive FANG Innovation Index. They also come from different issuers: Direxion and BMO. Their fees differ too: 1.11% for TZA and 0.95% for BERZ.
BERZ currently has the higher Sharpe Ratio (-0.97 vs -1.17), 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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