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 -44.69%/yr vs -77.59%/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 -40.43% return, which is significantly higher than BERZ's -65.19% return.
TZA
- 1D
- 3.75%
- 1M
- -10.87%
- YTD
- -40.43%
- 6M
- -38.50%
- 1Y
- -65.59%
- 3Y*
- -44.69%
- 5Y*
- -30.11%
- 10Y*
- -43.15%
BERZ
- 1D
- 3.73%
- 1M
- -37.37%
- YTD
- -65.19%
- 6M
- -64.50%
- 1Y
- -86.22%
- 3Y*
- -77.59%
- 5Y*
- —
- 10Y*
- —
TZA vs. BERZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -40.43% | -40.22% | -32.22% | -41.19% | 30.21% | -20.45% |
BERZ MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN | -65.19% | -78.81% | -65.95% | -89.12% | 102.85% | -30.19% |
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 | 0.59 |
Correlation (All Time) Calculated using the full available price history since Aug 19, 2021 | 0.69 |
The correlation between TZA and BERZ shifts across timeframes, from 0.59 (3 years) to 0.69 (all time), reflecting how their relationship changes across market environments.
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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.
| TZA | BERZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.02 | ||
| Sortino ratioReturn per unit of downside risk | +0.88 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 0.69 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.51 | -1.54 | +0.03 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TZA | BERZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.16 | -1.14 | -0.02 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.75 | +0.03 |
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 | -67.28% | -87.32% | +20.04% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -98.97% | +10.63% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.79% | -0.21% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -71.57% | -26.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.51% | 56.07% | -12.56% |
Volatility
TZA vs. BERZ - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 17.03%, while MicroSectors Solactive FANG & Innovation -3X Inverse Leveraged ETN (BERZ) has a volatility of 23.63%. 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 | 17.03% | 23.63% | -6.60% |
Volatility (6M)Calculated over the trailing 6-month period | 40.64% | 57.98% | -17.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.05% | 75.77% | -18.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.43% | 92.20% | -24.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.91% | 92.20% | -23.29% |
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 4.82%, 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 | 4.82% | 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 (23.63%) compared to TZA (17.03%). In terms of maximum drawdown, TZA dropped -100.00% vs BERZ's -99.80%.
On 3-year performance, TZA leads with -44.69% vs -77.59% for BERZ. On fees, BERZ is cheaper at 0.95% per year. On volatility, TZA has been the lower-risk option at 17.03%. 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 -44.69% return vs -77.59%. 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 4.82%, 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 (-1.14 vs -1.16), 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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