FLYD vs. HIBS
FLYD (MicroSectors Travel -3X Inverse Leveraged ETNs) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds - FLYD tracks the MerQube MicroSectors U.S. Travel Index while HIBS tracks the S&P 500® High Beta Index. Both are passively managed. Over the past 3 years, FLYD returned -55.38%/yr vs -63.10%/yr for HIBS. A 0.80 correlation means they provide meaningful diversification when combined. FLYD charges 0.95%/yr vs 1.06%/yr for HIBS.
Performance
FLYD vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, FLYD achieves a -13.05% return, which is significantly higher than HIBS's -59.26% return.
FLYD
- 1D
- -2.08%
- 1M
- -17.48%
- YTD
- -13.05%
- 6M
- -22.60%
- 1Y
- -49.08%
- 3Y*
- -55.38%
- 5Y*
- —
- 10Y*
- —
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
FLYD vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -13.05% | -60.42% | -54.13% | -75.14% | -46.23% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -59.26% | -72.44% | -26.60% | -62.94% | -40.92% |
Correlation
The correlation between FLYD and HIBS is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since Jun 23, 2022 | 0.80 |
The correlation between FLYD and HIBS has been stable across timeframes, ranging from 0.71 to 0.80 - a consistent structural relationship.
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Return for Risk
FLYD vs. HIBS — Risk / Return Rank
FLYD
HIBS
FLYD vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). 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.
| FLYD | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.56 | ||
| Sortino ratioReturn per unit of downside risk | +2.20 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.70 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.99 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.32 | -1.50 | +0.18 |
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
| FLYD | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | -1.22 | +0.56 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.75 | -0.73 | -0.02 |
Drawdowns
FLYD vs. HIBS - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.11%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for FLYD and HIBS.
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Drawdown Indicators
| FLYD | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.11% | -99.98% | +1.87% |
Max Drawdown (1Y)Largest decline over 1 year | -54.89% | -83.13% | +28.24% |
Max Drawdown (3Y)Largest decline over 3 years | -93.41% | -96.48% | +3.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.52% | — |
Current DrawdownCurrent decline from peak | -97.99% | -99.98% | +1.99% |
Average DrawdownAverage peak-to-trough decline | -83.14% | -93.14% | +10.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.21% | 54.63% | -17.42% |
Volatility
FLYD vs. HIBS - Volatility Comparison
MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) has a higher volatility of 25.78% compared to Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) at 22.04%. This indicates that FLYD's price experiences larger fluctuations and is considered to be riskier than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FLYD | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.78% | 22.04% | +3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 59.42% | 52.82% | +6.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.48% | 67.45% | +7.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.67% | 82.46% | +1.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.67% | 94.78% | -11.11% |
FLYD vs. HIBS - Expense Ratio Comparison
FLYD has a 0.95% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
FLYD vs. HIBS - Dividend Comparison
FLYD has not paid dividends to shareholders, while HIBS's dividend yield for the trailing twelve months is around 11.62%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.62% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
FLYD and HIBS have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FLYD has higher volatility (25.78%) compared to HIBS (22.04%). In terms of maximum drawdown, FLYD dropped -98.11% vs HIBS's -99.98%.
On 3-year performance, FLYD leads with -55.38% vs -63.10% for HIBS. On fees, FLYD is cheaper at 0.95% per year. On volatility, HIBS has been the lower-risk option at 22.04%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FLYD has performed better with a -55.38% return vs -63.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLYD is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 11.62%, compared with 0.00% for FLYD.
FLYD tracks MerQube MicroSectors U.S. Travel Index, while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: REX and Direxion. Their fees differ too: 0.95% for FLYD and 1.06% for HIBS.
FLYD currently has the higher Sharpe Ratio (-0.66 vs -1.22), 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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