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 -56.28%/yr vs -63.69%/yr for HIBS. A 0.79 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 -30.35% return, which is significantly higher than HIBS's -64.03% return.
FLYD
- 1D
- 3.79%
- 1M
- -24.33%
- YTD
- -30.35%
- 6M
- -26.65%
- 1Y
- -55.29%
- 3Y*
- -56.28%
- 5Y*
- —
- 10Y*
- —
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
FLYD vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FLYD MicroSectors Travel -3X Inverse Leveraged ETNs | -30.35% | -60.42% | -54.13% | -75.14% | -46.63% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -64.03% | -72.44% | -26.60% | -62.94% | -40.42% |
Correlation
The correlation between FLYD and HIBS is 0.67, 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 | 0.67 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | 0.79 |
The correlation between FLYD and HIBS shifts across timeframes, from 0.67 (1 year) to 0.79 (all time), reflecting how their relationship changes across market environments.
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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.
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.
| FLYD | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.37 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.73 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | -2.07 | -1.67 | -0.40 |
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Drawdowns
FLYD vs. HIBS - Drawdown Comparison
The maximum FLYD drawdown since its inception was -98.45%, 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 | -98.45% | -99.98% | +1.53% |
Max Drawdown (1Y)Largest decline over 1 year | -55.15% | -81.45% | +26.30% |
Max Drawdown (3Y)Largest decline over 3 years | -94.61% | -96.91% | +2.30% |
Max Drawdown (5Y)Largest decline over 5 years | — | -98.70% | — |
Current DrawdownCurrent decline from peak | -98.39% | -99.98% | +1.59% |
Average DrawdownAverage peak-to-trough decline | -83.26% | -93.14% | +9.88% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.03% | 50.79% | -20.76% |
Volatility
FLYD vs. HIBS - Volatility Comparison
The current volatility for MicroSectors Travel -3X Inverse Leveraged ETNs (FLYD) is 26.01%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 34.88%. This indicates that FLYD experiences smaller price fluctuations and is considered to be less risky 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 | 26.01% | 34.88% | -8.87% |
Volatility (6M)Calculated over the trailing 6-month period | 62.95% | 60.84% | +2.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.71% | 74.23% | +1.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.83% | 83.58% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 83.83% | 95.26% | -11.43% |
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 9.87%.
| 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 | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
FLYD and HIBS have a correlation of 0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.88%) compared to FLYD (26.01%). In terms of maximum drawdown, FLYD dropped -98.45% vs HIBS's -99.98%.
On 3-year performance, FLYD leads with -56.28% vs -63.69% for HIBS. On fees, FLYD is cheaper at 0.95% per year. On volatility, FLYD has been the lower-risk option at 26.01%. 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 -56.28% return vs -63.69%. 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 9.87%, 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 (-0.73 vs -1.10), 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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