HIBL vs. SMST

Last updated Jul 12, 2026

HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), while SMST is a Inverse Equities fund actively managed by Defiance. HIBL is passively managed, while SMST is actively managed. Over the past year, HIBL returned 147.22% vs 223.04% for SMST. At a correlation of -0.47, they often move in opposite directions. HIBL charges 1.12%/yr vs 1.29%/yr for SMST.

Performance

HIBL vs. SMST - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) and Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBL achieves a 76.10% return, which is significantly higher than SMST's -31.56% return.

HIBL

• 1D: -0.09%
• 1M: -2.34%
• 6M: 52.63%
• YTD: 76.10%
• 1Y: 147.22%
• 3Y*: 44.00%
• 5Y*: 12.36%
• 10Y*: —

SMST

• 1D: -1.67%
• 1M: 37.17%
• 6M: -24.18%
• YTD: -31.56%
• 1Y: 223.04%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIBL vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	76.10%	60.38%	4.50%
SMST Defiance Daily Target 2X Short MSTR ETF	-31.56%	-44.36%	-91.71%

Correlation

The correlation between HIBL and SMST is -0.45, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.45
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	-0.47

Return for Risk

HIBL vs. SMST — Risk / Return Rank

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

HIBL

HIBL Risk / Return Rank: 75
HIBL Sharpe Ratio Rank: 74
HIBL Sortino Ratio Rank: 60
HIBL Omega Ratio Rank: 59
HIBL Calmar Ratio Rank: 91
HIBL Martin Ratio Rank: 88

SMST

SMST Risk / Return Rank: 53
SMST Sharpe Ratio Rank: 49
SMST Sortino Ratio Rank: 58
SMST Omega Ratio Rank: 58
SMST Calmar Ratio Rank: 60
SMST Martin Ratio Rank: 38

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.

HIBL vs. SMST - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) and Defiance Daily Target 2X Short MSTR ETF (SMST). 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.

	HIBL	SMST	Difference
Sharpe ratio: Return per unit of total volatility	1.90	1.37	+0.52
Sortino ratio: Return per unit of downside risk	2.27	2.22	+0.05
Omega ratio: Gain probability vs. loss probability	1.29	1.29	+0.01
Calmar ratio: Return relative to maximum drawdown	4.56	2.39	+2.16
Martin ratio: Return relative to average drawdown	14.99	4.64	+10.35

HIBL vs. SMST - Sharpe Ratio Comparison

The current HIBL Sharpe Ratio is 1.90, which is higher than the SMST Sharpe Ratio of 1.37. The chart below compares the historical Sharpe Ratios of HIBL and SMST, 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

HIBL vs. SMST - Drawdown Comparison

The maximum HIBL drawdown since its inception was -88.27%, smaller than the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for HIBL and SMST.

Drawdown Indicators

	HIBL	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-88.27%	-99.25%	+10.98%
Max Drawdown (1Y) Largest decline over 1 year	-31.39%	-85.39%	+54.00%
Max Drawdown (3Y) Largest decline over 3 years	-69.66%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-81.58%	—	—
Current Drawdown Current decline from peak	-15.62%	-97.31%	+81.69%
Average Drawdown Average peak-to-trough decline	-43.69%	-90.88%	+47.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.53%	43.98%	-34.45%

Volatility

HIBL vs. SMST - Volatility Comparison

The current volatility for Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) is 36.04%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 56.47%. This indicates that HIBL experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBL	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	36.04%	56.47%	-20.43%
Volatility (6M) Calculated over the trailing 6-month period	62.13%	135.94%	-73.81%
Volatility (1Y) Calculated over the trailing 1-year period	75.54%	149.09%	-73.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.56%	167.87%	-84.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.48%	167.87%	-75.39%

HIBL vs. SMST - Expense Ratio Comparison

HIBL has a 1.12% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

HIBL vs. SMST - Dividend Comparison

HIBL's dividend yield for the trailing twelve months is around 1.29%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.29%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIBL and SMST in my portfolio?

HIBL and SMST have a correlation of -0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIBL or SMST?

SMST has higher volatility (56.47%) compared to HIBL (36.04%). In terms of maximum drawdown, HIBL dropped -88.27% vs SMST's -99.25%.

Which ETF is better, HIBL or SMST?

On 1-year performance, SMST leads with 223.04% vs 147.22% for HIBL. On fees, HIBL is cheaper at 1.12% per year. On volatility, HIBL has been the lower-risk option at 36.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBL or SMST?

Over the 1-year period, SMST has performed better with a 223.04% return vs 147.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBL or SMST?

HIBL is cheaper with a 1.12% expense ratio, compared with 1.29% for SMST.

Which ETF pays a higher dividend yield, HIBL or SMST?

HIBL has the higher dividend yield at 1.29%, compared with 0.00% for SMST.

What is the main difference between HIBL and SMST?

HIBL is categorized as Leveraged Equities, while SMST is Inverse Equities. They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.12% for HIBL and 1.29% for SMST.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (1.90 vs 1.37), 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.