HIBL vs. SPXS
HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), while SPXS is a Inverse Equities fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, HIBL returned 12.26%/yr vs -33.12%/yr for SPXS. At a correlation of -0.84, they often move in opposite directions. HIBL charges 1.12%/yr vs 1.08%/yr for SPXS.
Performance
HIBL vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, HIBL achieves a 62.78% return, which is significantly higher than SPXS's -24.50% return.
HIBL
- 1D
- -7.56%
- 1M
- -9.73%
- 6M
- 41.34%
- YTD
- 62.78%
- 1Y
- 128.52%
- 3Y*
- 39.19%
- 5Y*
- 12.26%
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
HIBL vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 62.78% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -14.06% |
Correlation
The correlation between HIBL and SPXS is -0.86, 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 | -0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.84 |
The correlation between HIBL and SPXS has been stable across timeframes, ranging from -0.89 to -0.84 - a consistent structural relationship.
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Return for Risk
HIBL vs. SPXS — Risk / Return Rank
HIBL
SPXS
HIBL vs. SPXS - 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 Direxion Daily S&P 500 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.79 | ||
| Sortino ratioReturn per unit of downside risk | +3.82 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.82 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 4.12 | -0.94 | +5.06 |
| Martin ratioReturn relative to average drawdown | 13.41 | -1.64 | +15.05 |
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Drawdowns
HIBL vs. SPXS - Drawdown Comparison
The maximum HIBL drawdown since its inception was -88.27%, smaller than the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBL and SPXS.
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Drawdown Indicators
| HIBL | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.27% | -100.00% | +11.73% |
Max Drawdown (1Y)Largest decline over 1 year | -31.39% | -43.64% | +12.25% |
Max Drawdown (3Y)Largest decline over 3 years | -69.66% | -84.13% | +14.47% |
Max Drawdown (5Y)Largest decline over 5 years | -81.58% | -90.11% | +8.53% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -22.01% | -100.00% | +77.99% |
Average DrawdownAverage peak-to-trough decline | -43.67% | -96.30% | +52.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.62% | 24.98% | -15.36% |
Volatility
HIBL vs. SPXS - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 34.48% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. This indicates that HIBL's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBL | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.48% | 12.80% | +21.68% |
Volatility (6M)Calculated over the trailing 6-month period | 62.65% | 30.04% | +32.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 76.01% | 37.71% | +38.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.63% | 50.75% | +32.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.50% | 53.52% | +38.98% |
HIBL vs. SPXS - Expense Ratio Comparison
HIBL has a 1.12% expense ratio, which is higher than SPXS's 1.08% expense ratio.
Dividends
HIBL vs. SPXS - Dividend Comparison
HIBL's dividend yield for the trailing twelve months is around 1.39%, less than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.39% | 2.43% | 0.82% | 0.69% | 0.00% | 0.06% | 0.19% | 0.19% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.50% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
HIBL and SPXS have a correlation of -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (34.48%) compared to SPXS (12.80%). In terms of maximum drawdown, HIBL dropped -88.27% vs SPXS's -100.00%.
On 5-year performance, HIBL leads with 12.26% vs -33.12% for SPXS. On fees, SPXS is cheaper at 1.08% per year. On volatility, SPXS has been the lower-risk option at 12.80%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBL has performed better with a 12.26% return vs -33.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXS is cheaper with a 1.08% expense ratio, compared with 1.12% for HIBL.
SPXS has the higher dividend yield at 4.50%, compared with 1.39% for HIBL.
HIBL is categorized as Leveraged Equities, while SPXS is Inverse Equities. HIBL tracks S&P 500 High Beta Index (300%), while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.12% for HIBL and 1.08% for SPXS.
HIBL currently has the higher Sharpe Ratio (1.70 vs -1.09), 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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