HIBL vs. SPY

Last updated Jun 3, 2026

HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, HIBL returned 12.35%/yr vs 14.20%/yr for SPY. Their correlation of 0.84 suggests significant overlap in exposure. HIBL charges 1.12%/yr vs 0.09%/yr for SPY.

Performance

HIBL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBL achieves a 100.79% return, which is significantly higher than SPY's 11.69% return.

HIBL

• 1D: 5.48%
• 1M: 41.77%
• YTD: 100.79%
• 6M: 114.67%
• 1Y: 310.77%
• 3Y*: 63.26%
• 5Y*: 12.35%
• 10Y*: —

SPY

• 1D: 0.14%
• 1M: 5.40%
• YTD: 11.69%
• 6M: 12.09%
• 1Y: 29.62%
• 3Y*: 22.64%
• 5Y*: 14.20%
• 10Y*: 15.57%

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

HIBL vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	100.79%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	21.45%
SPY State Street SPDR S&P 500 ETF	11.69%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	4.95%

Correlation

The correlation between HIBL and SPY is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.87
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 8, 2019	0.84

The correlation between HIBL and SPY has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.

HIBL vs. SPY - Sectors Allocation Comparison

Sectors	HIBL	SPY
Technology	45.8%	35.9%
Consumer Cyclical	12.9%	10.3%
Financial Services	12.5%	11.8%
Industrials	11.7%	7.8%
Basic Materials	4.6%	1.8%
Communication Services	3.7%	11.3%
Utilities	3.2%	2.4%
Healthcare	2.9%	8.4%
Energy	2.2%	3.6%
Consumer Defensive	0.6%	4.8%
Real Estate	-	1.9%

Return for Risk

HIBL vs. SPY — Risk / Return Rank

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

HIBL

HIBL Risk / Return Rank: 91
HIBL Sharpe Ratio Rank: 97
HIBL Sortino Ratio Rank: 84
HIBL Omega Ratio Rank: 81
HIBL Calmar Ratio Rank: 97
HIBL Martin Ratio Rank: 96

SPY

SPY Risk / Return Rank: 75
SPY Sharpe Ratio Rank: 77
SPY Sortino Ratio Rank: 75
SPY Omega Ratio Rank: 76
SPY Calmar Ratio Rank: 68
SPY Martin Ratio Rank: 80

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. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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.

	HIBL	SPY	Difference
Sharpe ratio Return per unit of total volatility	4.74	2.52	+2.22
Sortino ratio Return per unit of downside risk	3.80	3.42	+0.39
Omega ratio Gain probability vs. loss probability	1.49	1.46	+0.04
Calmar ratio Return relative to maximum drawdown	10.27	3.42	+6.86
Martin ratio Return relative to average drawdown	37.74	15.93	+21.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIBL vs. SPY - Sharpe Ratio Comparison

The current HIBL Sharpe Ratio is 4.74, which is higher than the SPY Sharpe Ratio of 2.52. The chart below compares the historical Sharpe Ratios of HIBL and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIBL	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.74	2.52	+2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	0.84	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.59	-0.34

Drawdowns

HIBL vs. SPY - Drawdown Comparison

The maximum HIBL drawdown since its inception was -88.27%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HIBL and SPY.

Drawdown Indicators

	HIBL	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-88.27%	-55.19%	-33.08%
Max Drawdown (1Y) Largest decline over 1 year	-31.39%	-8.88%	-22.51%
Max Drawdown (3Y) Largest decline over 3 years	-69.66%	-18.76%	-50.90%
Max Drawdown (5Y) Largest decline over 5 years	-81.58%	-24.50%	-57.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-44.22%	-9.05%	-35.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.54%	1.91%	+6.63%

Volatility

HIBL vs. SPY - Volatility Comparison

Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 20.94% compared to State Street SPDR S&P 500 ETF (SPY) at 2.75%. This indicates that HIBL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBL	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.94%	2.75%	+18.19%
Volatility (6M) Calculated over the trailing 6-month period	50.39%	8.89%	+41.50%
Volatility (1Y) Calculated over the trailing 1-year period	66.14%	11.81%	+54.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.16%	17.05%	+65.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	91.92%	17.94%	+73.98%

HIBL vs. SPY - Expense Ratio Comparison

HIBL has a 1.12% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

HIBL vs. SPY - Dividend Comparison

HIBL's dividend yield for the trailing twelve months is around 1.15%, more than SPY's 0.97% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.15%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.97%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both HIBL and SPY in my portfolio?

HIBL and SPY have a correlation of 0.87, 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 SPY?

HIBL has higher volatility (20.94%) compared to SPY (2.75%). In terms of maximum drawdown, HIBL dropped -88.27% vs SPY's -55.19%.

Which ETF is better, HIBL or SPY?

On 5-year performance, SPY leads with 14.20% vs 12.35% for HIBL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.75%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBL or SPY?

Over the 5-year period, SPY has performed better with a 14.20% return vs 12.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBL or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.12% for HIBL.

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

HIBL has the higher dividend yield at 1.15%, compared with 0.97% for SPY.

What is the main difference between HIBL and SPY?

HIBL is categorized as Leveraged Equities, while SPY is S&P 500. HIBL tracks S&P 500 High Beta Index (300%), while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.12% for HIBL and 0.09% for SPY.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (4.74 vs 2.52), 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.