HIBL vs. UDOW

Last updated Jun 13, 2026

HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and UDOW (ProShares UltraPro Dow30) are both Leveraged Equities funds - HIBL tracks the S&P 500 High Beta Index (300%) while UDOW tracks the Dow Jones Industrial Average (300%). Both are passively managed. Over the past 5 years, HIBL returned 10.57%/yr vs 13.79%/yr for UDOW. A 0.78 correlation means they provide meaningful diversification when combined. HIBL charges 1.12%/yr vs 0.95%/yr for UDOW.

Performance

HIBL vs. UDOW - 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 ProShares UltraPro Dow30 (UDOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBL achieves a 80.33% return, which is significantly higher than UDOW's 14.65% return.

HIBL

• 1D: 4.55%
• 1M: 15.37%
• YTD: 80.33%
• 6M: 73.92%
• 1Y: 226.21%
• 3Y*: 49.52%
• 5Y*: 10.57%
• 10Y*: —

UDOW

• 1D: 2.07%
• 1M: 8.49%
• YTD: 14.65%
• 6M: 11.42%
• 1Y: 51.98%
• 3Y*: 32.31%
• 5Y*: 13.79%
• 10Y*: 23.82%

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

HIBL vs. UDOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	80.33%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	19.23%
UDOW ProShares UltraPro Dow30	14.65%	24.46%	28.47%	32.72%	-32.39%	65.67%	-17.15%	12.10%

Correlation

The correlation between HIBL and UDOW is 0.74, 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	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.73
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.78

The correlation between HIBL and UDOW has been stable across timeframes, ranging from 0.73 to 0.78 - a consistent structural relationship.

HIBL vs. UDOW - Sectors Allocation Comparison

Sectors	HIBL	UDOW
Technology	45.8%	17.1%
Consumer Cyclical	12.9%	11.6%
Financial Services	12.5%	27.2%
Industrials	11.7%	18.4%
Basic Materials	4.6%	4.0%
Communication Services	3.7%	1.9%
Utilities	3.2%	-
Healthcare	2.9%	13.1%
Energy	2.2%	2.4%
Consumer Defensive	0.6%	4.4%
Real Estate	-	-

Return for Risk

HIBL vs. UDOW — Risk / Return Rank

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

HIBL

HIBL Risk / Return Rank: 88
HIBL Sharpe Ratio Rank: 94
HIBL Sortino Ratio Rank: 78
HIBL Omega Ratio Rank: 78
HIBL Calmar Ratio Rank: 95
HIBL Martin Ratio Rank: 95

UDOW

UDOW Risk / Return Rank: 44
UDOW Sharpe Ratio Rank: 45
UDOW Sortino Ratio Rank: 44
UDOW Omega Ratio Rank: 41
UDOW Calmar Ratio Rank: 42
UDOW Martin Ratio Rank: 45

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. UDOW - 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 ProShares UltraPro Dow30 (UDOW). 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	UDOW	Difference
Sharpe ratio: Return per unit of total volatility	3.19	1.40	+1.79
Sortino ratio: Return per unit of downside risk	3.01	1.99	+1.01
Omega ratio: Gain probability vs. loss probability	1.40	1.24	+0.16
Calmar ratio: Return relative to maximum drawdown	7.25	1.86	+5.39
Martin ratio: Return relative to average drawdown	25.38	6.59	+18.79

HIBL vs. UDOW - Sharpe Ratio Comparison

The current HIBL Sharpe Ratio is 3.19, which is higher than the UDOW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of HIBL and UDOW, 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. UDOW - Drawdown Comparison

The maximum HIBL drawdown since its inception was -88.27%, which is greater than UDOW's maximum drawdown of -80.29%. Use the drawdown chart below to compare losses from any high point for HIBL and UDOW.

Drawdown Indicators

	HIBL	UDOW	Difference
Max Drawdown Largest peak-to-trough decline	-88.27%	-80.29%	-7.98%
Max Drawdown (1Y) Largest decline over 1 year	-31.39%	-28.07%	-3.32%
Max Drawdown (3Y) Largest decline over 3 years	-69.66%	-44.83%	-24.83%
Max Drawdown (5Y) Largest decline over 5 years	-81.58%	-55.79%	-25.79%
Max Drawdown (10Y) Largest decline over 10 years	—	-80.29%	—
Current Drawdown Current decline from peak	-10.19%	-2.65%	-7.54%
Average Drawdown Average peak-to-trough decline	-44.05%	-14.37%	-29.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.96%	7.94%	+1.02%

Volatility

HIBL vs. UDOW - Volatility Comparison

Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 34.70% compared to ProShares UltraPro Dow30 (UDOW) at 12.92%. This indicates that HIBL's price experiences larger fluctuations and is considered to be riskier than UDOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBL	UDOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.70%	12.92%	+21.78%
Volatility (6M) Calculated over the trailing 6-month period	57.54%	29.12%	+28.42%
Volatility (1Y) Calculated over the trailing 1-year period	71.43%	37.38%	+34.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.04%	44.39%	+38.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	92.32%	51.84%	+40.48%

HIBL vs. UDOW - Expense Ratio Comparison

HIBL has a 1.12% expense ratio, which is higher than UDOW's 0.95% expense ratio.

Dividends

HIBL vs. UDOW - Dividend Comparison

HIBL's dividend yield for the trailing twelve months is around 1.28%, more than UDOW's 1.18% 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	1.28%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%	0.00%	0.00%
UDOW ProShares UltraPro Dow30	1.18%	1.38%	0.95%	0.95%	0.83%	0.26%	0.19%	0.61%	0.73%	0.13%	0.26%	0.21%

Frequently Asked Questions

Can I hold both HIBL and UDOW in my portfolio?

HIBL and UDOW have a correlation of 0.74, 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 UDOW?

HIBL has higher volatility (34.70%) compared to UDOW (12.92%). In terms of maximum drawdown, HIBL dropped -88.27% vs UDOW's -80.29%.

Which ETF is better, HIBL or UDOW?

On 5-year performance, UDOW leads with 13.79% vs 10.57% for HIBL. On fees, UDOW is cheaper at 0.95% per year. On volatility, UDOW has been the lower-risk option at 12.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBL or UDOW?

Over the 5-year period, UDOW has performed better with a 13.79% return vs 10.57%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBL or UDOW?

UDOW is cheaper with a 0.95% expense ratio, compared with 1.12% for HIBL.

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

HIBL has the higher dividend yield at 1.28%, compared with 1.18% for UDOW.

What is the main difference between HIBL and UDOW?

HIBL tracks S&P 500 High Beta Index (300%), while UDOW tracks Dow Jones Industrial Average (300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.12% for HIBL and 0.95% for UDOW.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (3.19 vs 1.40), 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.