HIBL vs. UGA
HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%), while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. Both are passively managed. Over the past 5 years, HIBL returned 11.88%/yr vs 22.69%/yr for UGA. At a 0.19 correlation, their price movements are largely independent. HIBL charges 1.12%/yr vs 0.75%/yr for UGA.
Performance
HIBL vs. UGA - Performance Comparison
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Returns By Period
In the year-to-date period, HIBL achieves a 83.10% return, which is significantly higher than UGA's 64.09% return.
HIBL
- 1D
- -12.27%
- 1M
- 13.78%
- YTD
- 83.10%
- 6M
- 71.60%
- 1Y
- 227.44%
- 3Y*
- 55.36%
- 5Y*
- 11.88%
- 10Y*
- —
UGA
- 1D
- -1.12%
- 1M
- -12.11%
- YTD
- 64.09%
- 6M
- 60.42%
- 1Y
- 59.74%
- 3Y*
- 18.95%
- 5Y*
- 22.69%
- 10Y*
- 14.31%
HIBL vs. UGA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 83.10% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
UGA United States Gasoline Fund LP | 64.09% | -2.00% | 3.77% | 1.27% | 46.34% | 68.49% | -24.88% | 4.29% |
Correlation
The correlation between HIBL and UGA is -0.20, 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 | -0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.03 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.10 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.19 |
The correlation between HIBL and UGA shifts across timeframes, from -0.20 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIBL vs. UGA — Risk / Return Rank
HIBL
UGA
HIBL vs. UGA - 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 United States Gasoline Fund LP (UGA). 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 | UGA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.39 | 1.30 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 7.29 | 3.17 | +4.13 |
| Martin ratioReturn relative to average drawdown | 25.38 | 9.39 | +15.98 |
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Drawdowns
HIBL vs. UGA - Drawdown Comparison
The maximum HIBL drawdown since its inception was -88.27%, roughly equal to the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HIBL and UGA.
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Drawdown Indicators
| HIBL | UGA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.27% | -86.59% | -1.68% |
Max Drawdown (1Y)Largest decline over 1 year | -31.39% | -18.96% | -12.43% |
Max Drawdown (3Y)Largest decline over 3 years | -69.66% | -26.68% | -42.98% |
Max Drawdown (5Y)Largest decline over 5 years | -81.58% | -38.11% | -43.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.89% | — |
Current DrawdownCurrent decline from peak | -12.27% | -18.05% | +5.78% |
Average DrawdownAverage peak-to-trough decline | -43.91% | -36.69% | -7.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.01% | 6.43% | +2.58% |
Volatility
HIBL vs. UGA - Volatility Comparison
Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a higher volatility of 36.89% compared to United States Gasoline Fund LP (UGA) at 9.24%. This indicates that HIBL's price experiences larger fluctuations and is considered to be riskier than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBL | UGA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 36.89% | 9.24% | +27.65% |
Volatility (6M)Calculated over the trailing 6-month period | 59.56% | 30.57% | +28.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.15% | 35.22% | +37.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.29% | 34.45% | +48.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 92.43% | 37.22% | +55.21% |
HIBL vs. UGA - Expense Ratio Comparison
HIBL has a 1.12% expense ratio, which is higher than UGA's 0.75% expense ratio.
Dividends
HIBL vs. UGA - Dividend Comparison
HIBL's dividend yield for the trailing twelve months is around 1.26%, while UGA 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 | 1.26% | 2.43% | 0.82% | 0.69% | 0.00% | 0.06% | 0.19% | 0.19% |
UGA United States Gasoline Fund LP | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HIBL and UGA have a correlation of -0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (36.89%) compared to UGA (9.24%). In terms of maximum drawdown, HIBL dropped -88.27% vs UGA's -86.59%.
On 5-year performance, UGA leads with 22.69% vs 11.88% for HIBL. On fees, UGA is cheaper at 0.75% per year. On volatility, UGA has been the lower-risk option at 9.24%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, UGA has performed better with a 22.69% return vs 11.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGA is cheaper with a 0.75% expense ratio, compared with 1.12% for HIBL.
HIBL has the higher dividend yield at 1.26%, compared with 0.00% for UGA.
HIBL is categorized as Leveraged Equities, while UGA is Oil & Gas. HIBL tracks S&P 500 High Beta Index (300%), while UGA tracks Front Month Unleaded Gasoline. They also come from different issuers: Direxion and Concierge Technologies. Their fees differ too: 1.12% for HIBL and 0.75% for UGA.
HIBL currently has the higher Sharpe Ratio (3.13 vs 1.73), 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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