HIBS vs. BRKD

Last updated Jun 23, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and BRKD (Direxion Daily BRKB Bear 1X Shares) are both Inverse Equities funds from Direxion - HIBS tracks the S&P 500® High Beta Index while BRKD tracks the Berkshire Hathaway Inc. Class B (-100%). Both are passively managed. Over the past year, HIBS returned -83.91% vs 4.58% for BRKD. At a 0.17 correlation, their price movements are largely independent. HIBS charges 1.06%/yr vs 1.00%/yr for BRKD.

Performance

HIBS vs. BRKD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) and Direxion Daily BRKB Bear 1X Shares (BRKD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -65.32% return, which is significantly lower than BRKD's 5.90% return.

HIBS

• 1D: -4.12%
• 1M: -30.64%
• YTD: -65.32%
• 6M: -62.41%
• 1Y: -83.91%
• 3Y*: -64.07%
• 5Y*: -55.71%
• 10Y*: —

BRKD

• 1D: 0.00%
• 1M: 0.00%
• YTD: 5.90%
• 6M: 5.37%
• 1Y: 4.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIBS vs. BRKD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-65.32%	-72.44%	14.59%
BRKD Direxion Daily BRKB Bear 1X Shares	5.90%	-6.69%	2.19%

Correlation

The correlation between HIBS and BRKD is 0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.04
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	0.17

The correlation between HIBS and BRKD shifts across timeframes, from 0.04 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HIBS vs. BRKD — Risk / Return Rank

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

HIBS

HIBS Risk / Return Rank: 0
HIBS Sharpe Ratio Rank: 1
HIBS Sortino Ratio Rank: 0
HIBS Omega Ratio Rank: 0
HIBS Calmar Ratio Rank: 0
HIBS Martin Ratio Rank: 1

BRKD

BRKD Risk / Return Rank: 13
BRKD Sharpe Ratio Rank: 13
BRKD Sortino Ratio Rank: 13
BRKD Omega Ratio Rank: 13
BRKD Calmar Ratio Rank: 14
BRKD Martin Ratio Rank: 13

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.

HIBS vs. BRKD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) and Direxion Daily BRKB Bear 1X Shares (BRKD). 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.

	HIBS	BRKD	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	0.35	-1.50
Sortino ratio: Return per unit of downside risk	-2.83	0.63	-3.47
Omega ratio: Gain probability vs. loss probability	0.70	1.08	-0.38
Calmar ratio: Return relative to maximum drawdown	-1.01	0.49	-1.50
Martin ratio: Return relative to average drawdown	-1.59	0.96	-2.54

HIBS vs. BRKD - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.15, which is lower than the BRKD Sharpe Ratio of 0.35. The chart below compares the historical Sharpe Ratios of HIBS and BRKD, 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

HIBS vs. BRKD - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, which is greater than BRKD's maximum drawdown of -17.92%. Use the drawdown chart below to compare losses from any high point for HIBS and BRKD.

Drawdown Indicators

	HIBS	BRKD	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-17.92%	-82.06%
Max Drawdown (1Y) Largest decline over 1 year	-83.48%	-9.34%	-74.14%
Max Drawdown (3Y) Largest decline over 3 years	-96.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.70%	—	—
Current Drawdown Current decline from peak	-99.98%	-3.69%	-96.29%
Average Drawdown Average peak-to-trough decline	-93.13%	-7.59%	-85.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.96%	4.80%	+49.16%

Volatility

HIBS vs. BRKD - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 32.66% compared to Direxion Daily BRKB Bear 1X Shares (BRKD) at 0.00%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than BRKD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	BRKD	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.66%	0.00%	+32.66%
Volatility (6M) Calculated over the trailing 6-month period	59.45%	8.72%	+50.73%
Volatility (1Y) Calculated over the trailing 1-year period	73.19%	13.04%	+60.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.35%	16.96%	+66.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.18%	16.96%	+78.22%

HIBS vs. BRKD - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is higher than BRKD's 1.00% expense ratio.

Dividends

HIBS vs. BRKD - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 13.66%, more than BRKD's 2.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BRKD Direxion Daily BRKB Bear 1X Shares	2.82%	3.50%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	13.66%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%

Frequently Asked Questions

Can I hold both HIBS and BRKD in my portfolio?

HIBS and BRKD have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIBS or BRKD?

HIBS has higher volatility (32.66%) compared to BRKD (0.00%). In terms of maximum drawdown, HIBS dropped -99.98% vs BRKD's -17.92%.

Which ETF is better, HIBS or BRKD?

On 1-year performance, BRKD leads with 4.58% vs -83.91% for HIBS. On fees, BRKD is cheaper at 1.00% per year. On volatility, BRKD has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or BRKD?

Over the 1-year period, BRKD has performed better with a 4.58% return vs -83.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or BRKD?

BRKD is cheaper with a 1.00% expense ratio, compared with 1.06% for HIBS.

Which ETF pays a higher dividend yield, HIBS or BRKD?

HIBS has the higher dividend yield at 13.66%, compared with 2.82% for BRKD.

What is the main difference between HIBS and BRKD?

HIBS tracks S&P 500® High Beta Index, while BRKD tracks Berkshire Hathaway Inc. Class B (-100%). Their fees differ too: 1.06% for HIBS and 1.00% for BRKD.

Which has better risk-adjusted returns?

BRKD currently has the higher Sharpe Ratio (0.35 vs -1.15), 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.