HIBS vs. DOG
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and DOG (ProShares Short Dow30) are both Inverse Equities funds - HIBS tracks the S&P 500® High Beta Index while DOG tracks the DJ Industrial Average (-100%). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -5.85%/yr for DOG. A 0.79 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.95%/yr for DOG.
Performance
HIBS vs. DOG - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than DOG's -6.19% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
DOG
- 1D
- -0.14%
- 1M
- -2.61%
- YTD
- -6.19%
- 6M
- -4.81%
- 1Y
- -13.88%
- 3Y*
- -9.11%
- 5Y*
- -5.85%
- 10Y*
- -11.67%
HIBS vs. DOG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -64.03% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
DOG ProShares Short Dow30 | -6.19% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -3.80% |
Correlation
The correlation between HIBS and DOG is 0.71, 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 | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.79 |
The correlation between HIBS and DOG has been stable across timeframes, ranging from 0.71 to 0.79 - a consistent structural relationship.
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Return for Risk
HIBS vs. DOG — Risk / Return Rank
HIBS
DOG
HIBS vs. DOG - 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 ProShares Short Dow30 (DOG). 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 | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.02 | ||
| Sortino ratioReturn per unit of downside risk | -1.05 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.83 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.02 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.86 | +0.19 |
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Drawdowns
HIBS vs. DOG - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than DOG's maximum drawdown of -92.79%. Use the drawdown chart below to compare losses from any high point for HIBS and DOG.
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Drawdown Indicators
| HIBS | DOG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -92.79% | -7.19% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -13.59% | -67.86% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -29.71% | -67.20% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -34.86% | -63.84% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.74% | — |
Current DrawdownCurrent decline from peak | -99.98% | -92.77% | -7.21% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -66.46% | -26.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 7.97% | +42.82% |
Volatility
HIBS vs. DOG - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to ProShares Short Dow30 (DOG) at 4.12%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than DOG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | DOG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 4.12% | +30.76% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 9.85% | +50.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 12.38% | +61.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 14.83% | +68.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 17.48% | +77.78% |
HIBS vs. DOG - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than DOG's 0.95% expense ratio.
Dividends
HIBS vs. DOG - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than DOG's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.36% | 3.65% | 5.72% | 4.54% | 0.41% | 0.00% | 0.14% | 1.54% | 0.86% | 0.04% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% |
Frequently Asked Questions
HIBS and DOG have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.88%) compared to DOG (4.12%). In terms of maximum drawdown, HIBS dropped -99.98% vs DOG's -92.79%.
On 5-year performance, DOG leads with -5.85% vs -54.87% for HIBS. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DOG has performed better with a -5.85% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DOG is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 3.36% for DOG.
HIBS tracks S&P 500® High Beta Index, while DOG tracks DJ Industrial Average (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.95% for DOG.
HIBS currently has the higher Sharpe Ratio (-1.10 vs -1.13), 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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