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 -53.41%/yr vs -5.63%/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 -59.26% return, which is significantly lower than DOG's -5.73% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
DOG
- 1D
- -1.65%
- 1M
- -4.30%
- YTD
- -5.73%
- 6M
- -5.73%
- 1Y
- -14.39%
- 3Y*
- -8.97%
- 5Y*
- -5.63%
- 10Y*
- -11.26%
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 | -59.26% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
DOG ProShares Short Dow30 | -5.73% | -8.40% | -5.62% | -7.05% | 5.67% | -19.21% | -20.45% | -2.99% |
Correlation
The correlation between HIBS and DOG is 0.73, 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 | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.79 |
The correlation between HIBS and DOG has been stable across timeframes, ranging from 0.72 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.
| HIBS | DOG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.30 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.82 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.96 | -0.03 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.61 | +0.11 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIBS | DOG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | -1.18 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.38 | -0.27 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.65 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.57 | -0.16 |
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 -92.73%. 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% | -92.73% | -7.25% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -15.09% | -68.04% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -29.16% | -67.32% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -34.35% | -64.17% |
Max Drawdown (10Y)Largest decline over 10 years | — | -70.95% | — |
Current DrawdownCurrent decline from peak | -99.98% | -92.73% | -7.25% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -66.40% | -26.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 8.94% | +45.69% |
Volatility
HIBS vs. DOG - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to ProShares Short Dow30 (DOG) at 3.30%. 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 | 22.04% | 3.30% | +18.74% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 9.50% | +43.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 12.23% | +55.22% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 14.80% | +67.66% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 17.49% | +77.29% |
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 11.62%, more than DOG's 3.55% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
DOG ProShares Short Dow30 | 3.55% | 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 | 11.62% | 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 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.04%) compared to DOG (3.30%). In terms of maximum drawdown, HIBS dropped -99.98% vs DOG's -92.73%.
On 5-year performance, DOG leads with -5.63% vs -53.41% for HIBS. On fees, DOG is cheaper at 0.95% per year. On volatility, DOG has been the lower-risk option at 3.30%. 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 -5.63% return vs -53.41%. 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 11.62%, compared with 3.55% 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.
DOG currently has the higher Sharpe Ratio (-1.18 vs -1.22), 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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