HIBS vs. EMTY
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and EMTY (ProShares Decline of the Retail Store ETF) are both Inverse Equities funds - HIBS tracks the S&P 500® High Beta Index while EMTY tracks the Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). Both are passively managed. Over the past 5 years, HIBS returned -53.41%/yr vs -2.70%/yr for EMTY. A 0.69 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.66%/yr for EMTY.
Performance
HIBS vs. EMTY - 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 EMTY's 1.98% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
EMTY
- 1D
- 0.88%
- 1M
- 2.56%
- YTD
- 1.98%
- 6M
- 4.57%
- 1Y
- 1.97%
- 3Y*
- -4.87%
- 5Y*
- -2.70%
- 10Y*
- —
HIBS vs. EMTY - 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% |
EMTY ProShares Decline of the Retail Store ETF | 1.98% | -1.76% | -4.13% | 0.27% | 4.32% | -37.39% | -31.92% | -1.05% |
Correlation
The correlation between HIBS and EMTY is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.69 |
Over the past year, the correlation between HIBS and EMTY has dropped to 0.44 - well below their long-term average of 0.69, suggesting their price drivers have been diverging.
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Return for Risk
HIBS vs. EMTY — Risk / Return Rank
HIBS
EMTY
HIBS vs. EMTY - 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 Decline of the Retail Store ETF (EMTY). 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 | EMTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.33 | ||
| Sortino ratioReturn per unit of downside risk | -3.18 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.03 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.14 | -1.13 |
| Martin ratioReturn relative to average drawdown | -1.50 | 0.24 | -1.75 |
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 | EMTY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | 0.11 | -1.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.12 | -0.53 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.43 | -0.30 |
Drawdowns
HIBS vs. EMTY - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than EMTY's maximum drawdown of -77.62%. Use the drawdown chart below to compare losses from any high point for HIBS and EMTY.
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Drawdown Indicators
| HIBS | EMTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -77.62% | -22.36% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -14.00% | -69.13% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -30.83% | -65.65% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -30.83% | -67.69% |
Current DrawdownCurrent decline from peak | -99.98% | -74.55% | -25.43% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -54.02% | -39.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 8.11% | +46.52% |
Volatility
HIBS vs. EMTY - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to ProShares Decline of the Retail Store ETF (EMTY) at 6.05%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than EMTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | EMTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.04% | 6.05% | +15.99% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 12.41% | +40.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 17.65% | +49.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 22.36% | +60.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 25.67% | +69.11% |
HIBS vs. EMTY - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than EMTY's 0.66% expense ratio.
Dividends
HIBS vs. EMTY - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.62%, more than EMTY's 3.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
EMTY ProShares Decline of the Retail Store ETF | 3.42% | 3.83% | 6.00% | 4.41% | 0.65% | 0.00% | 0.07% | 0.82% | 0.62% | 0.03% |
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 EMTY have a correlation of 0.44, 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 EMTY (6.05%). In terms of maximum drawdown, HIBS dropped -99.98% vs EMTY's -77.62%.
On 5-year performance, EMTY leads with -2.70% vs -53.41% for HIBS. On fees, EMTY is cheaper at 0.66% per year. On volatility, EMTY has been the lower-risk option at 6.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, EMTY has performed better with a -2.70% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EMTY is cheaper with a 0.66% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 11.62%, compared with 3.42% for EMTY.
HIBS tracks S&P 500® High Beta Index, while EMTY tracks Solactive-ProShares Bricks and Mortar Retail Store Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.66% for EMTY.
EMTY currently has the higher Sharpe Ratio (0.11 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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