HIBS vs. FIAT

Last updated Jun 26, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while FIAT is a Derivative Income fund actively managed by YieldMax. HIBS is passively managed, while FIAT is actively managed. Over the past year, HIBS returned -81.64% vs 51.22% for FIAT. A 0.61 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.99%/yr for FIAT.

Performance

HIBS vs. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than FIAT's 25.08% return.

HIBS

• 1D: -6.71%
• 1M: -21.41%
• YTD: -64.03%
• 6M: -61.26%
• 1Y: -81.64%
• 3Y*: -63.69%
• 5Y*: -54.87%
• 10Y*: —

FIAT

• 1D: 3.97%
• 1M: 18.03%
• YTD: 25.08%
• 6M: 30.07%
• 1Y: 51.22%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIBS vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-64.03%	-72.44%	-16.92%
FIAT YieldMax Short COIN Option Income Strategy ETF	25.08%	-24.17%	-28.04%

Correlation

The correlation between HIBS and FIAT is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.61

The correlation between HIBS and FIAT has been stable across timeframes, ranging from 0.58 to 0.61 - a consistent structural relationship.

Return for Risk

HIBS vs. FIAT — 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

FIAT

FIAT Risk / Return Rank: 30
FIAT Sharpe Ratio Rank: 29
FIAT Sortino Ratio Rank: 29
FIAT Omega Ratio Rank: 31
FIAT Calmar Ratio Rank: 33
FIAT Martin Ratio Rank: 26

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. FIAT - 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 YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	0.97	-2.08
Sortino ratio: Return per unit of downside risk	-2.58	1.46	-4.05
Omega ratio: Gain probability vs. loss probability	0.73	1.20	-0.47
Calmar ratio: Return relative to maximum drawdown	-1.00	1.50	-2.51
Martin ratio: Return relative to average drawdown	-1.67	3.27	-4.94

HIBS vs. FIAT - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.10, which is lower than the FIAT Sharpe Ratio of 0.97. The chart below compares the historical Sharpe Ratios of HIBS and FIAT, 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. FIAT - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for HIBS and FIAT.

Drawdown Indicators

	HIBS	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-70.50%	-29.48%
Max Drawdown (1Y) Largest decline over 1 year	-81.45%	-34.22%	-47.23%
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%	-46.09%	-53.89%
Average Drawdown Average peak-to-trough decline	-93.14%	-45.40%	-47.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.79%	15.74%	+35.05%

Volatility

HIBS vs. FIAT - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to YieldMax Short COIN Option Income Strategy ETF (FIAT) at 14.53%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.88%	14.53%	+20.35%
Volatility (6M) Calculated over the trailing 6-month period	60.84%	43.12%	+17.72%
Volatility (1Y) Calculated over the trailing 1-year period	74.23%	52.81%	+21.42%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.58%	60.24%	+23.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.26%	60.24%	+35.02%

HIBS vs. FIAT - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

HIBS vs. FIAT - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 9.87%, less than FIAT's 95.94% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FIAT YieldMax Short COIN Option Income Strategy ETF	95.94%	178.11%	70.99%	0.00%	0.00%	0.00%	0.00%	0.00%
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%

Frequently Asked Questions

Can I hold both HIBS and FIAT in my portfolio?

HIBS and FIAT have a correlation of 0.58, 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 FIAT?

HIBS has higher volatility (34.88%) compared to FIAT (14.53%). In terms of maximum drawdown, HIBS dropped -99.98% vs FIAT's -70.50%.

Which ETF is better, HIBS or FIAT?

On 1-year performance, FIAT leads with 51.22% vs -81.64% for HIBS. On fees, FIAT is cheaper at 0.99% per year. On volatility, FIAT has been the lower-risk option at 14.53%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or FIAT?

Over the 1-year period, FIAT has performed better with a 51.22% return vs -81.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 1.06% for HIBS.

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

FIAT has the higher dividend yield at 95.94%, compared with 9.87% for HIBS.

What is the main difference between HIBS and FIAT?

HIBS is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: Direxion and YieldMax. Their fees differ too: 1.06% for HIBS and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.97 vs -1.10), 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.