HIBS vs. MSFD

Last updated Jun 5, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and MSFD (Direxion Daily MSFT Bear 1X Shares) are both Inverse Equities funds from Direxion - HIBS tracks the S&P 500® High Beta Index while MSFD tracks the Microsoft Corporation (-100%). Both are passively managed. Over the past 3 years, HIBS returned -63.10%/yr vs -7.21%/yr for MSFD. A 0.53 correlation means they provide meaningful diversification when combined. Both charge a 1.06% expense ratio.

Performance

HIBS vs. MSFD - 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 MSFT Bear 1X Shares (MSFD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -59.26% return, which is significantly lower than MSFD's 10.13% return.

HIBS

• 1D: 0.59%
• 1M: -26.80%
• YTD: -59.26%
• 6M: -59.84%
• 1Y: -82.21%
• 3Y*: -63.10%
• 5Y*: -53.41%
• 10Y*: —

MSFD

• 1D: -0.27%
• 1M: -4.61%
• YTD: 10.13%
• 6M: 9.68%
• 1Y: 7.32%
• 3Y*: -7.21%
• 5Y*: —
• 10Y*: —

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

HIBS vs. MSFD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-59.26%	-72.44%	-26.60%	-62.94%	-9.13%
MSFD Direxion Daily MSFT Bear 1X Shares	10.13%	-13.36%	-7.86%	-35.90%	3.88%

Correlation

The correlation between HIBS and MSFD is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (All Time) Calculated using the full available price history since Sep 8, 2022	0.53

Over the past year, the correlation between HIBS and MSFD has dropped to 0.29 - well below their long-term average of 0.53, suggesting their price drivers have been diverging.

Return for Risk

HIBS vs. MSFD — 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

MSFD

MSFD Risk / Return Rank: 14
MSFD Sharpe Ratio Rank: 14
MSFD Sortino Ratio Rank: 15
MSFD Omega Ratio Rank: 15
MSFD Calmar Ratio Rank: 13
MSFD Martin Ratio Rank: 14

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. MSFD - 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 MSFT Bear 1X Shares (MSFD). 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	MSFD	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	0.29	-1.51
Sortino ratio: Return per unit of downside risk	-2.91	0.63	-3.54
Omega ratio: Gain probability vs. loss probability	0.70	1.08	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.99	0.32	-1.31
Martin ratio: Return relative to average drawdown	-1.50	0.90	-2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIBS vs. MSFD - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.22, which is lower than the MSFD Sharpe Ratio of 0.29. The chart below compares the historical Sharpe Ratios of HIBS and MSFD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIBS	MSFD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	0.29	-1.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	-0.51	-0.21

Drawdowns

HIBS vs. MSFD - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, which is greater than MSFD's maximum drawdown of -59.90%. Use the drawdown chart below to compare losses from any high point for HIBS and MSFD.

Drawdown Indicators

	HIBS	MSFD	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-59.90%	-40.08%
Max Drawdown (1Y) Largest decline over 1 year	-83.13%	-23.25%	-59.88%
Max Drawdown (3Y) Largest decline over 3 years	-96.48%	-40.50%	-55.98%
Max Drawdown (5Y) Largest decline over 5 years	-98.52%	—	—
Current Drawdown Current decline from peak	-99.98%	-50.33%	-49.65%
Average Drawdown Average peak-to-trough decline	-93.14%	-41.60%	-51.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.63%	8.40%	+46.23%

Volatility

HIBS vs. MSFD - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to Direxion Daily MSFT Bear 1X Shares (MSFD) at 10.09%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than MSFD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	MSFD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.04%	10.09%	+11.95%
Volatility (6M) Calculated over the trailing 6-month period	52.82%	22.05%	+30.77%
Volatility (1Y) Calculated over the trailing 1-year period	67.45%	25.32%	+42.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.46%	26.14%	+56.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.78%	26.14%	+68.64%

HIBS vs. MSFD - Expense Ratio Comparison

Both HIBS and MSFD have an expense ratio of 1.06%.

Dividends

HIBS vs. MSFD - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 11.62%, more than MSFD's 2.84% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
MSFD Direxion Daily MSFT Bear 1X Shares	2.84%	3.33%	4.46%	4.43%	0.74%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIBS and MSFD in my portfolio?

HIBS and MSFD have a correlation of 0.29, 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 MSFD?

HIBS has higher volatility (22.04%) compared to MSFD (10.09%). In terms of maximum drawdown, HIBS dropped -99.98% vs MSFD's -59.90%.

Which ETF is better, HIBS or MSFD?

On 3-year performance, MSFD leads with -7.21% vs -63.10% for HIBS. Both ETFs have the same 1.06% expense ratio. On volatility, MSFD has been the lower-risk option at 10.09%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or MSFD?

Over the 3-year period, MSFD has performed better with a -7.21% return vs -63.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or MSFD?

HIBS and MSFD have the same expense ratio: 1.06% per year.

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

HIBS has the higher dividend yield at 11.62%, compared with 2.84% for MSFD.

What is the main difference between HIBS and MSFD?

HIBS tracks S&P 500® High Beta Index, while MSFD tracks Microsoft Corporation (-100%).

Which has better risk-adjusted returns?

MSFD currently has the higher Sharpe Ratio (0.29 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.