HIBS vs. NFXS

Last updated Jun 26, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and NFXS (Direxion Daily NFLX Bear 1X Shares) are both Inverse Equities funds from Direxion. HIBS is passively managed, while NFXS is actively managed. Over the past year, HIBS returned -81.64% vs 71.85% for NFXS. At a 0.21 correlation, their price movements are largely independent. HIBS charges 1.06%/yr vs 1.03%/yr for NFXS.

Performance

HIBS vs. NFXS - 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 NFLX Bear 1X Shares (NFXS). 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 NFXS's 27.73% return.

HIBS

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

NFXS

• 1D: 1.37%
• 1M: 23.42%
• YTD: 27.73%
• 6M: 27.53%
• 1Y: 71.85%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIBS vs. NFXS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-64.03%	-72.44%	-2.97%
NFXS Direxion Daily NFLX Bear 1X Shares	27.73%	-8.56%	-21.49%

Correlation

The correlation between HIBS and NFXS is 0.00, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.00
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.21

Over the past year, the correlation between HIBS and NFXS has dropped to 0.00 - well below their long-term average of 0.21, suggesting their price drivers have been diverging.

Return for Risk

HIBS vs. NFXS — 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

NFXS

NFXS Risk / Return Rank: 63
NFXS Sharpe Ratio Rank: 76
NFXS Sortino Ratio Rank: 69
NFXS Omega Ratio Rank: 77
NFXS Calmar Ratio Rank: 52
NFXS Martin Ratio Rank: 43

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. NFXS - 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 NFLX Bear 1X Shares (NFXS). 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	NFXS	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	2.14	-3.24
Sortino ratio: Return per unit of downside risk	-2.58	2.77	-5.35
Omega ratio: Gain probability vs. loss probability	0.73	1.40	-0.67
Calmar ratio: Return relative to maximum drawdown	-1.00	2.31	-3.31
Martin ratio: Return relative to average drawdown	-1.67	6.31	-7.98

HIBS vs. NFXS - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.10, which is lower than the NFXS Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of HIBS and NFXS, 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. NFXS - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, which is greater than NFXS's maximum drawdown of -50.37%. Use the drawdown chart below to compare losses from any high point for HIBS and NFXS.

Drawdown Indicators

	HIBS	NFXS	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-50.37%	-49.61%
Max Drawdown (1Y) Largest decline over 1 year	-81.45%	-31.31%	-50.14%
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%	-10.41%	-89.57%
Average Drawdown Average peak-to-trough decline	-93.14%	-31.84%	-61.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.79%	11.44%	+39.35%

Volatility

HIBS vs. NFXS - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to Direxion Daily NFLX Bear 1X Shares (NFXS) at 7.76%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than NFXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	NFXS	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.88%	7.76%	+27.12%
Volatility (6M) Calculated over the trailing 6-month period	60.84%	26.25%	+34.59%
Volatility (1Y) Calculated over the trailing 1-year period	74.23%	33.73%	+40.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.58%	34.61%	+48.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.26%	34.61%	+60.65%

HIBS vs. NFXS - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is higher than NFXS's 1.03% expense ratio.

Dividends

HIBS vs. NFXS - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 9.87%, more than NFXS's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
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%
NFXS Direxion Daily NFLX Bear 1X Shares	2.77%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIBS and NFXS in my portfolio?

HIBS and NFXS have a correlation of 0.00, 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 NFXS?

HIBS has higher volatility (34.88%) compared to NFXS (7.76%). In terms of maximum drawdown, HIBS dropped -99.98% vs NFXS's -50.37%.

Which ETF is better, HIBS or NFXS?

On 1-year performance, NFXS leads with 71.85% vs -81.64% for HIBS. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 7.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or NFXS?

Over the 1-year period, NFXS has performed better with a 71.85% 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 NFXS?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.06% for HIBS.

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

HIBS has the higher dividend yield at 9.87%, compared with 2.77% for NFXS.

What is the main difference between HIBS and NFXS?

Their fees differ too: 1.06% for HIBS and 1.03% for NFXS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (2.14 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.