HIBS vs. SEF
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SEF (ProShares Short Financials) are both Inverse Equities funds - HIBS tracks the S&P 500® High Beta Index while SEF tracks the Dow Jones U.S. Financials Index (-100%). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -6.42%/yr for SEF. A 0.76 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.95%/yr for SEF.
Performance
HIBS vs. SEF - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than SEF's 3.69% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SEF
- 1D
- 0.58%
- 1M
- -2.84%
- YTD
- 3.69%
- 6M
- 5.55%
- 1Y
- -0.67%
- 3Y*
- -11.90%
- 5Y*
- -6.42%
- 10Y*
- -12.61%
HIBS vs. SEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -64.03% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SEF ProShares Short Financials | 3.69% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -3.64% |
Correlation
The correlation between HIBS and SEF is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.76 |
Over the past year, the correlation between HIBS and SEF has dropped to 0.47 - well below their long-term average of 0.76, suggesting their price drivers have been diverging.
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Return for Risk
HIBS vs. SEF — Risk / Return Rank
HIBS
SEF
HIBS vs. SEF - 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 Financials (SEF). 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 | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -2.62 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.00 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.06 | -0.94 |
| Martin ratioReturn relative to average drawdown | -1.67 | -0.14 | -1.53 |
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Drawdowns
HIBS vs. SEF - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SEF drawdown of -96.51%. Use the drawdown chart below to compare losses from any high point for HIBS and SEF.
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Drawdown Indicators
| HIBS | SEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -96.51% | -3.47% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -11.14% | -70.31% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -39.40% | -57.51% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -41.62% | -57.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.07% | — |
Current DrawdownCurrent decline from peak | -99.98% | -96.28% | -3.70% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -82.74% | -10.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 4.79% | +46.00% |
Volatility
HIBS vs. SEF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to ProShares Short Financials (SEF) at 4.12%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 4.12% | +30.76% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 11.10% | +49.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 14.39% | +59.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 17.97% | +65.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 20.48% | +74.78% |
HIBS vs. SEF - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SEF's 0.95% expense ratio.
Dividends
HIBS vs. SEF - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SEF's 3.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SEF ProShares Short Financials | 3.24% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
Frequently Asked Questions
HIBS and SEF have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.88%) compared to SEF (4.12%). In terms of maximum drawdown, HIBS dropped -99.98% vs SEF's -96.51%.
On 5-year performance, SEF leads with -6.42% vs -54.87% for HIBS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.12%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SEF has performed better with a -6.42% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SEF is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 3.24% for SEF.
HIBS tracks S&P 500® High Beta Index, while SEF tracks Dow Jones U.S. Financials Index (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.95% for SEF.
SEF currently has the higher Sharpe Ratio (-0.05 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.
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