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 -53.41%/yr vs -5.69%/yr for SEF. A 0.77 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 -59.26% return, which is significantly lower than SEF's 6.15% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
SEF
- 1D
- -2.51%
- 1M
- -0.84%
- YTD
- 6.15%
- 6M
- 3.90%
- 1Y
- 0.55%
- 3Y*
- -11.27%
- 5Y*
- -5.69%
- 10Y*
- -11.69%
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 | -59.26% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SEF ProShares Short Financials | 6.15% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -3.31% |
Correlation
The correlation between HIBS and SEF is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.77 |
Over the past year, the correlation between HIBS and SEF has dropped to 0.54 - well below their long-term average of 0.77, 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.
| HIBS | SEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.07 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.02 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 0.06 | -1.05 |
| Martin ratioReturn relative to average drawdown | -1.50 | 0.11 | -1.61 |
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 | SEF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | 0.04 | -1.26 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.32 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.57 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.49 | -0.24 |
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 | -83.13% | -9.72% | -73.41% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -39.40% | -57.08% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -41.62% | -56.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.66% | — |
Current DrawdownCurrent decline from peak | -99.98% | -96.19% | -3.79% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -82.72% | -10.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 5.16% | +49.47% |
Volatility
HIBS vs. SEF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to ProShares Short Financials (SEF) at 4.00%. 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 | 22.04% | 4.00% | +18.04% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 11.16% | +41.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 14.55% | +52.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 18.00% | +64.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 20.53% | +74.25% |
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 11.62%, more than SEF's 3.43% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SEF ProShares Short Financials | 3.43% | 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 0.54, 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 SEF (4.00%). In terms of maximum drawdown, HIBS dropped -99.98% vs SEF's -96.51%.
On 5-year performance, SEF leads with -5.69% vs -53.41% for HIBS. On fees, SEF is cheaper at 0.95% per year. On volatility, SEF has been the lower-risk option at 4.00%. 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 -5.69% return vs -53.41%. 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 11.62%, compared with 3.43% 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 (0.04 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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