HIBS vs. SH
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SH (ProShares Short S&P500) are both Inverse Equities funds - HIBS tracks the S&P 500® High Beta Index while SH tracks the S&P 500 (-100%). Both are passively managed. Over the past 5 years, HIBS returned -53.41%/yr vs -9.14%/yr for SH. Their correlation of 0.85 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 0.90%/yr for SH.
Performance
HIBS vs. SH - 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 SH's -8.37% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
SH
- 1D
- -0.39%
- 1M
- -3.97%
- YTD
- -8.37%
- 6M
- -7.88%
- 1Y
- -17.62%
- 3Y*
- -13.17%
- 5Y*
- -9.14%
- 10Y*
- -12.88%
HIBS vs. SH - 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% |
SH ProShares Short S&P500 | -8.37% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -4.42% |
Correlation
The correlation between HIBS and SH is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.86 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.85 |
The correlation between HIBS and SH has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
HIBS vs. SH — Risk / Return Rank
HIBS
SH
HIBS vs. SH - 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 S&P500 (SH). 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 | SH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.75 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.77 | -0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.50 | -1.77 | +0.27 |
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 | SH | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | -1.50 | +0.28 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.54 | -0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.72 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.59 | -0.14 |
Drawdowns
HIBS vs. SH - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SH's maximum drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for HIBS and SH.
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Drawdown Indicators
| HIBS | SH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -94.66% | -5.32% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -18.28% | -64.85% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -38.82% | -57.66% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -44.53% | -53.99% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.12% | — |
Current DrawdownCurrent decline from peak | -99.98% | -94.64% | -5.34% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -67.73% | -25.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 9.95% | +44.68% |
Volatility
HIBS vs. SH - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to ProShares Short S&P500 (SH) at 2.79%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.04% | 2.79% | +19.25% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 8.92% | +43.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 11.79% | +55.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 16.85% | +65.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 18.01% | +76.77% |
HIBS vs. SH - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SH's 0.90% expense ratio.
Dividends
HIBS vs. SH - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.62%, more than SH's 4.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SH ProShares Short S&P500 | 4.52% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
Frequently Asked Questions
HIBS and SH have a correlation of 0.86, 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 SH (2.79%). In terms of maximum drawdown, HIBS dropped -99.98% vs SH's -94.66%.
On 5-year performance, SH leads with -9.14% vs -53.41% for HIBS. On fees, SH is cheaper at 0.90% per year. On volatility, SH has been the lower-risk option at 2.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SH has performed better with a -9.14% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SH is cheaper with a 0.90% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 11.62%, compared with 4.52% for SH.
HIBS tracks S&P 500® High Beta Index, while SH tracks S&P 500 (-100%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.90% for SH.
HIBS currently has the higher Sharpe Ratio (-1.22 vs -1.50), 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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