HIBS vs. SH

Last updated Jun 26, 2026

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 Index (-100% daily). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -8.31%/yr for SH. Their correlation of 0.85 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 0.89%/yr for SH.

Performance

HIBS vs. SH - 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 ProShares Short S&P500 (SH). 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 SH's -5.44% return.

HIBS

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

SH

• 1D: 0.00%
• 1M: 2.42%
• YTD: -5.44%
• 6M: -4.16%
• 1Y: -13.46%
• 3Y*: -12.01%
• 5Y*: -8.31%
• 10Y*: -13.04%

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

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	-64.03%	-72.44%	-26.60%	-62.94%	-7.59%	-75.27%	-91.59%	-17.80%
SH ProShares Short S&P500	-5.44%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-4.72%

Correlation

The correlation between HIBS and SH is 0.85, 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	0.85
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 7, 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.

Return for Risk

HIBS vs. SH — 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

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 2
SH Omega Ratio Rank: 2
SH Calmar Ratio Rank: 2
SH Martin Ratio Rank: 1

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. 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.

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	SH	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-1.09	-0.01
Sortino ratio: Return per unit of downside risk	-2.58	-1.55	-1.03
Omega ratio: Gain probability vs. loss probability	0.73	0.83	-0.10
Calmar ratio: Return relative to maximum drawdown	-1.00	-0.84	-0.16
Martin ratio: Return relative to average drawdown	-1.67	-1.63	-0.04

HIBS vs. SH - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.10, which is comparable to the SH Sharpe Ratio of -1.09. The chart below compares the historical Sharpe Ratios of HIBS and SH, 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. 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.

Drawdown Indicators

	HIBS	SH	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-94.66%	-5.32%
Max Drawdown (1Y) Largest decline over 1 year	-81.45%	-16.06%	-65.39%
Max Drawdown (3Y) Largest decline over 3 years	-96.91%	-38.82%	-58.09%
Max Drawdown (5Y) Largest decline over 5 years	-98.70%	-44.53%	-54.17%
Max Drawdown (10Y) Largest decline over 10 years	—	-75.67%	—
Current Drawdown Current decline from peak	-99.98%	-94.47%	-5.51%
Average Drawdown Average peak-to-trough decline	-93.14%	-67.79%	-25.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.79%	8.76%	+42.03%

Volatility

HIBS vs. SH - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to ProShares Short S&P500 (SH) at 4.73%. 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.

Volatility by Period

	HIBS	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.88%	4.73%	+30.15%
Volatility (6M) Calculated over the trailing 6-month period	60.84%	9.79%	+51.05%
Volatility (1Y) Calculated over the trailing 1-year period	74.23%	12.39%	+61.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.58%	16.95%	+66.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.26%	18.02%	+77.24%

HIBS vs. SH - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

HIBS vs. SH - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SH's 4.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%	0.00%
SH ProShares Short S&P500	4.13%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both HIBS and SH in my portfolio?

HIBS and SH have a correlation of 0.85, 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 SH?

HIBS has higher volatility (34.88%) compared to SH (4.73%). In terms of maximum drawdown, HIBS dropped -99.98% vs SH's -94.66%.

Which ETF is better, HIBS or SH?

On 5-year performance, SH leads with -8.31% vs -54.87% for HIBS. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or SH?

Over the 5-year period, SH has performed better with a -8.31% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or SH?

SH is cheaper with a 0.89% expense ratio, compared with 1.06% for HIBS.

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

HIBS has the higher dividend yield at 9.87%, compared with 4.13% for SH.

What is the main difference between HIBS and SH?

HIBS tracks S&P 500® High Beta Index, while SH tracks S&P 500 Index (-100% daily). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.89% for SH.

Which has better risk-adjusted returns?

SH currently has the higher Sharpe Ratio (-1.09 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.