HIBS vs. SMST

Last updated Jun 23, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SMST (Defiance Daily Target 2X Short MSTR ETF) are both Inverse Equities funds. HIBS is passively managed, while SMST is actively managed. Over the past year, HIBS returned -83.91% vs 96.69% for SMST. At a 0.50 correlation, their price movements are largely independent. HIBS charges 1.06%/yr vs 1.29%/yr for SMST.

Performance

HIBS vs. SMST - 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 Defiance Daily Target 2X Short MSTR ETF (SMST). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -65.32% return, which is significantly lower than SMST's -38.49% return.

HIBS

• 1D: -4.12%
• 1M: -30.64%
• YTD: -65.32%
• 6M: -62.41%
• 1Y: -83.91%
• 3Y*: -64.07%
• 5Y*: -55.71%
• 10Y*: —

SMST

• 1D: 5.80%
• 1M: 83.01%
• YTD: -38.49%
• 6M: -28.79%
• 1Y: 96.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIBS vs. SMST - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-65.32%	-72.44%	-14.81%
SMST Defiance Daily Target 2X Short MSTR ETF	-38.49%	-44.36%	-91.71%

Correlation

The correlation between HIBS and SMST is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Aug 21, 2024	0.50

Return for Risk

HIBS vs. SMST — 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

SMST

SMST Risk / Return Rank: 27
SMST Sharpe Ratio Rank: 20
SMST Sortino Ratio Rank: 35
SMST Omega Ratio Rank: 34
SMST Calmar Ratio Rank: 24
SMST Martin Ratio Rank: 20

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. SMST - 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 Defiance Daily Target 2X Short MSTR ETF (SMST). 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	SMST	Difference
Sharpe ratio: Return per unit of total volatility	-1.15	0.68	-1.83
Sortino ratio: Return per unit of downside risk	-2.83	1.78	-4.61
Omega ratio: Gain probability vs. loss probability	0.70	1.22	-0.52
Calmar ratio: Return relative to maximum drawdown	-1.01	1.14	-2.15
Martin ratio: Return relative to average drawdown	-1.59	2.25	-3.83

HIBS vs. SMST - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.15, which is lower than the SMST Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of HIBS and SMST, 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. SMST - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SMST drawdown of -99.25%. Use the drawdown chart below to compare losses from any high point for HIBS and SMST.

Drawdown Indicators

	HIBS	SMST	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-99.25%	-0.73%
Max Drawdown (1Y) Largest decline over 1 year	-83.48%	-85.39%	+1.91%
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%	-97.58%	-2.40%
Average Drawdown Average peak-to-trough decline	-93.13%	-90.70%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.96%	43.21%	+10.75%

Volatility

HIBS vs. SMST - Volatility Comparison

The current volatility for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is 32.66%, while Defiance Daily Target 2X Short MSTR ETF (SMST) has a volatility of 42.16%. This indicates that HIBS experiences smaller price fluctuations and is considered to be less risky than SMST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	SMST	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.66%	42.16%	-9.50%
Volatility (6M) Calculated over the trailing 6-month period	59.45%	128.05%	-68.60%
Volatility (1Y) Calculated over the trailing 1-year period	73.19%	144.30%	-71.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	83.35%	166.49%	-83.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	95.18%	166.49%	-71.31%

HIBS vs. SMST - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is lower than SMST's 1.29% expense ratio.

Dividends

HIBS vs. SMST - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 13.66%, while SMST has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	13.66%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%
SMST Defiance Daily Target 2X Short MSTR ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIBS and SMST in my portfolio?

HIBS and SMST have a correlation of 0.50, 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 SMST?

SMST has higher volatility (42.16%) compared to HIBS (32.66%). In terms of maximum drawdown, HIBS dropped -99.98% vs SMST's -99.25%.

Which ETF is better, HIBS or SMST?

On 1-year performance, SMST leads with 96.69% vs -83.91% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HIBS has been the lower-risk option at 32.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or SMST?

Over the 1-year period, SMST has performed better with a 96.69% return vs -83.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or SMST?

HIBS is cheaper with a 1.06% expense ratio, compared with 1.29% for SMST.

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

HIBS has the higher dividend yield at 13.66%, compared with 0.00% for SMST.

What is the main difference between HIBS and SMST?

They also come from different issuers: Direxion and Defiance. Their fees differ too: 1.06% for HIBS and 1.29% for SMST.

Which has better risk-adjusted returns?

SMST currently has the higher Sharpe Ratio (0.68 vs -1.15), 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.