HIBS vs. SOXS
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SOXS (Direxion Daily Semiconductor Bear 3x Shares) are both Inverse Equities funds from Direxion - HIBS tracks the S&P 500® High Beta Index while SOXS tracks the PHLX Semiconductor Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -80.66%/yr for SOXS. A 0.78 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 1.08%/yr for SOXS.
Performance
HIBS vs. SOXS - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly higher than SOXS's -94.09% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SOXS
- 1D
- -11.03%
- 1M
- -41.63%
- YTD
- -94.09%
- 6M
- -93.81%
- 1Y
- -97.64%
- 3Y*
- -87.76%
- 5Y*
- -80.66%
- 10Y*
- -79.95%
HIBS vs. SOXS - 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -94.09% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -22.08% |
Correlation
The correlation between HIBS and SOXS is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.78 |
The correlation between HIBS and SOXS has been stable across timeframes, ranging from 0.78 to 0.85 - a consistent structural relationship.
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Return for Risk
HIBS vs. SOXS — Risk / Return Rank
HIBS
SOXS
HIBS vs. SOXS - 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 Direxion Daily Semiconductor Bear 3x Shares (SOXS). 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 | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.77 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.64 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.00 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.51 | -0.16 |
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Drawdowns
HIBS vs. SOXS - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SOXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and SOXS.
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Drawdown Indicators
| HIBS | SOXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -97.88% | +16.43% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -99.87% | +2.96% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -99.98% | +1.28% |
Max Drawdown (10Y)Largest decline over 10 years | — | -100.00% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -92.61% | -0.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 64.48% | -13.69% |
Volatility
HIBS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is 34.88%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 65.23%. This indicates that HIBS experiences smaller price fluctuations and is considered to be less risky than SOXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SOXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 65.23% | -30.35% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 100.97% | -40.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 117.61% | -43.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 111.53% | -27.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 102.14% | -6.88% |
HIBS vs. SOXS - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is lower than SOXS's 1.08% expense ratio.
Dividends
HIBS vs. SOXS - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, less than SOXS's 62.55% 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% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 62.55% | 10.79% | 5.45% | 9.22% | 0.19% | 0.00% | 3.58% | 2.30% | 0.76% |
Frequently Asked Questions
HIBS and SOXS have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (65.23%) compared to HIBS (34.88%). In terms of maximum drawdown, HIBS dropped -99.98% vs SOXS's -100.00%.
On 5-year performance, HIBS leads with -54.87% vs -80.66% for SOXS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HIBS has been the lower-risk option at 34.88%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBS has performed better with a -54.87% return vs -80.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 1.08% for SOXS.
SOXS has the higher dividend yield at 62.55%, compared with 9.87% for HIBS.
HIBS tracks S&P 500® High Beta Index, while SOXS tracks PHLX Semiconductor Index (-300%). Their fees differ too: 1.06% for HIBS and 1.08% for SOXS.
SOXS currently has the higher Sharpe Ratio (-0.83 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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