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 -51.83%/yr vs -78.27%/yr for SOXS. A 0.77 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 -51.89% return, which is significantly higher than SOXS's -88.99% return.
HIBS
- 1D
- 18.08%
- 1M
- -7.51%
- YTD
- -51.89%
- 6M
- -51.65%
- 1Y
- -79.46%
- 3Y*
- -60.33%
- 5Y*
- -51.83%
- 10Y*
- —
SOXS
- 1D
- 31.54%
- 1M
- -30.28%
- YTD
- -88.99%
- 6M
- -88.40%
- 1Y
- -96.77%
- 3Y*
- -85.14%
- 5Y*
- -78.27%
- 10Y*
- -78.16%
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 | -51.89% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -88.99% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -20.38% |
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 8, 2019 | 0.77 |
The correlation between HIBS and SOXS has been stable across timeframes, ranging from 0.77 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.
| HIBS | SOXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.24 | ||
| Sortino ratioReturn per unit of downside risk | +0.85 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.63 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | -0.99 | +0.03 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.42 | -0.06 |
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 | SOXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | -0.90 | -0.24 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | -0.72 | +0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.77 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.72 | -0.78 | +0.06 |
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 | -82.61% | -97.64% | +15.03% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -99.80% | +3.32% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -99.97% | +1.45% |
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 | 54.86% | 68.38% | -13.52% |
Volatility
HIBS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is 27.81%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 52.24%. 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 | 27.81% | 52.24% | -24.43% |
Volatility (6M)Calculated over the trailing 6-month period | 55.37% | 89.05% | -33.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.99% | 107.28% | -37.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.83% | 109.11% | -26.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.03% | 100.99% | -5.96% |
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 9.84%, less than SOXS's 49.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.84% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 49.06% | 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 (52.24%) compared to HIBS (27.81%). In terms of maximum drawdown, HIBS dropped -99.98% vs SOXS's -100.00%.
On 5-year performance, HIBS leads with -51.83% vs -78.27% for SOXS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HIBS has been the lower-risk option at 27.81%. 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 -51.83% return vs -78.27%. 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 49.06%, compared with 9.84% 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 (-0.90 vs -1.14), 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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