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 -55.09%/yr vs -79.52%/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 -55.49% return, which is significantly higher than SOXS's -91.53% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SOXS
- 1D
- 13.14%
- 1M
- 13.65%
- 6M
- -87.79%
- YTD
- -91.53%
- 1Y
- -96.24%
- 3Y*
- -84.87%
- 5Y*
- -79.52%
- 10Y*
- -78.37%
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 | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | -91.53% | -85.53% | -59.55% | -84.56% | 15.76% | -80.94% | -92.90% | -22.08% |
Correlation
The correlation between HIBS and SOXS 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 | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.86 |
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 0.86 - 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 | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.72 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.98 | +0.06 |
| Martin ratioReturn relative to average drawdown | -1.55 | -1.41 | -0.15 |
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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 | -79.06% | -97.89% | +18.83% |
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 | -93.20% | -92.63% | -0.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 68.36% | -21.06% |
Volatility
HIBS vs. SOXS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is 29.60%, while Direxion Daily Semiconductor Bear 3x Shares (SOXS) has a volatility of 59.41%. 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 | 29.60% | 59.41% | -29.81% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 109.76% | -45.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 126.44% | -48.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 113.26% | -29.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 103.02% | -7.69% |
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 7.97%, less than SOXS's 43.65% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 7.97% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SOXS Direxion Daily Semiconductor Bear 3x Shares | 43.65% | 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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXS has higher volatility (59.41%) compared to HIBS (29.60%). In terms of maximum drawdown, HIBS dropped -99.98% vs SOXS's -100.00%.
On 5-year performance, HIBS leads with -55.09% vs -79.52% for SOXS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HIBS has been the lower-risk option at 29.60%. 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 -55.09% return vs -79.52%. 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 43.65%, compared with 7.97% 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 (-0.76 vs -0.95), 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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