HIBS vs. SPDN
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds from Direxion - HIBS tracks the S&P 500® High Beta Index while SPDN tracks the S&P 500 Index. Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -8.13%/yr for SPDN. Their correlation of 0.84 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 0.50%/yr for SPDN.
Performance
HIBS vs. SPDN - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than SPDN's -5.13% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SPDN
- 1D
- 0.00%
- 1M
- 2.55%
- YTD
- -5.13%
- 6M
- -3.80%
- 1Y
- -13.11%
- 3Y*
- -11.77%
- 5Y*
- -8.13%
- 10Y*
- -12.75%
HIBS vs. SPDN - 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -5.13% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -4.68% |
Correlation
The correlation between HIBS and SPDN 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 | 0.84 |
The correlation between HIBS and SPDN has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
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Return for Risk
HIBS vs. SPDN — Risk / Return Rank
HIBS
SPDN
HIBS vs. SPDN - 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 S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -1.10 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.84 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.83 | -0.18 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.61 | -0.06 |
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Drawdowns
HIBS vs. SPDN - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for HIBS and SPDN.
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Drawdown Indicators
| HIBS | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -75.31% | -24.67% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -15.93% | -65.52% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -38.24% | -58.67% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -43.85% | -54.85% |
Max Drawdown (10Y)Largest decline over 10 years | — | -74.83% | — |
Current DrawdownCurrent decline from peak | -99.98% | -74.45% | -25.53% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -48.68% | -44.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 8.62% | +42.17% |
Volatility
HIBS vs. SPDN - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 4.61%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 4.61% | +30.27% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 9.88% | +50.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 12.59% | +61.64% |
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% | 18.03% | +77.23% |
HIBS vs. SPDN - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
HIBS vs. SPDN - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SPDN's 3.27% 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% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.27% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
HIBS and SPDN 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.
HIBS has higher volatility (34.88%) compared to SPDN (4.61%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPDN's -75.31%.
On 5-year performance, SPDN leads with -8.13% vs -54.87% for HIBS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 4.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPDN has performed better with a -8.13% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 3.27% for SPDN.
HIBS tracks S&P 500® High Beta Index, while SPDN tracks S&P 500 Index. Their fees differ too: 1.06% for HIBS and 0.50% for SPDN.
SPDN currently has the higher Sharpe Ratio (-1.04 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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