HIBS vs. SPDN

Last updated Jun 5, 2026

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 -53.41%/yr vs -8.94%/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

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 Direxion Daily S&P 500 Bear 1x Shares (SPDN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -59.26% return, which is significantly lower than SPDN's -8.13% return.

HIBS

• 1D: 0.59%
• 1M: -26.80%
• YTD: -59.26%
• 6M: -59.84%
• 1Y: -82.21%
• 3Y*: -63.10%
• 5Y*: -53.41%
• 10Y*: —

SPDN

• 1D: -0.35%
• 1M: -4.01%
• YTD: -8.13%
• 6M: -7.68%
• 1Y: -17.23%
• 3Y*: -12.98%
• 5Y*: -8.94%
• 10Y*: —

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

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	-59.26%	-72.44%	-26.60%	-62.94%	-7.59%	-75.27%	-91.59%	-19.45%
SPDN Direxion Daily S&P 500 Bear 1x Shares	-8.13%	-11.09%	-12.88%	-15.04%	18.63%	-23.72%	-24.56%	-4.43%

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 8, 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.

Return for Risk

HIBS vs. SPDN — 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

SPDN

SPDN Risk / Return Rank: 1
SPDN Sharpe Ratio Rank: 0
SPDN Sortino Ratio Rank: 1
SPDN Omega Ratio Rank: 1
SPDN Calmar Ratio Rank: 1
SPDN Martin Ratio Rank: 0

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. 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.

	HIBS	SPDN	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-1.43	+0.21
Sortino ratio: Return per unit of downside risk	-2.91	-2.06	-0.85
Omega ratio: Gain probability vs. loss probability	0.70	0.78	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.96	-0.03
Martin ratio: Return relative to average drawdown	-1.50	-1.75	+0.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIBS vs. SPDN - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.22, which is comparable to the SPDN Sharpe Ratio of -1.43. The chart below compares the historical Sharpe Ratios of HIBS and SPDN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIBS	SPDN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	-1.43	+0.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	-0.53	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	-0.70	-0.03

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.

Drawdown Indicators

	HIBS	SPDN	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-75.31%	-24.67%
Max Drawdown (1Y) Largest decline over 1 year	-83.13%	-17.95%	-65.18%
Max Drawdown (3Y) Largest decline over 3 years	-96.48%	-38.24%	-58.24%
Max Drawdown (5Y) Largest decline over 5 years	-98.52%	-43.85%	-54.67%
Current Drawdown Current decline from peak	-99.98%	-75.26%	-24.72%
Average Drawdown Average peak-to-trough decline	-93.14%	-48.55%	-44.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.63%	9.84%	+44.79%

Volatility

HIBS vs. SPDN - Volatility Comparison

Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 2.72%. 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.

Volatility by Period

	HIBS	SPDN	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.04%	2.72%	+19.32%
Volatility (6M) Calculated over the trailing 6-month period	52.82%	9.09%	+43.73%
Volatility (1Y) Calculated over the trailing 1-year period	67.45%	12.09%	+55.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.46%	16.86%	+65.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.78%	18.03%	+76.75%

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 11.62%, more than SPDN's 4.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	11.62%	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	4.11%	4.06%	5.32%	5.84%	0.96%	0.00%	0.10%	1.89%	1.24%	0.42%

Frequently Asked Questions

Can I hold both HIBS and SPDN in my portfolio?

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.

Which is riskier, HIBS or SPDN?

HIBS has higher volatility (22.04%) compared to SPDN (2.72%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPDN's -75.31%.

Which ETF is better, HIBS or SPDN?

On 5-year performance, SPDN leads with -8.94% vs -53.41% for HIBS. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or SPDN?

Over the 5-year period, SPDN has performed better with a -8.94% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or SPDN?

SPDN is cheaper with a 0.50% expense ratio, compared with 1.06% for HIBS.

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

HIBS has the higher dividend yield at 11.62%, compared with 4.11% for SPDN.

What is the main difference between HIBS and 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.

Which has better risk-adjusted returns?

HIBS currently has the higher Sharpe Ratio (-1.22 vs -1.43), 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.