HIBS vs. SPHB
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPHB (Invesco S&P 500® High Beta ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. Both are passively managed. Over the past 5 years, HIBS returned -53.46%/yr vs 15.19%/yr for SPHB. At a correlation of -1.00, they often move in opposite directions. HIBS charges 1.06%/yr vs 0.25%/yr for SPHB.
Performance
HIBS vs. SPHB - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -59.50% return, which is significantly lower than SPHB's 30.36% return.
HIBS
- 1D
- 2.48%
- 1M
- -31.05%
- YTD
- -59.50%
- 6M
- -60.46%
- 1Y
- -82.43%
- 3Y*
- -62.99%
- 5Y*
- -53.46%
- 10Y*
- —
SPHB
- 1D
- -0.67%
- 1M
- 12.37%
- YTD
- 30.36%
- 6M
- 31.36%
- 1Y
- 69.40%
- 3Y*
- 29.63%
- 5Y*
- 15.19%
- 10Y*
- 18.92%
HIBS vs. SPHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -59.50% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SPHB Invesco S&P 500® High Beta ETF | 30.36% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 6.99% |
Correlation
The correlation between HIBS and SPHB is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | -1.00 |
The correlation between HIBS and SPHB has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
HIBS vs. SPHB — Risk / Return Rank
HIBS
SPHB
HIBS vs. SPHB - 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 Invesco S&P 500® High Beta ETF (SPHB). 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 | SPHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.38 | ||
| Sortino ratioReturn per unit of downside risk | -6.78 | ||
| Omega ratioGain probability vs. loss probability | 0.69 | 1.50 | -0.81 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 6.52 | -7.51 |
| Martin ratioReturn relative to average drawdown | -1.52 | 25.92 | -27.44 |
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 | SPHB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | 3.16 | -4.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | 0.56 | -1.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.67 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | 0.53 | -1.25 |
Drawdowns
HIBS vs. SPHB - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SPHB's maximum drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for HIBS and SPHB.
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Drawdown Indicators
| HIBS | SPHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -46.84% | -53.14% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -10.70% | -72.43% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -29.21% | -67.27% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -31.49% | -67.03% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.84% | — |
Current DrawdownCurrent decline from peak | -99.98% | -0.67% | -99.31% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -8.50% | -84.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.38% | 2.69% | +51.69% |
Volatility
HIBS vs. SPHB - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.26% compared to Invesco S&P 500® High Beta ETF (SPHB) at 7.14%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.26% | 7.14% | +15.12% |
Volatility (6M)Calculated over the trailing 6-month period | 52.85% | 16.99% | +35.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.65% | 22.16% | +45.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 27.38% | +55.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.81% | 28.45% | +66.36% |
HIBS vs. SPHB - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPHB's 0.25% expense ratio.
Dividends
HIBS vs. SPHB - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.69%, more than SPHB's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.69% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% |
SPHB Invesco S&P 500® High Beta ETF | 0.52% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
Frequently Asked Questions
HIBS and SPHB have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.26%) compared to SPHB (7.14%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPHB's -46.84%.
On 5-year performance, SPHB leads with 15.19% vs -53.46% for HIBS. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPHB has been the lower-risk option at 7.14%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPHB has performed better with a 15.19% return vs -53.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB is cheaper with a 0.25% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 11.69%, compared with 0.52% for SPHB.
HIBS is categorized as Inverse Equities, while SPHB is S&P 500. HIBS tracks S&P 500® High Beta Index, while SPHB tracks S&P 500 High Beta Index. They also come from different issuers: Direxion and Invesco. Their fees differ too: 1.06% for HIBS and 0.25% for SPHB.
SPHB currently has the higher Sharpe Ratio (3.16 vs -1.22), 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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