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 -54.42%/yr vs 15.53%/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 -61.28% return, which is significantly lower than SPHB's 29.05% return.
HIBS
- 1D
- 11.66%
- 1M
- -22.55%
- YTD
- -61.28%
- 6M
- -58.56%
- 1Y
- -81.56%
- 3Y*
- -62.72%
- 5Y*
- -54.42%
- 10Y*
- —
SPHB
- 1D
- -4.02%
- 1M
- 6.10%
- YTD
- 29.05%
- 6M
- 26.31%
- 1Y
- 62.78%
- 3Y*
- 28.21%
- 5Y*
- 15.53%
- 10Y*
- 19.46%
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 | -61.28% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SPHB Invesco S&P 500® High Beta ETF | 29.05% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 7.65% |
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 7, 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.
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 | SPHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.70 | ||
| Sortino ratioReturn per unit of downside risk | -5.76 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.42 | -0.69 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 5.90 | -6.89 |
| Martin ratioReturn relative to average drawdown | -1.62 | 22.17 | -23.79 |
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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 | -82.33% | -10.70% | -71.63% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -29.21% | -67.70% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -31.49% | -67.21% |
Max Drawdown (10Y)Largest decline over 10 years | — | -46.84% | — |
Current DrawdownCurrent decline from peak | -99.98% | -4.02% | -95.96% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -8.48% | -84.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.14% | 2.84% | +50.30% |
Volatility
HIBS vs. SPHB - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 35.05% compared to Invesco S&P 500® High Beta ETF (SPHB) at 11.78%. 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 | 35.05% | 11.78% | +23.27% |
Volatility (6M)Calculated over the trailing 6-month period | 60.54% | 19.72% | +40.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.07% | 24.30% | +49.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.51% | 27.73% | +55.78% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.27% | 28.54% | +66.73% |
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 12.23%, more than SPHB's 0.54% 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 | 12.23% | 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 | 0.54% | 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 (35.05%) compared to SPHB (11.78%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPHB's -46.84%.
On 5-year performance, SPHB leads with 15.53% vs -54.42% for HIBS. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPHB has been the lower-risk option at 11.78%. 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 15.53% return vs -54.42%. 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 12.23%, compared with 0.54% 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 (2.60 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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