HIBS vs. SPUU
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPUU (Direxion Daily S&P 500 Bull 2X ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SPUU is a Leveraged Equities fund tracking the S&P 500 Index (200% Daily). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs 18.25%/yr for SPUU. At a correlation of -0.85, they often move in opposite directions. HIBS charges 1.06%/yr vs 0.60%/yr for SPUU.
Performance
HIBS vs. SPUU - 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 SPUU's 13.24% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SPUU
- 1D
- 0.03%
- 1M
- -4.55%
- YTD
- 13.24%
- 6M
- 10.22%
- 1Y
- 39.60%
- 3Y*
- 34.71%
- 5Y*
- 18.25%
- 10Y*
- 25.28%
HIBS vs. SPUU - 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% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 13.24% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 10.46% |
Correlation
The correlation between HIBS and SPUU is -0.85, 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 | -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 | -0.85 |
The correlation between HIBS and SPUU has been stable across timeframes, ranging from -0.89 to -0.85 - a consistent structural relationship.
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Return for Risk
HIBS vs. SPUU — Risk / Return Rank
HIBS
SPUU
HIBS vs. SPUU - 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 Bull 2X ETF (SPUU). 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 | SPUU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.69 | ||
| Sortino ratioReturn per unit of downside risk | -4.69 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.28 | -0.55 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.19 | -3.19 |
| Martin ratioReturn relative to average drawdown | -1.67 | 9.22 | -10.89 |
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Drawdowns
HIBS vs. SPUU - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SPUU's maximum drawdown of -59.35%. Use the drawdown chart below to compare losses from any high point for HIBS and SPUU.
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Drawdown Indicators
| HIBS | SPUU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -59.35% | -40.63% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -18.19% | -63.26% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -35.18% | -61.73% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -46.59% | -52.11% |
Max Drawdown (10Y)Largest decline over 10 years | — | -59.35% | — |
Current DrawdownCurrent decline from peak | -99.98% | -6.69% | -93.29% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -9.48% | -83.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 4.31% | +46.48% |
Volatility
HIBS vs. SPUU - 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 Bull 2X ETF (SPUU) at 9.51%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPUU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPUU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 9.51% | +25.37% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 19.81% | +41.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 25.05% | +49.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 33.67% | +49.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 35.79% | +59.47% |
HIBS vs. SPUU - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPUU's 0.60% expense ratio.
Dividends
HIBS vs. SPUU - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SPUU's 1.39% 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 | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% | 0.00% | 0.00% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 1.39% | 1.63% | 0.55% | 0.83% | 0.88% | 3.04% | 8.03% | 1.80% | 5.50% | 6.96% | 8.08% | 4.42% |
Frequently Asked Questions
HIBS and SPUU 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 SPUU (9.51%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPUU's -59.35%.
On 5-year performance, SPUU leads with 18.25% vs -54.87% for HIBS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 9.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPUU has performed better with a 18.25% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPUU is cheaper with a 0.60% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 1.39% for SPUU.
HIBS is categorized as Inverse Equities, while SPUU is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while SPUU tracks S&P 500 Index (200% Daily). Their fees differ too: 1.06% for HIBS and 0.60% for SPUU.
SPUU currently has the higher Sharpe Ratio (1.59 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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