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 -55.09%/yr vs 18.77%/yr for SPUU. At a correlation of -0.84, 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 -55.49% return, which is significantly lower than SPUU's 18.22% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SPUU
- 1D
- -1.08%
- 1M
- 0.01%
- 6M
- 14.79%
- YTD
- 18.22%
- 1Y
- 38.38%
- 3Y*
- 32.90%
- 5Y*
- 18.77%
- 10Y*
- 23.84%
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 | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SPUU Direxion Daily S&P 500 Bull 2X ETF | 18.22% | 26.55% | 44.25% | 47.28% | -38.72% | 61.27% | 21.85% | 10.46% |
Correlation
The correlation between HIBS and SPUU is -0.86, 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 | -0.86 |
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 SPUU has been stable across timeframes, ranging from -0.89 to -0.84 - 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 | -2.47 | ||
| Sortino ratioReturn per unit of downside risk | -3.88 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.27 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.12 | -3.05 |
| Martin ratioReturn relative to average drawdown | -1.55 | 8.78 | -10.33 |
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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 | -79.06% | -18.19% | -60.87% |
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% | -2.59% | -97.39% |
Average DrawdownAverage peak-to-trough decline | -93.20% | -9.45% | -83.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 4.38% | +42.92% |
Volatility
HIBS vs. SPUU - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 29.60% compared to Direxion Daily S&P 500 Bull 2X ETF (SPUU) at 6.85%. 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 | 29.60% | 6.85% | +22.75% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 20.13% | +44.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 25.27% | +52.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 33.69% | +50.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 35.75% | +59.58% |
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 7.97%, more than SPUU's 1.33% 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 | 7.97% | 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 | 1.33% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (29.60%) compared to SPUU (6.85%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPUU's -59.35%.
On 5-year performance, SPUU leads with 18.77% vs -55.09% for HIBS. On fees, SPUU is cheaper at 0.60% per year. On volatility, SPUU has been the lower-risk option at 6.85%. 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 18.77% return vs -55.09%. 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 7.97%, compared with 1.33% 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 (1.53 vs -0.95), 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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