HIBS vs. SPXL
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPXL (Direxion Daily S&P 500 Bull 3X ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SPXL is a Leveraged Equities fund tracking the S&P 500. Both are passively managed. Over the past 5 years, HIBS returned -55.09%/yr vs 21.24%/yr for SPXL. At a correlation of -0.85, they often move in opposite directions. HIBS charges 1.06%/yr vs 0.84%/yr for SPXL.
Performance
HIBS vs. SPXL - 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 SPXL's 24.85% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SPXL
- 1D
- -1.60%
- 1M
- -0.19%
- 6M
- 19.87%
- YTD
- 24.85%
- 1Y
- 55.18%
- 3Y*
- 44.11%
- 5Y*
- 21.24%
- 10Y*
- 28.72%
HIBS vs. SPXL - 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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 24.85% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 15.72% |
Correlation
The correlation between HIBS and SPXL 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 SPXL 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. SPXL — Risk / Return Rank
HIBS
SPXL
HIBS vs. SPXL - 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 3X ETF (SPXL). 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 | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.42 | ||
| Sortino ratioReturn per unit of downside risk | -3.79 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 2.07 | -3.00 |
| Martin ratioReturn relative to average drawdown | -1.55 | 8.18 | -9.73 |
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Drawdowns
HIBS vs. SPXL - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SPXL's maximum drawdown of -76.86%. Use the drawdown chart below to compare losses from any high point for HIBS and SPXL.
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Drawdown Indicators
| HIBS | SPXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -76.86% | -23.12% |
Max Drawdown (1Y)Largest decline over 1 year | -79.06% | -26.77% | -52.29% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -48.95% | -47.96% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -63.80% | -34.90% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -99.98% | -4.60% | -95.38% |
Average DrawdownAverage peak-to-trough decline | -93.20% | -16.06% | -77.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 6.77% | +40.53% |
Volatility
HIBS vs. SPXL - 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 3X ETF (SPXL) at 10.79%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.60% | 10.79% | +18.81% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 30.09% | +34.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 37.68% | +39.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 50.59% | +33.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 53.38% | +41.95% |
HIBS vs. SPXL - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPXL's 0.84% expense ratio.
Dividends
HIBS vs. SPXL - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 7.97%, more than SPXL's 0.52% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 0.52% | 0.69% | 0.74% | 0.98% | 0.32% | 0.11% | 0.22% | 0.84% | 1.02% | 3.88% |
Frequently Asked Questions
HIBS and SPXL 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 (29.60%) compared to SPXL (10.79%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPXL's -76.86%.
On 5-year performance, SPXL leads with 21.24% vs -55.09% for HIBS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 10.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXL has performed better with a 21.24% return vs -55.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXL is cheaper with a 0.84% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 7.97%, compared with 0.52% for SPXL.
HIBS is categorized as Inverse Equities, while SPXL is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while SPXL tracks S&P 500. Their fees differ too: 1.06% for HIBS and 0.84% for SPXL.
SPXL currently has the higher Sharpe Ratio (1.47 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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