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 -51.83%/yr vs 21.75%/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 -51.89% return, which is significantly lower than SPXL's 19.30% return.
HIBS
- 1D
- 18.08%
- 1M
- -7.51%
- YTD
- -51.89%
- 6M
- -51.65%
- 1Y
- -79.46%
- 3Y*
- -60.33%
- 5Y*
- -51.83%
- 10Y*
- —
SPXL
- 1D
- -7.89%
- 1M
- 0.24%
- YTD
- 19.30%
- 6M
- 17.30%
- 1Y
- 71.81%
- 3Y*
- 49.22%
- 5Y*
- 21.75%
- 10Y*
- 29.03%
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 | -51.89% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SPXL Direxion Daily S&P 500 Bull 3X ETF | 19.30% | 31.94% | 63.61% | 69.49% | -56.55% | 98.75% | 9.64% | 14.48% |
Correlation
The correlation between HIBS and SPXL 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 8, 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.
| HIBS | SPXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -5.03 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.33 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 2.70 | -3.66 |
| Martin ratioReturn relative to average drawdown | -1.48 | 11.35 | -12.83 |
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 | SPXL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.14 | 1.99 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.63 | 0.43 | -1.06 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.54 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.72 | 0.52 | -1.23 |
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 | -82.61% | -26.77% | -55.84% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -48.95% | -47.53% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -63.80% | -34.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -76.86% | — |
Current DrawdownCurrent decline from peak | -99.98% | -8.84% | -91.14% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -15.72% | -77.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.86% | 6.35% | +48.51% |
Volatility
HIBS vs. SPXL - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 27.81% compared to Direxion Daily S&P 500 Bull 3X ETF (SPXL) at 11.43%. 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 | 27.81% | 11.43% | +16.38% |
Volatility (6M)Calculated over the trailing 6-month period | 55.37% | 27.97% | +27.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 69.99% | 36.30% | +33.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.83% | 50.34% | +32.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.03% | 53.47% | +41.56% |
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 9.84%, more than SPXL's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.84% | 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 | 0.56% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (27.81%) compared to SPXL (11.43%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPXL's -76.86%.
On 5-year performance, SPXL leads with 21.75% vs -51.83% for HIBS. On fees, SPXL is cheaper at 0.84% per year. On volatility, SPXL has been the lower-risk option at 11.43%. 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 21.75% return vs -51.83%. 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 9.84%, compared with 0.56% 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 (1.99 vs -1.14), 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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