HIBS vs. SPXS
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPXS (Direxion Daily S&P 500 Bear 3X Shares) are both Inverse Equities funds from Direxion - HIBS tracks the S&P 500® High Beta Index while SPXS tracks the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -53.79%/yr vs -35.40%/yr for SPXS. Their correlation of 0.85 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 1.08%/yr for SPXS.
Performance
HIBS vs. SPXS - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -60.48% return, which is significantly lower than SPXS's -27.08% return.
HIBS
- 1D
- -5.60%
- 1M
- -32.77%
- YTD
- -60.48%
- 6M
- -63.58%
- 1Y
- -83.87%
- 3Y*
- -63.29%
- 5Y*
- -53.79%
- 10Y*
- —
SPXS
- 1D
- -0.39%
- 1M
- -14.03%
- YTD
- -27.08%
- 6M
- -27.23%
- 1Y
- -50.67%
- 3Y*
- -43.09%
- 5Y*
- -35.40%
- 10Y*
- -42.14%
HIBS vs. SPXS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -60.48% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -27.08% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -13.10% |
Correlation
The correlation between HIBS and SPXS is 0.86, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| 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 SPXS has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
HIBS vs. SPXS — Risk / Return Rank
HIBS
SPXS
HIBS vs. SPXS - 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 Bear 3X Shares (SPXS). 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 | SPXS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.24 | -1.43 | +0.19 |
Sortino ratioReturn per unit of downside risk | -3.08 | -2.45 | -0.63 |
Omega ratioGain probability vs. loss probability | 0.68 | 0.74 | -0.06 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | +0.01 |
Martin ratioReturn relative to average drawdown | -1.51 | -1.72 | +0.22 |
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 | SPXS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.24 | -1.43 | +0.19 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.71 | +0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.79 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.84 | +0.11 |
Drawdowns
HIBS vs. SPXS - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SPXS drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and SPXS.
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Drawdown Indicators
| HIBS | SPXS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -50.77% | -32.36% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -84.13% | -12.35% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -90.11% | -8.41% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.63% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -96.30% | +3.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.90% | 29.88% | +26.02% |
Volatility
HIBS vs. SPXS - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 21.89% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 8.20%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPXS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPXS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.89% | 8.20% | +13.69% |
Volatility (6M)Calculated over the trailing 6-month period | 52.77% | 26.76% | +26.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.61% | 35.48% | +32.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.47% | 50.38% | +32.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.83% | 53.55% | +41.28% |
HIBS vs. SPXS - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is lower than SPXS's 1.08% expense ratio.
Dividends
HIBS vs. SPXS - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.98%, more than SPXS's 5.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.98% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 5.02% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
HIBS and SPXS 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 (21.89%) compared to SPXS (8.20%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPXS's -100.00%.
On 5-year performance, SPXS leads with -35.40% vs -53.79% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 8.20%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXS has performed better with a -35.40% return vs -53.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 1.08% for SPXS.
HIBS has the higher dividend yield at 11.98%, compared with 5.02% for SPXS.
HIBS tracks S&P 500® High Beta Index, while SPXS tracks S&P 500 Index (-300%). Their fees differ too: 1.06% for HIBS and 1.08% for SPXS.
HIBS currently has the higher Sharpe Ratio (-1.24 vs -1.43), 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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