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 -54.70%/yr vs -33.12%/yr for SPXS. Their correlation of 0.84 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 -58.15% return, which is significantly lower than SPXS's -24.50% return.
HIBS
- 1D
- 7.58%
- 1M
- 1.41%
- 6M
- -51.06%
- YTD
- -58.15%
- 1Y
- -74.34%
- 3Y*
- -58.82%
- 5Y*
- -54.70%
- 10Y*
- —
SPXS
- 1D
- 2.30%
- 1M
- -3.30%
- 6M
- -20.30%
- YTD
- -24.50%
- 1Y
- -40.89%
- 3Y*
- -39.60%
- 5Y*
- -33.12%
- 10Y*
- -41.27%
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 | -58.15% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.50% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -14.06% |
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 7, 2019 | 0.85 |
The correlation between HIBS and SPXS has been stable across timeframes, ranging from 0.84 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.
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 | SPXS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | -0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.82 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.94 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.58 | -1.64 | +0.06 |
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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 | -79.30% | -43.64% | -35.66% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -84.13% | -12.78% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -90.11% | -8.59% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.56% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.18% | -96.30% | +3.12% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 46.98% | 24.98% | +22.00% |
Volatility
HIBS vs. SPXS - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.54% compared to Direxion Daily S&P 500 Bear 3X Shares (SPXS) at 12.80%. 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 | 34.54% | 12.80% | +21.74% |
Volatility (6M)Calculated over the trailing 6-month period | 63.59% | 30.04% | +33.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.11% | 37.71% | +39.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 50.75% | +33.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.34% | 53.52% | +41.82% |
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 8.48%, more than SPXS's 4.50% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 8.48% | 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 | 4.50% | 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 (34.54%) compared to SPXS (12.80%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPXS's -100.00%.
On 5-year performance, SPXS leads with -33.12% vs -54.70% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 12.80%. 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 -33.12% return vs -54.70%. 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 8.48%, compared with 4.50% 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 (-0.97 vs -1.09), 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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