HIBS vs. SPXU
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPXU (ProShares UltraPro Short S&P500) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs -33.39%/yr for SPXU. Their correlation of 0.85 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 0.90%/yr for SPXU.
Performance
HIBS vs. SPXU - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than SPXU's -20.11% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SPXU
- 1D
- -0.13%
- 1M
- 6.06%
- YTD
- -20.11%
- 6M
- -16.93%
- 1Y
- -41.94%
- 3Y*
- -41.09%
- 5Y*
- -33.39%
- 10Y*
- -42.30%
HIBS vs. SPXU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -64.03% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SPXU ProShares UltraPro Short S&P500 | -20.11% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -14.04% |
Correlation
The correlation between HIBS and SPXU is 0.85, 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 | 0.85 |
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 SPXU has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HIBS vs. SPXU — Risk / Return Rank
HIBS
SPXU
HIBS vs. SPXU - 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 ProShares UltraPro Short S&P500 (SPXU). 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 | SPXU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.81 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.92 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.67 | -1.62 | -0.05 |
Loading charts...
Drawdowns
HIBS vs. SPXU - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SPXU drawdown of -99.99%. Use the drawdown chart below to compare losses from any high point for HIBS and SPXU.
Loading charts...
Drawdown Indicators
| HIBS | SPXU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -99.99% | +0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -45.75% | -35.70% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -84.36% | -12.55% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -90.23% | -8.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.61% | — |
Current DrawdownCurrent decline from peak | -99.98% | -99.99% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -93.34% | +0.20% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 27.46% | +23.33% |
Volatility
HIBS vs. SPXU - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to ProShares UltraPro Short S&P500 (SPXU) at 14.10%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPXU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HIBS | SPXU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 14.10% | +20.78% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 29.39% | +31.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 37.12% | +37.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 50.62% | +32.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 53.41% | +41.85% |
HIBS vs. SPXU - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPXU's 0.90% expense ratio.
Dividends
HIBS vs. SPXU - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SPXU's 6.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 6.49% | 7.02% | 9.53% | 7.06% | 0.39% | 0.00% | 0.70% | 2.14% | 1.41% | 0.10% |
Frequently Asked Questions
HIBS and SPXU 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 (34.88%) compared to SPXU (14.10%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPXU's -99.99%.
On 5-year performance, SPXU leads with -33.39% vs -54.87% for HIBS. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 14.10%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXU has performed better with a -33.39% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 6.49% for SPXU.
HIBS is categorized as Inverse Equities, while SPXU is S&P 500. HIBS tracks S&P 500® High Beta Index, while SPXU tracks S&P 500 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.90% for SPXU.
HIBS currently has the higher Sharpe Ratio (-1.10 vs -1.13), 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.
Find the right allocation for HIBS and SPXU
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer