HIBS vs. SPY
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SPY is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, HIBS returned -54.87%/yr vs 12.99%/yr for SPY. At a correlation of -0.85, they often move in opposite directions. HIBS charges 1.06%/yr vs 0.09%/yr for SPY.
Performance
HIBS vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than SPY's 8.25% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
SPY
- 1D
- 0.14%
- 1M
- -1.92%
- YTD
- 8.25%
- 6M
- 6.93%
- 1Y
- 22.29%
- 3Y*
- 20.89%
- 5Y*
- 12.99%
- 10Y*
- 15.75%
HIBS vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 8.25% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 5.32% |
Correlation
The correlation between HIBS and SPY 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 SPY 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. SPY — Risk / Return Rank
HIBS
SPY
HIBS vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.90 | ||
| Sortino ratioReturn per unit of downside risk | -5.04 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.33 | -0.60 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 2.52 | -3.52 |
| Martin ratioReturn relative to average drawdown | -1.67 | 11.15 | -12.82 |
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Drawdowns
HIBS vs. SPY - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for HIBS and SPY.
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Drawdown Indicators
| HIBS | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -55.19% | -44.79% |
Max Drawdown (1Y)Largest decline over 1 year | -81.45% | -8.88% | -72.57% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -18.76% | -78.15% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -24.50% | -74.20% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -99.98% | -3.08% | -96.90% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -9.03% | -84.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 2.00% | +48.79% |
Volatility
HIBS vs. SPY - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to State Street SPDR S&P 500 ETF (SPY) at 4.79%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 4.79% | +30.09% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 9.80% | +51.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 12.43% | +61.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 17.15% | +66.43% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 17.95% | +77.31% |
HIBS vs. SPY - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
HIBS vs. SPY - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 9.87%, more than SPY's 1.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.02% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
HIBS and SPY 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 SPY (4.79%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPY's -55.19%.
On 5-year performance, SPY leads with 12.99% vs -54.87% for HIBS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPY has performed better with a 12.99% return vs -54.87%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 9.87%, compared with 1.02% for SPY.
HIBS is categorized as Inverse Equities, while SPY is S&P 500. HIBS tracks S&P 500® High Beta Index, while SPY tracks S&P 500 Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.06% for HIBS and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (1.80 vs -1.10), 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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