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 -53.41%/yr vs 13.91%/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 -59.26% return, which is significantly lower than SPY's 11.33% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
SPY
- 1D
- 0.38%
- 1M
- 4.60%
- YTD
- 11.33%
- 6M
- 11.25%
- 1Y
- 28.50%
- 3Y*
- 22.58%
- 5Y*
- 13.91%
- 10Y*
- 15.48%
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 | -59.26% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
SPY State Street SPDR S&P 500 ETF | 11.33% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 4.95% |
Correlation
The correlation between HIBS and SPY 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 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.
| HIBS | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.64 | ||
| Sortino ratioReturn per unit of downside risk | -6.20 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.44 | -0.74 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | 3.22 | -4.21 |
| Martin ratioReturn relative to average drawdown | -1.50 | 14.99 | -16.49 |
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 | SPY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | 2.42 | -3.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | 0.82 | -1.47 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.87 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | 0.59 | -1.31 |
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 | -83.13% | -8.88% | -74.25% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -18.76% | -77.72% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -24.50% | -74.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -99.98% | -0.33% | -99.65% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -9.05% | -84.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 1.91% | +52.72% |
Volatility
HIBS vs. SPY - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. 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 | 22.04% | 2.79% | +19.25% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 8.91% | +43.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 11.82% | +55.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 17.05% | +65.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 17.93% | +76.85% |
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 11.62%, more than SPY's 0.98% 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 | 11.62% | 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 | 0.98% | 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 -0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.04%) compared to SPY (2.79%). In terms of maximum drawdown, HIBS dropped -99.98% vs SPY's -55.19%.
On 5-year performance, SPY leads with 13.91% vs -53.41% for HIBS. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 2.79%. 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 13.91% return vs -53.41%. 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 11.62%, compared with 0.98% 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 (2.42 vs -1.22), 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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