HIBS vs. SQQQ
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SQQQ (ProShares UltraPro Short QQQ) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -53.79%/yr vs -49.79%/yr for SQQQ. A 0.74 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.95%/yr for SQQQ.
Performance
HIBS vs. SQQQ - 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 SQQQ's -45.68% return.
HIBS
- 1D
- -5.60%
- 1M
- -32.77%
- YTD
- -60.48%
- 6M
- -63.58%
- 1Y
- -83.87%
- 3Y*
- -63.29%
- 5Y*
- -53.79%
- 10Y*
- —
SQQQ
- 1D
- -1.36%
- 1M
- -26.50%
- YTD
- -45.68%
- 6M
- -43.61%
- 1Y
- -66.23%
- 3Y*
- -56.30%
- 5Y*
- -49.79%
- 10Y*
- -56.04%
HIBS vs. SQQQ - 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% |
SQQQ ProShares UltraPro Short QQQ | -45.68% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -16.68% |
Correlation
The correlation between HIBS and SQQQ is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.74 |
The correlation between HIBS and SQQQ shifts across timeframes, from 0.74 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HIBS vs. SQQQ — Risk / Return Rank
HIBS
SQQQ
HIBS vs. SQQQ - 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 QQQ (SQQQ). 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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.24 | -1.39 | +0.15 |
Sortino ratioReturn per unit of downside risk | -3.08 | -2.71 | -0.37 |
Omega ratioGain probability vs. loss probability | 0.68 | 0.72 | -0.04 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.01 | +0.01 |
Martin ratioReturn relative to average drawdown | -1.51 | -1.86 | +0.36 |
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 | SQQQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.24 | -1.39 | +0.15 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.75 | +0.10 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.85 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.88 | +0.15 |
Drawdowns
HIBS vs. SQQQ - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SQQQ drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and SQQQ.
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Drawdown Indicators
| HIBS | SQQQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -65.95% | -17.18% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -92.38% | -4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -97.23% | -1.29% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.98% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -92.40% | -0.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.90% | 35.95% | +19.95% |
Volatility
HIBS vs. SQQQ - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 21.89% compared to ProShares UltraPro Short QQQ (SQQQ) at 13.72%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SQQQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SQQQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.89% | 13.72% | +8.17% |
Volatility (6M)Calculated over the trailing 6-month period | 52.77% | 36.46% | +16.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.61% | 47.82% | +19.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.47% | 66.66% | +15.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.83% | 66.12% | +28.71% |
HIBS vs. SQQQ - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SQQQ's 0.95% expense ratio.
Dividends
HIBS vs. SQQQ - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.98%, less than SQQQ's 12.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SQQQ ProShares UltraPro Short QQQ | 12.57% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
HIBS and SQQQ have a correlation of 0.84, 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 SQQQ (13.72%). In terms of maximum drawdown, HIBS dropped -99.98% vs SQQQ's -100.00%.
On 5-year performance, SQQQ leads with -49.79% vs -53.79% for HIBS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SQQQ has performed better with a -49.79% return vs -53.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
SQQQ has the higher dividend yield at 12.57%, compared with 11.98% for HIBS.
HIBS is categorized as Inverse Equities, while SQQQ is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while SQQQ tracks NASDAQ-100 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.95% for SQQQ.
HIBS currently has the higher Sharpe Ratio (-1.24 vs -1.39), 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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