HIBS vs. SRTY
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SRTY (ProShares UltraPro Short Russell2000) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SRTY is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -54.42%/yr vs -31.09%/yr for SRTY. Their correlation of 0.88 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 0.95%/yr for SRTY.
Performance
HIBS vs. SRTY - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -61.28% return, which is significantly lower than SRTY's -46.00% return.
HIBS
- 1D
- 11.66%
- 1M
- -22.55%
- YTD
- -61.28%
- 6M
- -58.56%
- 1Y
- -81.56%
- 3Y*
- -62.72%
- 5Y*
- -54.42%
- 10Y*
- —
SRTY
- 1D
- 2.94%
- 1M
- -11.85%
- YTD
- -46.00%
- 6M
- -41.91%
- 1Y
- -67.40%
- 3Y*
- -47.20%
- 5Y*
- -31.09%
- 10Y*
- -44.65%
HIBS vs. SRTY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -61.28% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SRTY ProShares UltraPro Short Russell2000 | -46.00% | -40.55% | -32.91% | -42.02% | 28.99% | -51.67% | -80.61% | -14.09% |
Correlation
The correlation between HIBS and SRTY 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 | 0.85 |
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 | 0.88 |
The correlation between HIBS and SRTY has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
HIBS vs. SRTY — Risk / Return Rank
HIBS
SRTY
HIBS vs. SRTY - 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 Russell2000 (SRTY). 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 | SRTY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.47 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.77 | -0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.99 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.56 | -0.06 |
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Drawdowns
HIBS vs. SRTY - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SRTY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and SRTY.
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Drawdown Indicators
| HIBS | SRTY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -82.33% | -68.17% | -14.16% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -89.46% | -7.45% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -91.87% | -6.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.76% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -94.14% | +1.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.14% | 43.57% | +9.57% |
Volatility
HIBS vs. SRTY - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 35.05% compared to ProShares UltraPro Short Russell2000 (SRTY) at 19.61%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SRTY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SRTY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 35.05% | 19.61% | +15.44% |
Volatility (6M)Calculated over the trailing 6-month period | 60.54% | 43.09% | +17.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.07% | 58.89% | +15.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.51% | 67.68% | +15.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.27% | 68.42% | +26.85% |
HIBS vs. SRTY - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SRTY's 0.95% expense ratio.
Dividends
HIBS vs. SRTY - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 12.23%, more than SRTY's 10.12% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 12.23% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% | 0.00% |
SRTY ProShares UltraPro Short Russell2000 | 10.12% | 6.87% | 9.40% | 4.93% | 0.17% | 0.00% | 0.95% | 2.13% | 0.70% | 0.04% |
Frequently Asked Questions
HIBS and SRTY 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 (35.05%) compared to SRTY (19.61%). In terms of maximum drawdown, HIBS dropped -99.98% vs SRTY's -100.00%.
On 5-year performance, SRTY leads with -31.09% vs -54.42% for HIBS. On fees, SRTY is cheaper at 0.95% per year. On volatility, SRTY has been the lower-risk option at 19.61%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SRTY has performed better with a -31.09% return vs -54.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRTY is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 12.23%, compared with 10.12% for SRTY.
HIBS is categorized as Inverse Equities, while SRTY is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while SRTY tracks Russell 2000 Index (-300%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.95% for SRTY.
HIBS currently has the higher Sharpe Ratio (-1.10 vs -1.15), 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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