HIBS vs. SSG
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SSG (Proshares Ultrashort Semiconductors) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%). Both are passively managed. Over the past 5 years, HIBS returned -55.71%/yr vs -67.22%/yr for SSG. A 0.72 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 0.95%/yr for SSG.
Performance
HIBS vs. SSG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with HIBS having a -65.32% return and SSG slightly higher at -63.37%.
HIBS
- 1D
- -4.12%
- 1M
- -30.64%
- YTD
- -65.32%
- 6M
- -62.41%
- 1Y
- -83.91%
- 3Y*
- -64.07%
- 5Y*
- -55.71%
- 10Y*
- —
SSG
- 1D
- -0.80%
- 1M
- -21.37%
- YTD
- -63.37%
- 6M
- -63.97%
- 1Y
- -81.41%
- 3Y*
- -75.00%
- 5Y*
- -67.22%
- 10Y*
- -62.52%
HIBS vs. SSG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -65.32% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
SSG Proshares Ultrashort Semiconductors | -63.37% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -13.43% |
Correlation
The correlation between HIBS and SSG is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.72 |
The correlation between HIBS and SSG has been stable across timeframes, ranging from 0.70 to 0.78 - a consistent structural relationship.
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Return for Risk
HIBS vs. SSG — Risk / Return Rank
HIBS
SSG
HIBS vs. SSG - 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 Ultrashort Semiconductors (SSG). 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 | SSG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.06 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.69 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.60 | +0.01 |
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Drawdowns
HIBS vs. SSG - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum SSG drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and SSG.
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Drawdown Indicators
| HIBS | SSG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -83.48% | -81.20% | -2.28% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -98.56% | +1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -99.66% | +0.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.99% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -88.60% | -4.53% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.96% | 51.37% | +2.59% |
Volatility
HIBS vs. SSG - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 32.66% compared to Proshares Ultrashort Semiconductors (SSG) at 30.98%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SSG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SSG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.66% | 30.98% | +1.68% |
Volatility (6M)Calculated over the trailing 6-month period | 59.45% | 53.34% | +6.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 73.19% | 67.65% | +5.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.35% | 78.35% | +5.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.18% | 69.58% | +25.60% |
HIBS vs. SSG - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than SSG's 0.95% expense ratio.
Dividends
HIBS vs. SSG - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 13.66%, less than SSG's 14.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 13.66% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SSG Proshares Ultrashort Semiconductors | 14.25% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
Frequently Asked Questions
HIBS and SSG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (32.66%) compared to SSG (30.98%). In terms of maximum drawdown, HIBS dropped -99.98% vs SSG's -100.00%.
On 5-year performance, HIBS leads with -55.71% vs -67.22% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, SSG has been the lower-risk option at 30.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBS has performed better with a -55.71% return vs -67.22%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSG is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
SSG has the higher dividend yield at 14.25%, compared with 13.66% for HIBS.
HIBS is categorized as Inverse Equities, while SSG is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while SSG tracks Dow Jones U.S. Semiconductors Index (-200%). They also come from different issuers: Direxion and ProShares. Their fees differ too: 1.06% for HIBS and 0.95% for SSG.
HIBS currently has the higher Sharpe Ratio (-1.15 vs -1.21), 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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