HIBS vs. SVIX
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and SVIX (-1x Short VIX Futures ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while SVIX is a Volatility fund tracking the Short VIX Futures Index. Both are passively managed. Over the past 3 years, HIBS returned -57.50%/yr vs -5.58%/yr for SVIX. At a correlation of -0.69, they often move in opposite directions. HIBS charges 1.06%/yr vs 1.47%/yr for SVIX.
Performance
HIBS vs. SVIX - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -55.49% return, which is significantly lower than SVIX's 1.07% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SVIX
- 1D
- -2.39%
- 1M
- 3.86%
- 6M
- 0.74%
- YTD
- 1.07%
- 1Y
- 51.45%
- 3Y*
- -5.58%
- 5Y*
- —
- 10Y*
- —
HIBS vs. SVIX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -55.49% | -72.44% | -26.60% | -62.94% | 7.65% |
SVIX -1x Short VIX Futures ETF | 1.07% | -4.49% | -32.76% | 157.37% | -1.48% |
Correlation
The correlation between HIBS and SVIX is -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Mar 30, 2022 | -0.69 |
The correlation between HIBS and SVIX has been stable across timeframes, ranging from -0.70 to -0.69 - a consistent structural relationship.
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Return for Risk
HIBS vs. SVIX — Risk / Return Rank
HIBS
SVIX
HIBS vs. SVIX - 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 -1x Short VIX Futures ETF (SVIX). 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 | SVIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.88 | ||
| Sortino ratioReturn per unit of downside risk | -3.27 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.20 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.21 | -2.14 |
| Martin ratioReturn relative to average drawdown | -1.55 | 3.44 | -4.99 |
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Drawdowns
HIBS vs. SVIX - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than SVIX's maximum drawdown of -79.30%. Use the drawdown chart below to compare losses from any high point for HIBS and SVIX.
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Drawdown Indicators
| HIBS | SVIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -79.30% | -20.68% |
Max Drawdown (1Y)Largest decline over 1 year | -79.06% | -42.69% | -36.37% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -79.30% | -17.61% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | — | — |
Current DrawdownCurrent decline from peak | -99.98% | -51.72% | -48.26% |
Average DrawdownAverage peak-to-trough decline | -93.20% | -32.18% | -61.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 14.99% | +32.31% |
Volatility
HIBS vs. SVIX - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 29.60% compared to -1x Short VIX Futures ETF (SVIX) at 11.40%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than SVIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | SVIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.60% | 11.40% | +18.20% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 43.72% | +20.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 55.42% | +22.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 65.88% | +18.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 65.88% | +29.45% |
HIBS vs. SVIX - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is lower than SVIX's 1.47% expense ratio.
Dividends
HIBS vs. SVIX - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 7.97%, while SVIX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 7.97% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
SVIX -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HIBS and SVIX have a correlation of -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (29.60%) compared to SVIX (11.40%). In terms of maximum drawdown, HIBS dropped -99.98% vs SVIX's -79.30%.
On 3-year performance, SVIX leads with -5.58% vs -57.50% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SVIX has been the lower-risk option at 11.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SVIX has performed better with a -5.58% return vs -57.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 1.47% for SVIX.
HIBS has the higher dividend yield at 7.97%, compared with 0.00% for SVIX.
HIBS is categorized as Inverse Equities, while SVIX is Volatility. HIBS tracks S&P 500® High Beta Index, while SVIX tracks Short VIX Futures Index. They also come from different issuers: Direxion and Volatility Shares. Their fees differ too: 1.06% for HIBS and 1.47% for SVIX.
SVIX currently has the higher Sharpe Ratio (0.93 vs -0.95), 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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