HIBS vs. TMF
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and TMF (Direxion Daily 20+ Year Treasury Bull 3X ETF) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while TMF is a Leveraged Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index (300%). Both are passively managed. Over the past 5 years, HIBS returned -55.09%/yr vs -33.44%/yr for TMF. At a 0.07 correlation, their price movements are largely independent. HIBS charges 1.06%/yr vs 1.01%/yr for TMF.
Performance
HIBS vs. TMF - 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 TMF's -10.00% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
TMF
- 1D
- -0.03%
- 1M
- -6.57%
- 6M
- -13.01%
- YTD
- -10.00%
- 1Y
- -2.84%
- 3Y*
- -21.08%
- 5Y*
- -33.44%
- 10Y*
- -17.81%
HIBS vs. TMF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | -10.00% | -2.94% | -35.95% | -13.01% | -72.60% | -19.80% | 39.02% | -5.89% |
Correlation
The correlation between HIBS and TMF is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.07 |
The correlation between HIBS and TMF shifts across timeframes, from -0.19 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HIBS vs. TMF — Risk / Return Rank
HIBS
TMF
HIBS vs. TMF - 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 Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF). 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 | TMF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.84 | ||
| Sortino ratioReturn per unit of downside risk | -1.87 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.01 | -0.20 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.11 | -0.82 |
| Martin ratioReturn relative to average drawdown | -1.55 | -0.22 | -1.33 |
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Drawdowns
HIBS vs. TMF - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than TMF's maximum drawdown of -92.89%. Use the drawdown chart below to compare losses from any high point for HIBS and TMF.
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Drawdown Indicators
| HIBS | TMF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -92.89% | -7.09% |
Max Drawdown (1Y)Largest decline over 1 year | -79.06% | -26.51% | -52.55% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -55.14% | -41.77% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -88.81% | -9.89% |
Max Drawdown (10Y)Largest decline over 10 years | — | -92.89% | — |
Current DrawdownCurrent decline from peak | -99.98% | -92.55% | -7.43% |
Average DrawdownAverage peak-to-trough decline | -93.20% | -43.94% | -49.26% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 13.06% | +34.24% |
Volatility
HIBS vs. TMF - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 29.60% compared to Direxion Daily 20+ Year Treasury Bull 3X ETF (TMF) at 7.49%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than TMF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | TMF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.60% | 7.49% | +22.11% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 19.82% | +44.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 27.47% | +50.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 46.49% | +37.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 43.70% | +51.63% |
HIBS vs. TMF - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is higher than TMF's 1.01% expense ratio.
Dividends
HIBS vs. TMF - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 7.97%, more than TMF's 4.39% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
TMF Direxion Daily 20+ Year Treasury Bull 3X ETF | 4.39% | 4.06% | 4.29% | 2.82% | 1.62% | 0.13% | 2.23% | 0.94% | 1.49% | 0.41% |
Frequently Asked Questions
HIBS and TMF have a correlation of -0.19, 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 TMF (7.49%). In terms of maximum drawdown, HIBS dropped -99.98% vs TMF's -92.89%.
On 5-year performance, TMF leads with -33.44% vs -55.09% for HIBS. On fees, TMF is cheaper at 1.01% per year. On volatility, TMF has been the lower-risk option at 7.49%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TMF has performed better with a -33.44% return vs -55.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TMF is cheaper with a 1.01% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 7.97%, compared with 4.39% for TMF.
HIBS is categorized as Inverse Equities, while TMF is Leveraged Bonds. HIBS tracks S&P 500® High Beta Index, while TMF tracks ICE U.S. Treasury 20+ Year Bond Index (300%). Their fees differ too: 1.06% for HIBS and 1.01% for TMF.
TMF currently has the higher Sharpe Ratio (-0.10 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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