HIBS vs. TSDD

Last updated Jun 5, 2026

HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and TSDD (GraniteShares 2x Short TSLA Daily ETF) are both Inverse Equities funds. HIBS is passively managed, while TSDD is actively managed. Over the past year, HIBS returned -82.21% vs -64.48% for TSDD. A 0.54 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 1.50%/yr for TSDD.

Performance

HIBS vs. TSDD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) and GraniteShares 2x Short TSLA Daily ETF (TSDD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIBS achieves a -59.26% return, which is significantly lower than TSDD's -1.81% return.

HIBS

• 1D: 0.59%
• 1M: -26.80%
• YTD: -59.26%
• 6M: -59.84%
• 1Y: -82.21%
• 3Y*: -63.10%
• 5Y*: -53.41%
• 10Y*: —

TSDD

• 1D: 2.57%
• 1M: -16.78%
• YTD: -1.81%
• 6M: -2.21%
• 1Y: -64.48%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HIBS vs. TSDD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-59.26%	-72.44%	-26.60%	-34.51%
TSDD GraniteShares 2x Short TSLA Daily ETF	-1.81%	-74.84%	-89.21%	-20.49%

Correlation

The correlation between HIBS and TSDD is 0.51, 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	0.51
Correlation (All Time) Calculated using the full available price history since Aug 23, 2023	0.54

The correlation between HIBS and TSDD has been stable across timeframes, ranging from 0.51 to 0.54 - a consistent structural relationship.

Return for Risk

HIBS vs. TSDD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HIBS

HIBS Risk / Return Rank: 0
HIBS Sharpe Ratio Rank: 1
HIBS Sortino Ratio Rank: 0
HIBS Omega Ratio Rank: 0
HIBS Calmar Ratio Rank: 0
HIBS Martin Ratio Rank: 1

TSDD

TSDD Risk / Return Rank: 3
TSDD Sharpe Ratio Rank: 3
TSDD Sortino Ratio Rank: 3
TSDD Omega Ratio Rank: 4
TSDD Calmar Ratio Rank: 2
TSDD Martin Ratio Rank: 4

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HIBS vs. TSDD - 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 GraniteShares 2x Short TSLA Daily ETF (TSDD). 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	TSDD	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-0.70	-0.52
Sortino ratio: Return per unit of downside risk	-2.91	-0.94	-1.97
Omega ratio: Gain probability vs. loss probability	0.70	0.90	-0.20
Calmar ratio: Return relative to maximum drawdown	-0.99	-0.85	-0.14
Martin ratio: Return relative to average drawdown	-1.50	-1.07	-0.43
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIBS vs. TSDD - Sharpe Ratio Comparison

The current HIBS Sharpe Ratio is -1.22, which is lower than the TSDD Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of HIBS and TSDD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIBS	TSDD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	-0.70	-0.52
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.65	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.73	-0.66	-0.07

Drawdowns

HIBS vs. TSDD - Drawdown Comparison

The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum TSDD drawdown of -99.03%. Use the drawdown chart below to compare losses from any high point for HIBS and TSDD.

Drawdown Indicators

	HIBS	TSDD	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-99.03%	-0.95%
Max Drawdown (1Y) Largest decline over 1 year	-83.13%	-76.12%	-7.01%
Max Drawdown (3Y) Largest decline over 3 years	-96.48%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-98.52%	—	—
Current Drawdown Current decline from peak	-99.98%	-98.88%	-1.10%
Average Drawdown Average peak-to-trough decline	-93.14%	-71.25%	-21.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	54.63%	60.05%	-5.42%

Volatility

HIBS vs. TSDD - Volatility Comparison

The current volatility for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) is 22.04%, while GraniteShares 2x Short TSLA Daily ETF (TSDD) has a volatility of 24.30%. This indicates that HIBS experiences smaller price fluctuations and is considered to be less risky than TSDD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIBS	TSDD	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.04%	24.30%	-2.26%
Volatility (6M) Calculated over the trailing 6-month period	52.82%	54.96%	-2.14%
Volatility (1Y) Calculated over the trailing 1-year period	67.45%	92.61%	-25.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.46%	114.39%	-31.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.78%	114.39%	-19.61%

HIBS vs. TSDD - Expense Ratio Comparison

HIBS has a 1.06% expense ratio, which is lower than TSDD's 1.50% expense ratio.

Dividends

HIBS vs. TSDD - Dividend Comparison

HIBS's dividend yield for the trailing twelve months is around 11.62%, more than TSDD's 8.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	11.62%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%
TSDD GraniteShares 2x Short TSLA Daily ETF	8.58%	8.42%	0.00%	24.84%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HIBS and TSDD in my portfolio?

HIBS and TSDD have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIBS or TSDD?

TSDD has higher volatility (24.30%) compared to HIBS (22.04%). In terms of maximum drawdown, HIBS dropped -99.98% vs TSDD's -99.03%.

Which ETF is better, HIBS or TSDD?

On 1-year performance, TSDD leads with -64.48% vs -82.21% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HIBS has been the lower-risk option at 22.04%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIBS or TSDD?

Over the 1-year period, TSDD has performed better with a -64.48% return vs -82.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIBS or TSDD?

HIBS is cheaper with a 1.06% expense ratio, compared with 1.50% for TSDD.

Which ETF pays a higher dividend yield, HIBS or TSDD?

HIBS has the higher dividend yield at 11.62%, compared with 8.58% for TSDD.

What is the main difference between HIBS and TSDD?

They also come from different issuers: Direxion and GraniteShares. Their fees differ too: 1.06% for HIBS and 1.50% for TSDD.

Which has better risk-adjusted returns?

TSDD currently has the higher Sharpe Ratio (-0.70 vs -1.22), 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.