HIBS vs. TZA
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and TZA (Direxion Daily Small Cap Bear 3X Shares) are both exchange-traded funds - HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index, while TZA is a Leveraged Equities fund tracking the Russell 2000 Index (-300%). Both are passively managed. Over the past 5 years, HIBS returned -53.79%/yr vs -30.81%/yr for TZA. Their correlation of 0.88 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 1.11%/yr for TZA.
Performance
HIBS vs. TZA - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -60.48% return, which is significantly lower than TZA's -42.59% return.
HIBS
- 1D
- -5.60%
- 1M
- -32.77%
- YTD
- -60.48%
- 6M
- -63.58%
- 1Y
- -83.87%
- 3Y*
- -63.29%
- 5Y*
- -53.79%
- 10Y*
- —
TZA
- 1D
- -2.73%
- 1M
- -12.86%
- YTD
- -42.59%
- 6M
- -43.80%
- 1Y
- -68.39%
- 3Y*
- -45.37%
- 5Y*
- -30.81%
- 10Y*
- -43.35%
HIBS vs. TZA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -60.48% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
TZA Direxion Daily Small Cap Bear 3X Shares | -42.59% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -13.14% |
Correlation
The correlation between HIBS and TZA 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 8, 2019 | 0.88 |
The correlation between HIBS and TZA 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. TZA — Risk / Return Rank
HIBS
TZA
HIBS vs. TZA - 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 Small Cap Bear 3X Shares (TZA). 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 | TZA | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -1.24 | -1.20 | -0.04 |
Sortino ratioReturn per unit of downside risk | -3.08 | -2.25 | -0.82 |
Omega ratioGain probability vs. loss probability | 0.68 | 0.76 | -0.08 |
Calmar ratioReturn relative to maximum drawdown | -1.01 | -1.00 | 0.00 |
Martin ratioReturn relative to average drawdown | -1.51 | -1.52 | +0.01 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIBS | TZA | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.24 | -1.20 | -0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.46 | -0.20 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.71 | -0.01 |
Drawdowns
HIBS vs. TZA - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, roughly equal to the maximum TZA drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HIBS and TZA.
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Drawdown Indicators
| HIBS | TZA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -100.00% | +0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -83.13% | -67.28% | -15.85% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -88.34% | -8.14% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -90.83% | -7.69% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.71% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -98.00% | +4.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.90% | 45.20% | +10.70% |
Volatility
HIBS vs. TZA - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 21.89% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 16.58%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than TZA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.89% | 16.58% | +5.31% |
Volatility (6M)Calculated over the trailing 6-month period | 52.77% | 40.62% | +12.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.61% | 56.90% | +10.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.47% | 67.42% | +15.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.83% | 68.91% | +25.92% |
HIBS vs. TZA - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is lower than TZA's 1.11% expense ratio.
Dividends
HIBS vs. TZA - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 11.98%, more than TZA's 5.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.98% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.00% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
HIBS and TZA 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 (21.89%) compared to TZA (16.58%). In terms of maximum drawdown, HIBS dropped -99.98% vs TZA's -100.00%.
On 5-year performance, TZA leads with -30.81% vs -53.79% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, TZA has been the lower-risk option at 16.58%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TZA has performed better with a -30.81% return vs -53.79%. 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 1.11% for TZA.
HIBS has the higher dividend yield at 11.98%, compared with 5.00% for TZA.
HIBS is categorized as Inverse Equities, while TZA is Leveraged Equities. HIBS tracks S&P 500® High Beta Index, while TZA tracks Russell 2000 Index (-300%). Their fees differ too: 1.06% for HIBS and 1.11% for TZA.
TZA currently has the higher Sharpe Ratio (-1.20 vs -1.24), 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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