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 -53.53%/yr vs -31.37%/yr for TZA. Their correlation of 0.88 means they have usually moved in the same direction. HIBS charges 1.06%/yr vs 1.11%/yr for TZA.
Performance
HIBS vs. TZA - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HIBS achieves a -53.83% return, which is significantly lower than TZA's -43.24% return.
HIBS
- 1D
- 0.48%
- 1M
- 13.62%
- 6M
- -48.40%
- YTD
- -53.83%
- 1Y
- -72.12%
- 3Y*
- -56.71%
- 5Y*
- -53.53%
- 10Y*
- —
- ALL TIME*
- -67.24%
TZA
- 1D
- 1.46%
- 1M
- 6.63%
- 6M
- -33.61%
- YTD
- -43.24%
- 1Y
- -63.97%
- 3Y*
- -40.66%
- 5Y*
- -31.37%
- 10Y*
- -42.58%
- ALL TIME*
- -49.66%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.09M | $5.55M | $4.92M | |
| $153.79M | $463.04M | $1.03B |
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 | -53.83% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
TZA Direxion Daily Small Cap Bear 3X Shares | -43.24% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -13.76% |
Correlation
The correlation between HIBS and TZA is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.85 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.88 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.88 |
The correlation between HIBS and TZA has been stable across timeframes, ranging from 0.85 to 0.88 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
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 | TZA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.80 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.92 | +0.02 |
| Martin ratioReturn relative to average drawdown | -1.42 | -1.34 | -0.09 |
Loading charts...
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.
Loading charts...
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 | -79.06% | -67.34% | -11.72% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -89.50% | -7.41% |
Max Drawdown (5Y)Largest decline over 5 years | -98.61% | -91.74% | -6.87% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.67% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.24% | -98.00% | +4.76% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 49.54% | 46.18% | +3.36% |
Volatility
HIBS vs. TZA - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 29.61% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 11.25%. 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.
Loading charts...
Volatility by Period
| HIBS | TZA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.61% | 11.25% | +18.36% |
Volatility (6M)Calculated over the trailing 6-month period | 66.67% | 42.35% | +24.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 80.06% | 57.73% | +22.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.97% | 67.27% | +16.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.36% | 68.83% | +26.53% |
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 7.69%, more than TZA's 4.67% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 7.69% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 4.67% | 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 (29.61%) compared to TZA (11.25%). In terms of maximum drawdown, HIBS dropped -99.98% vs TZA's -100.00%.
On 5-year performance, TZA leads with -31.37% vs -53.53% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, TZA has been the lower-risk option at 11.25%. 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 -31.37% return vs -53.53%. 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 7.69%, compared with 4.67% 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.
HIBS currently has the higher Sharpe Ratio (-0.88 vs -1.07), 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.
Find the right allocation for HIBS and TZA
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer