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 -54.42%/yr vs -30.52%/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 -61.28% return, which is significantly lower than TZA's -46.35% return.
HIBS
- 1D
- 11.66%
- 1M
- -22.55%
- YTD
- -61.28%
- 6M
- -58.56%
- 1Y
- -81.56%
- 3Y*
- -62.72%
- 5Y*
- -54.42%
- 10Y*
- —
TZA
- 1D
- 2.05%
- 1M
- -12.69%
- YTD
- -46.35%
- 6M
- -42.28%
- 1Y
- -67.58%
- 3Y*
- -46.88%
- 5Y*
- -30.52%
- 10Y*
- -44.17%
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 | -61.28% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
TZA Direxion Daily Small Cap Bear 3X Shares | -46.35% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -13.76% |
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 7, 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.
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 | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.77 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -1.00 | 0.00 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.56 | -0.05 |
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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 | -82.33% | -68.07% | -14.26% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -89.28% | -7.63% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -91.56% | -7.14% |
Max Drawdown (10Y)Largest decline over 10 years | — | -99.74% | — |
Current DrawdownCurrent decline from peak | -99.98% | -100.00% | +0.02% |
Average DrawdownAverage peak-to-trough decline | -93.13% | -97.99% | +4.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 53.14% | 43.46% | +9.68% |
Volatility
HIBS vs. TZA - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 35.05% compared to Direxion Daily Small Cap Bear 3X Shares (TZA) at 19.17%. 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 | 35.05% | 19.17% | +15.88% |
Volatility (6M)Calculated over the trailing 6-month period | 60.54% | 42.84% | +17.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.07% | 58.62% | +15.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.51% | 67.66% | +15.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.27% | 68.98% | +26.29% |
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 12.23%, more than TZA's 5.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 12.23% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.35% | 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 (35.05%) compared to TZA (19.17%). In terms of maximum drawdown, HIBS dropped -99.98% vs TZA's -100.00%.
On 5-year performance, TZA leads with -30.52% vs -54.42% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, TZA has been the lower-risk option at 19.17%. 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 -30.52% return vs -54.42%. 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 12.23%, compared with 5.35% 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 (-1.10 vs -1.16), 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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