LABD vs. HIBS
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%), while HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, LABD returned -43.68%/yr vs -55.71%/yr for HIBS. A 0.56 correlation means they provide meaningful diversification when combined. Both charge a 1.06% expense ratio.
Performance
LABD vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -52.30% return, which is significantly higher than HIBS's -65.32% return.
LABD
- 1D
- -11.43%
- 1M
- -30.12%
- YTD
- -52.30%
- 6M
- -47.57%
- 1Y
- -86.60%
- 3Y*
- -56.54%
- 5Y*
- -43.68%
- 10Y*
- -58.96%
HIBS
- 1D
- -4.12%
- 1M
- -30.64%
- YTD
- -65.32%
- 6M
- -62.41%
- 1Y
- -83.91%
- 3Y*
- -64.07%
- 5Y*
- -55.71%
- 10Y*
- —
LABD vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -52.30% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -38.73% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -65.32% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between LABD and HIBS is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.56 |
The correlation between LABD and HIBS shifts across timeframes, from 0.49 (1 year) to 0.61 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
LABD vs. HIBS — Risk / Return Rank
LABD
HIBS
LABD vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P Biotech Bear 3x Shares (LABD) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). 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.
| LABD | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.15 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 0.70 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -1.01 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.36 | -1.59 | +0.23 |
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Drawdowns
LABD vs. HIBS - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for LABD and HIBS.
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Drawdown Indicators
| LABD | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.98% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -86.62% | -83.48% | -3.14% |
Max Drawdown (3Y)Largest decline over 3 years | -96.29% | -96.91% | +0.62% |
Max Drawdown (5Y)Largest decline over 5 years | -98.61% | -98.70% | +0.09% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -99.98% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -90.99% | -93.13% | +2.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 63.77% | 53.96% | +9.81% |
Volatility
LABD vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily S&P Biotech Bear 3x Shares (LABD) is 29.95%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 32.66%. This indicates that LABD experiences smaller price fluctuations and is considered to be less risky than HIBS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABD | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.95% | 32.66% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 65.24% | 59.45% | +5.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 78.91% | 73.19% | +5.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.66% | 83.35% | +13.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 96.07% | 95.18% | +0.89% |
LABD vs. HIBS - Expense Ratio Comparison
Both LABD and HIBS have an expense ratio of 1.06%.
Dividends
LABD vs. HIBS - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 9.48%, less than HIBS's 13.66% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 13.66% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
LABD Direxion Daily S&P Biotech Bear 3x Shares | 9.48% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% |
Frequently Asked Questions
LABD and HIBS have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (32.66%) compared to LABD (29.95%). In terms of maximum drawdown, LABD dropped -99.99% vs HIBS's -99.98%.
On 5-year performance, LABD leads with -43.68% vs -55.71% for HIBS. Both ETFs have the same 1.06% expense ratio. On volatility, LABD has been the lower-risk option at 29.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LABD has performed better with a -43.68% return vs -55.71%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LABD and HIBS have the same expense ratio: 1.06% per year.
HIBS has the higher dividend yield at 13.66%, compared with 9.48% for LABD.
LABD is categorized as Leveraged Equities, while HIBS is Inverse Equities. LABD tracks S&P Biotechnology Select Industry Index (-300%), while HIBS tracks S&P 500® High Beta Index.
LABD currently has the higher Sharpe Ratio (-1.10 vs -1.15), 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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