LABD vs. XBI
LABD (Direxion Daily S&P Biotech Bear 3x Shares) and XBI (SPDR S&P Biotech ETF) are both exchange-traded funds - LABD is a Leveraged Equities fund tracking the S&P Biotechnology Select Industry Index (-300%), while XBI is a Health & Biotech Equities fund tracking the S&P Biotechnology Select Industry Index. Both are passively managed. Over the past 10 years, LABD returned -56.11%/yr vs 8.53%/yr for XBI. At a correlation of -1.00, they often move in opposite directions. LABD charges 1.06%/yr vs 0.35%/yr for XBI.
Performance
LABD vs. XBI - Performance Comparison
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Returns By Period
In the year-to-date period, LABD achieves a -29.83% return, which is significantly lower than XBI's 6.48% return. Over the past 10 years, LABD has underperformed XBI with an annualized return of -56.11%, while XBI has yielded a comparatively higher 8.53% annualized return.
LABD
- 1D
- -4.73%
- 1M
- 4.70%
- YTD
- -29.83%
- 6M
- -31.22%
- 1Y
- -80.27%
- 3Y*
- -49.85%
- 5Y*
- -41.45%
- 10Y*
- -56.11%
XBI
- 1D
- 1.62%
- 1M
- -2.75%
- YTD
- 6.48%
- 6M
- 6.92%
- 1Y
- 58.25%
- 3Y*
- 14.73%
- 5Y*
- 0.59%
- 10Y*
- 8.53%
LABD vs. XBI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | -29.83% | -70.07% | -21.43% | -41.77% | -32.68% | 1.86% | -89.75% | -70.80% | -6.26% | -75.67% |
XBI SPDR S&P Biotech ETF | 6.48% | 35.89% | 1.01% | 7.60% | -25.87% | -20.45% | 48.33% | 32.56% | -15.28% | 43.77% |
Correlation
The correlation between LABD and XBI is -1.00, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -1.00 |
Correlation (3Y) Calculated over the trailing 3-year period | -1.00 |
Correlation (5Y) Calculated over the trailing 5-year period | -1.00 |
Correlation (10Y) Calculated over the trailing 10-year period | -1.00 |
Correlation (All Time) Calculated using the full available price history since May 29, 2015 | -1.00 |
The correlation between LABD and XBI has been stable across timeframes, ranging from -1.00 to -1.00 - a consistent structural relationship.
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Return for Risk
LABD vs. XBI — Risk / Return Rank
LABD
XBI
LABD vs. XBI - 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 SPDR S&P Biotech ETF (XBI). 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.
| LABD | XBI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.36 | ||
| Sortino ratioReturn per unit of downside risk | -5.38 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.38 | -0.63 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 6.02 | -6.99 |
| Martin ratioReturn relative to average drawdown | -1.31 | 18.30 | -19.61 |
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
| LABD | XBI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.06 | 2.30 | -3.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.43 | 0.02 | -0.45 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.59 | 0.27 | -0.85 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.54 | 0.36 | -0.90 |
Drawdowns
LABD vs. XBI - Drawdown Comparison
The maximum LABD drawdown since its inception was -99.99%, which is greater than XBI's maximum drawdown of -63.89%. Use the drawdown chart below to compare losses from any high point for LABD and XBI.
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Drawdown Indicators
| LABD | XBI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -63.89% | -36.10% |
Max Drawdown (1Y)Largest decline over 1 year | -83.21% | -9.72% | -73.49% |
Max Drawdown (3Y)Largest decline over 3 years | -95.31% | -32.99% | -62.32% |
Max Drawdown (5Y)Largest decline over 5 years | -98.24% | -54.71% | -43.53% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | -63.89% | -36.09% |
Current DrawdownCurrent decline from peak | -99.99% | -24.96% | -75.03% |
Average DrawdownAverage peak-to-trough decline | -90.92% | -20.93% | -69.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 61.36% | 3.19% | +58.17% |
Volatility
LABD vs. XBI - Volatility Comparison
Direxion Daily S&P Biotech Bear 3x Shares (LABD) has a higher volatility of 27.46% compared to SPDR S&P Biotech ETF (XBI) at 9.26%. This indicates that LABD's price experiences larger fluctuations and is considered to be riskier than XBI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LABD | XBI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 27.46% | 9.26% | +18.20% |
Volatility (6M)Calculated over the trailing 6-month period | 61.67% | 20.18% | +41.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 75.77% | 25.50% | +50.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 96.26% | 32.18% | +64.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.93% | 32.00% | +63.93% |
LABD vs. XBI - Expense Ratio Comparison
LABD has a 1.06% expense ratio, which is higher than XBI's 0.35% expense ratio.
Dividends
LABD vs. XBI - Dividend Comparison
LABD's dividend yield for the trailing twelve months is around 6.45%, more than XBI's 0.34% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LABD Direxion Daily S&P Biotech Bear 3x Shares | 6.45% | 6.67% | 4.68% | 6.13% | 0.53% | 0.00% | 3.94% | 1.75% | 0.81% | 0.00% | 0.00% | 0.00% |
XBI SPDR S&P Biotech ETF | 0.34% | 0.37% | 0.15% | 0.02% | 0.00% | 0.04% | 0.20% | 0.00% | 0.28% | 0.24% | 0.26% | 0.61% |
Frequently Asked Questions
LABD and XBI have a correlation of -1.00, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LABD has higher volatility (27.46%) compared to XBI (9.26%). In terms of maximum drawdown, LABD dropped -99.99% vs XBI's -63.89%.
On 10-year performance, XBI leads with 8.53% vs -56.11% for LABD. On fees, XBI is cheaper at 0.35% per year. On volatility, XBI has been the lower-risk option at 9.26%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, XBI has performed better with a 8.53% return vs -56.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
XBI is cheaper with a 0.35% expense ratio, compared with 1.06% for LABD.
LABD has the higher dividend yield at 6.45%, compared with 0.34% for XBI.
LABD is categorized as Leveraged Equities, while XBI is Health & Biotech Equities. LABD tracks S&P Biotechnology Select Industry Index (-300%), while XBI tracks S&P Biotechnology Select Industry Index. They also come from different issuers: Direxion and State Street. Their fees differ too: 1.06% for LABD and 0.35% for XBI.
XBI currently has the higher Sharpe Ratio (2.30 vs -1.06), 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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