NFXS vs. HIBS

Last updated Aug 4, 2026

NFXS (Direxion Daily NFLX Bear 1X Shares) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds from Direxion. NFXS is actively managed, while HIBS is passively managed. Over the past year, NFXS returned 49.59% vs -74.19% for HIBS. Their 0.17 correlation means their historical movements had little consistent relationship. NFXS charges 1.03%/yr vs 1.06%/yr for HIBS.

Performance

NFXS vs. HIBS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Direxion Daily NFLX Bear 1X Shares (NFXS) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, NFXS achieves a 22.37% return, which is significantly higher than HIBS's -57.25% return.

NFXS

• 1D: -2.09%
• 1M: 5.48%
• 6M: 7.74%
• YTD: 22.37%
• 1Y: 49.59%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -6.83%

HIBS

• 1D: -7.41%
• 1M: 5.19%
• 6M: -50.01%
• YTD: -57.25%
• 1Y: -74.19%
• 3Y*: -59.51%
• 5Y*: -54.45%
• 10Y*: —
• ALL TIME*: -67.57%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	$7.00M	$5.46M	$4.96M
NFXS Direxion Daily NFLX Bear 1X Shares	$438.99K	$959.25K	$649.73K

NFXS vs. HIBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024
NFXS Direxion Daily NFLX Bear 1X Shares	22.37%	-8.56%	-21.49%
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-57.25%	-72.44%	-2.97%

Correlation

The correlation between NFXS and HIBS is -0.06, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 3, 2024	0.17

The correlation between NFXS and HIBS shifts across timeframes, from -0.06 (1 year) to 0.17 (all time), reflecting how their relationship changes across market environments.

Return for Risk

NFXS vs. HIBS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NFXS

NFXS Risk / Return Rank: 49
NFXS Sharpe Ratio Rank: 53
NFXS Sortino Ratio Rank: 53
NFXS Omega Ratio Rank: 60
NFXS Calmar Ratio Rank: 41
NFXS Martin Ratio Rank: 39

HIBS

HIBS Risk / Return Rank: 1
HIBS Sharpe Ratio Rank: 2
HIBS Sortino Ratio Rank: 1
HIBS Omega Ratio Rank: 1
HIBS Calmar Ratio Rank: 1
HIBS Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NFXS vs. HIBS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Direxion Daily NFLX Bear 1X Shares (NFXS) 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.

	NFXS	HIBS	Difference
Sharpe ratio: Return per unit of total volatility	1.42	-0.93	+2.35
Sortino ratio: Return per unit of downside risk	2.03	-1.78	+3.81
Omega ratio: Gain probability vs. loss probability	1.28	0.81	+0.47
Calmar ratio: Return relative to maximum drawdown	1.59	-0.94	+2.53
Martin ratio: Return relative to average drawdown	4.30	-1.50	+5.80

NFXS vs. HIBS - Sharpe Ratio Comparison

The current NFXS Sharpe Ratio is 1.42, which is higher than the HIBS Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of NFXS and HIBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

NFXS vs. HIBS - Drawdown Comparison

The maximum NFXS drawdown since its inception was -50.37%, smaller than the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for NFXS and HIBS.

Drawdown Indicators

	NFXS	HIBS	Difference
Max Drawdown Largest peak-to-trough decline	-50.37%	-99.98%	+49.61%
Max Drawdown (1Y) Largest decline over 1 year	-31.31%	-78.96%	+47.65%
Max Drawdown (3Y) Largest decline over 3 years	—	-96.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-98.61%	—
Current Drawdown Current decline from peak	-14.17%	-99.98%	+85.81%
Average Drawdown Average peak-to-trough decline	-30.77%	-93.25%	+62.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.55%	49.76%	-38.21%

Volatility

NFXS vs. HIBS - Volatility Comparison

The current volatility for Direxion Daily NFLX Bear 1X Shares (NFXS) is 9.93%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 29.66%. This indicates that NFXS 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.

Volatility by Period

	NFXS	HIBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	29.66%	-19.73%
Volatility (6M) Calculated over the trailing 6-month period	28.52%	66.62%	-38.10%
Volatility (1Y) Calculated over the trailing 1-year period	35.14%	80.17%	-45.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.93%	84.05%	-49.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.93%	95.37%	-60.44%

NFXS vs. HIBS - Expense Ratio Comparison

NFXS has a 1.03% expense ratio, which is lower than HIBS's 1.06% expense ratio.

Dividends

NFXS vs. HIBS - Dividend Comparison

NFXS's dividend yield for the trailing twelve months is around 2.90%, less than HIBS's 8.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	8.30%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%
NFXS Direxion Daily NFLX Bear 1X Shares	2.90%	3.53%	0.87%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both NFXS and HIBS in my portfolio?

NFXS and HIBS have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NFXS or HIBS?

HIBS has higher volatility (29.66%) compared to NFXS (9.93%). In terms of maximum drawdown, NFXS dropped -50.37% vs HIBS's -99.98%.

Which ETF is better, NFXS or HIBS?

On 1-year performance, NFXS leads with 49.59% vs -74.19% for HIBS. On fees, NFXS is cheaper at 1.03% per year. On volatility, NFXS has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NFXS or HIBS?

Over the 1-year period, NFXS has performed better with a 49.59% return vs -74.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NFXS or HIBS?

NFXS is cheaper with a 1.03% expense ratio, compared with 1.06% for HIBS.

Which ETF pays a higher dividend yield, NFXS or HIBS?

HIBS has the higher dividend yield at 8.30%, compared with 2.90% for NFXS.

What is the main difference between NFXS and HIBS?

Their fees differ too: 1.03% for NFXS and 1.06% for HIBS.

Which has better risk-adjusted returns?

NFXS currently has the higher Sharpe Ratio (1.42 vs -0.93), 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.