SPHB vs. HIBL

Last updated Aug 2, 2026

SPHB (Invesco S&P 500® High Beta ETF) and HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) are both exchange-traded funds - SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index, while HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%). Both are passively managed. Over the past 5 years, SPHB returned 14.83%/yr vs 9.40%/yr for HIBL. Their 0.99 correlation means they have historically moved very closely together. SPHB charges 0.25%/yr vs 1.12%/yr for HIBL.

Performance

SPHB vs. HIBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500® High Beta ETF (SPHB) and Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHB achieves a 19.95% return, which is significantly lower than HIBL's 40.96% return.

SPHB

• 1D: 0.05%
• 1M: -5.41%
• 6M: 15.81%
• YTD: 19.95%
• 1Y: 39.56%
• 3Y*: 21.36%
• 5Y*: 14.83%
• 10Y*: 17.94%
• ALL TIME*: 13.56%

HIBL

• 1D: 0.35%
• 1M: -17.96%
• 6M: 28.73%
• YTD: 40.96%
• 1Y: 102.38%
• 3Y*: 30.75%
• 5Y*: 9.40%
• 10Y*: —
• ALL TIME*: 15.61%

*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)
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	$5.52M	$6.17M	$6.51M
SPHB Invesco S&P 500® High Beta ETF	$46.45M	$55.30M	$54.87M

SPHB vs. HIBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPHB Invesco S&P 500® High Beta ETF	19.95%	32.87%	8.48%	33.28%	-20.59%	40.58%	25.56%	7.65%
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	40.96%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	19.23%

Correlation

The correlation between SPHB and HIBL is 1.00 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	1.00
Correlation (3Y) Balances recent behavior with more history.	1.00
Correlation (5Y) Shows whether the relationship held over a longer period.	1.00
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019	0.99

The correlation between SPHB and HIBL has been stable across timeframes, ranging from 0.99 to 1.00 - a consistent structural relationship.

SPHB vs. HIBL - Sectors Allocation Comparison

Sectors	SPHB	HIBL
Technology	45.0%	46.6%
Financial Services	14.9%	12.4%
Industrials	13.0%	15.8%
Consumer Cyclical	10.6%	12.4%
Healthcare	5.9%	5.6%
Utilities	3.5%	2.3%
Basic Materials	2.3%	2.1%
Communication Services	1.6%	2.1%
Consumer Defensive	0.9%	0.8%
Energy	0.8%	0.2%
Real Estate	-	-

Return for Risk

SPHB vs. HIBL — Risk / Return Rank

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

SPHB

SPHB Risk / Return Rank: 65
SPHB Sharpe Ratio Rank: 61
SPHB Sortino Ratio Rank: 57
SPHB Omega Ratio Rank: 56
SPHB Calmar Ratio Rank: 75
SPHB Martin Ratio Rank: 78

HIBL

HIBL Risk / Return Rank: 55
HIBL Sharpe Ratio Rank: 46
HIBL Sortino Ratio Rank: 49
HIBL Omega Ratio Rank: 48
HIBL Calmar Ratio Rank: 65
HIBL Martin Ratio Rank: 64

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.

SPHB vs. HIBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500® High Beta ETF (SPHB) and Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL). 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.

	SPHB	HIBL	Difference
Sharpe ratio: Return per unit of total volatility	1.43	1.15	+0.28
Sortino ratio: Return per unit of downside risk	1.95	1.76	+0.19
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	2.63	2.26	+0.38
Martin ratio: Return relative to average drawdown	9.86	7.72	+2.13

SPHB vs. HIBL - Sharpe Ratio Comparison

The current SPHB Sharpe Ratio is 1.43, which is comparable to the HIBL Sharpe Ratio of 1.15. The chart below compares the historical Sharpe Ratios of SPHB and HIBL, 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

SPHB vs. HIBL - Drawdown Comparison

The maximum SPHB drawdown since its inception was -46.84%, smaller than the maximum HIBL drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for SPHB and HIBL.

Drawdown Indicators

	SPHB	HIBL	Difference
Max Drawdown Largest peak-to-trough decline	-46.84%	-88.27%	+41.43%
Max Drawdown (1Y) Largest decline over 1 year	-14.11%	-40.14%	+26.03%
Max Drawdown (3Y) Largest decline over 3 years	-29.21%	-69.66%	+40.45%
Max Drawdown (5Y) Largest decline over 5 years	-31.49%	-81.58%	+50.09%
Max Drawdown (10Y) Largest decline over 10 years	-46.84%	—	—
Current Drawdown Current decline from peak	-10.79%	-32.46%	+21.67%
Average Drawdown Average peak-to-trough decline	-8.47%	-43.55%	+35.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.76%	11.72%	-7.96%

Volatility

SPHB vs. HIBL - Volatility Comparison

The current volatility for Invesco S&P 500® High Beta ETF (SPHB) is 9.30%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 28.93%. This indicates that SPHB experiences smaller price fluctuations and is considered to be less risky than HIBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPHB	HIBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.30%	28.93%	-19.63%
Volatility (6M) Calculated over the trailing 6-month period	21.54%	65.61%	-44.07%
Volatility (1Y) Calculated over the trailing 1-year period	26.09%	78.96%	-52.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.84%	83.72%	-55.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.57%	92.54%	-63.97%

SPHB vs. HIBL - Expense Ratio Comparison

SPHB has a 0.25% expense ratio, which is lower than HIBL's 1.12% expense ratio.

Dividends

SPHB vs. HIBL - Dividend Comparison

SPHB's dividend yield for the trailing twelve months is around 0.58%, less than HIBL's 1.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.61%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%	0.00%	0.00%
SPHB Invesco S&P 500® High Beta ETF	0.58%	0.60%	0.80%	0.73%	0.72%	0.91%	1.90%	1.26%	1.96%	1.34%	0.93%	1.69%

Frequently Asked Questions

Can I hold both SPHB and HIBL in my portfolio?

With a correlation of 1.00, SPHB and HIBL move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, SPHB or HIBL?

HIBL has higher volatility (28.93%) compared to SPHB (9.30%). In terms of maximum drawdown, SPHB dropped -46.84% vs HIBL's -88.27%.

Which ETF is better, SPHB or HIBL?

On 5-year performance, SPHB leads with 14.83% vs 9.40% for HIBL. On fees, SPHB is cheaper at 0.25% per year. On volatility, SPHB has been the lower-risk option at 9.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHB or HIBL?

Over the 5-year period, SPHB has performed better with a 14.83% return vs 9.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHB or HIBL?

SPHB is cheaper with a 0.25% expense ratio, compared with 1.12% for HIBL.

Which ETF pays a higher dividend yield, SPHB or HIBL?

HIBL has the higher dividend yield at 1.61%, compared with 0.58% for SPHB.

What is the main difference between SPHB and HIBL?

SPHB is categorized as S&P 500, while HIBL is Leveraged Equities. SPHB tracks S&P 500 High Beta Index, while HIBL tracks S&P 500 High Beta Index (300%). They also come from different issuers: Invesco and Direxion. Their fees differ too: 0.25% for SPHB and 1.12% for HIBL.

Which has better risk-adjusted returns?

SPHB currently has the higher Sharpe Ratio (1.43 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.