SPXS vs. HIBS
SPXS (Direxion Daily S&P 500 Bear 3X Shares) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both Inverse Equities funds from Direxion - SPXS tracks the S&P 500 Index (-300%) while HIBS tracks the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, SPXS returned -33.62%/yr vs -55.09%/yr for HIBS. Their correlation of 0.84 suggests significant overlap in exposure. SPXS charges 1.08%/yr vs 1.06%/yr for HIBS.
Performance
SPXS vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXS achieves a -24.88% return, which is significantly higher than HIBS's -55.49% return.
SPXS
- 1D
- 1.67%
- 1M
- -0.21%
- 6M
- -21.79%
- YTD
- -24.88%
- 1Y
- -41.05%
- 3Y*
- -39.52%
- 5Y*
- -33.62%
- 10Y*
- -41.24%
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SPXS vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -24.88% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -14.06% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between SPXS and HIBS 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 | 0.87 |
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 | 0.84 |
The correlation between SPXS and HIBS has been stable across timeframes, ranging from 0.84 to 0.89 - a consistent structural relationship.
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Return for Risk
SPXS vs. HIBS — Risk / Return Rank
SPXS
HIBS
SPXS vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.14 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 0.81 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.93 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.55 | -0.07 |
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Drawdowns
SPXS vs. HIBS - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SPXS and HIBS.
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Drawdown Indicators
| SPXS | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -43.64% | -79.06% | +35.42% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -96.91% | +12.78% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -98.70% | +8.59% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -96.31% | -93.20% | -3.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.40% | 47.30% | -21.90% |
Volatility
SPXS vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 10.70%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 29.60%. This indicates that SPXS 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
| SPXS | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.70% | 29.60% | -18.90% |
Volatility (6M)Calculated over the trailing 6-month period | 30.07% | 64.22% | -34.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.65% | 77.53% | -39.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.74% | 83.90% | -33.16% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 95.33% | -41.83% |
SPXS vs. HIBS - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is higher than HIBS's 1.06% expense ratio.
Dividends
SPXS vs. HIBS - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 4.52%, less than HIBS's 7.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 7.97% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SPXS Direxion Daily S&P 500 Bear 3X Shares | 4.52% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
Frequently Asked Questions
SPXS and HIBS 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 (29.60%) compared to SPXS (10.70%). In terms of maximum drawdown, SPXS dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, SPXS leads with -33.62% vs -55.09% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 10.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SPXS has performed better with a -33.62% return vs -55.09%. 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 1.08% for SPXS.
HIBS has the higher dividend yield at 7.97%, compared with 4.52% for SPXS.
SPXS tracks S&P 500 Index (-300%), while HIBS tracks S&P 500® High Beta Index. Their fees differ too: 1.08% for SPXS and 1.06% for HIBS.
HIBS currently has the higher Sharpe Ratio (-0.95 vs -1.09), 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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