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 -34.91%/yr vs -53.41%/yr for HIBS. Their correlation of 0.85 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 -26.34% return, which is significantly higher than HIBS's -59.26% return.
SPXS
- 1D
- -1.15%
- 1M
- -12.09%
- YTD
- -26.34%
- 6M
- -25.57%
- 1Y
- -49.42%
- 3Y*
- -43.02%
- 5Y*
- -34.91%
- 10Y*
- -41.99%
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 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 | -26.34% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -13.10% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -59.26% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
Correlation
The correlation between SPXS and HIBS is 0.86, 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 | 0.86 |
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 8, 2019 | 0.85 |
The correlation between SPXS and HIBS has been stable across timeframes, ranging from 0.85 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.
| SPXS | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | +0.55 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 0.70 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.64 | -1.50 | -0.13 |
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
| SPXS | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.40 | -1.22 | -0.17 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.70 | -0.65 | -0.05 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.79 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.84 | -0.73 | -0.11 |
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 | -50.77% | -83.13% | +32.36% |
Max Drawdown (3Y)Largest decline over 3 years | -84.13% | -96.48% | +12.35% |
Max Drawdown (5Y)Largest decline over 5 years | -90.11% | -98.52% | +8.41% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -96.30% | -93.14% | -3.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.20% | 54.63% | -24.43% |
Volatility
SPXS vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 8.36%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 22.04%. 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 | 8.36% | 22.04% | -13.68% |
Volatility (6M)Calculated over the trailing 6-month period | 26.83% | 52.82% | -25.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.52% | 67.45% | -31.93% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.38% | 82.46% | -32.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.53% | 94.78% | -41.25% |
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 4.97%, less than HIBS's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.62% | 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 | 4.97% | 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 0.86, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.04%) compared to SPXS (8.36%). In terms of maximum drawdown, SPXS dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, SPXS leads with -34.91% vs -53.41% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 8.36%. 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 -34.91% return vs -53.41%. 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 11.62%, compared with 4.97% 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 (-1.22 vs -1.40), 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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