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 -33.55%/yr vs -54.56%/yr for HIBS. Their correlation of 0.84 means they have usually moved in the same direction. 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 -30.39% return, which is significantly higher than HIBS's -61.63% return.
SPXS
- 1D
- 0.66%
- 1M
- -6.84%
- 6M
- -29.64%
- YTD
- -30.39%
- 1Y
- -44.53%
- 3Y*
- -41.71%
- 5Y*
- -33.55%
- 10Y*
- -41.54%
- ALL TIME*
- -44.94%
HIBS
- 1D
- 1.93%
- 1M
- -0.58%
- 6M
- -57.68%
- YTD
- -61.63%
- 1Y
- -76.33%
- 3Y*
- -60.94%
- 5Y*
- -54.56%
- 10Y*
- —
- ALL TIME*
- -68.06%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $7.08M | $5.48M | $4.97M | |
| $344.98M | $288.31M | $338.49M |
SPXS vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | -30.39% | -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 | -61.63% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between SPXS and HIBS is 0.85, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.85 |
Correlation (3Y) Balances recent behavior with more history. | 0.87 |
Correlation (5Y) Shows whether the relationship held over a longer 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 | -0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.05 | ||
| Omega ratioGain probability vs. loss probability | 0.80 | 0.80 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.97 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.80 | -1.52 | -0.28 |
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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 | -45.14% | -78.96% | +33.82% |
Max Drawdown (3Y)Largest decline over 3 years | -84.95% | -96.91% | +11.96% |
Max Drawdown (5Y)Largest decline over 5 years | -90.62% | -98.61% | +7.99% |
Max Drawdown (10Y)Largest decline over 10 years | -99.58% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -96.32% | -93.25% | -3.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.32% | 50.04% | -24.72% |
Volatility
SPXS vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily S&P 500 Bear 3X Shares (SPXS) is 12.42%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 30.63%. 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 | 12.42% | 30.63% | -18.21% |
Volatility (6M)Calculated over the trailing 6-month period | 31.05% | 67.54% | -36.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.62% | 80.79% | -42.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.86% | 84.15% | -33.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.62% | 95.42% | -41.80% |
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 4.88%, less than HIBS's 9.25% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.25% | 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 | 4.88% | 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 (30.63%) compared to SPXS (12.42%). In terms of maximum drawdown, SPXS dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, SPXS leads with -33.55% vs -54.56% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, SPXS has been the lower-risk option at 12.42%. 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 -33.55% return vs -54.56%. 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 9.25%, compared with 4.88% 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 -1.16), 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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