SPXU vs. HIBL

Last updated Jul 17, 2026

SPXU (ProShares UltraPro Short S&P500) and HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), 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, SPXU returned -33.74%/yr vs 13.57%/yr for HIBL. At a correlation of -0.84, they often move in opposite directions. SPXU charges 0.90%/yr vs 1.12%/yr for HIBL.

Performance

SPXU vs. HIBL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares UltraPro Short S&P500 (SPXU) 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, SPXU achieves a -25.00% return, which is significantly lower than HIBL's 53.82% return.

SPXU

• 1D: 1.61%
• 1M: -0.30%
• 6M: -21.86%
• YTD: -25.00%
• 1Y: -41.21%
• 3Y*: -39.91%
• 5Y*: -33.74%
• 10Y*: -41.20%

HIBL

• 1D: -7.48%
• 1M: -18.82%
• 6M: 32.17%
• YTD: 53.82%
• 1Y: 120.18%
• 3Y*: 35.26%
• 5Y*: 13.57%
• 10Y*: —

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

SPXU vs. HIBL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SPXU ProShares UltraPro Short S&P500	-25.00%	-41.73%	-43.31%	-46.02%	36.05%	-57.94%	-70.39%	-14.04%
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	53.82%	60.38%	-0.40%	81.02%	-68.24%	129.14%	-24.96%	19.23%

Correlation

The correlation between SPXU and HIBL is -0.86, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	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 7, 2019	-0.84

The correlation between SPXU and HIBL has been stable across timeframes, ranging from -0.89 to -0.84 - a consistent structural relationship.

SPXU vs. HIBL - Sectors Allocation Comparison

Sectors	SPXU	HIBL
Financial Services	80.4%	2.8%
Basic Materials	-	0.6%
Communication Services	-	0.3%
Consumer Cyclical	-	2.4%
Consumer Defensive	-	0.2%
Energy	-	0.2%
Healthcare	-	1.2%
Industrials	-	2.6%
Real Estate	-	-
Technology	-	9.3%
Utilities	-	0.6%

Return for Risk

SPXU vs. HIBL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPXU

SPXU Risk / Return Rank: 1
SPXU Sharpe Ratio Rank: 1
SPXU Sortino Ratio Rank: 1
SPXU Omega Ratio Rank: 1
SPXU Calmar Ratio Rank: 1
SPXU Martin Ratio Rank: 0

HIBL

HIBL Risk / Return Rank: 66
HIBL Sharpe Ratio Rank: 58
HIBL Sortino Ratio Rank: 51
HIBL Omega Ratio Rank: 51
HIBL Calmar Ratio Rank: 87
HIBL Martin Ratio Rank: 80

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPXU vs. HIBL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short S&P500 (SPXU) 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.

	SPXU	HIBL	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	1.58	-2.69
Sortino ratio: Return per unit of downside risk	-1.71	2.05	-3.76
Omega ratio: Gain probability vs. loss probability	0.81	1.26	-0.45
Calmar ratio: Return relative to maximum drawdown	-0.94	3.85	-4.79
Martin ratio: Return relative to average drawdown	-1.61	12.17	-13.78

SPXU vs. HIBL - Sharpe Ratio Comparison

The current SPXU Sharpe Ratio is -1.10, which is lower than the HIBL Sharpe Ratio of 1.58. The chart below compares the historical Sharpe Ratios of SPXU 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

SPXU vs. HIBL - Drawdown Comparison

The maximum SPXU drawdown since its inception was -99.99%, which is greater than HIBL's maximum drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for SPXU and HIBL.

Drawdown Indicators

	SPXU	HIBL	Difference
Max Drawdown Largest peak-to-trough decline	-99.99%	-88.27%	-11.72%
Max Drawdown (1Y) Largest decline over 1 year	-43.83%	-31.39%	-12.44%
Max Drawdown (3Y) Largest decline over 3 years	-84.36%	-69.66%	-14.70%
Max Drawdown (5Y) Largest decline over 5 years	-90.23%	-81.58%	-8.65%
Max Drawdown (10Y) Largest decline over 10 years	-99.56%	—	—
Current Drawdown Current decline from peak	-99.99%	-26.30%	-73.69%
Average Drawdown Average peak-to-trough decline	-93.36%	-43.63%	-49.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.60%	9.92%	+15.68%

Volatility

SPXU vs. HIBL - Volatility Comparison

The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 10.37%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 29.86%. This indicates that SPXU 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

	SPXU	HIBL	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.37%	29.86%	-19.49%
Volatility (6M) Calculated over the trailing 6-month period	30.00%	63.21%	-33.21%
Volatility (1Y) Calculated over the trailing 1-year period	37.51%	76.34%	-38.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.67%	83.61%	-32.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.33%	92.48%	-39.15%

SPXU vs. HIBL - Expense Ratio Comparison

SPXU has a 0.90% expense ratio, which is lower than HIBL's 1.12% expense ratio.

Dividends

SPXU vs. HIBL - Dividend Comparison

SPXU's dividend yield for the trailing twelve months is around 6.92%, more than HIBL's 1.47% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares	1.47%	2.43%	0.82%	0.69%	0.00%	0.06%	0.19%	0.19%	0.00%	0.00%
SPXU ProShares UltraPro Short S&P500	6.92%	7.02%	9.53%	7.06%	0.39%	0.00%	0.70%	2.14%	1.41%	0.10%

Frequently Asked Questions

Can I hold both SPXU and HIBL in my portfolio?

SPXU and HIBL 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.

Which is riskier, SPXU or HIBL?

HIBL has higher volatility (29.86%) compared to SPXU (10.37%). In terms of maximum drawdown, SPXU dropped -99.99% vs HIBL's -88.27%.

Which ETF is better, SPXU or HIBL?

On 5-year performance, HIBL leads with 13.57% vs -33.74% for SPXU. On fees, SPXU is cheaper at 0.90% per year. On volatility, SPXU has been the lower-risk option at 10.37%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPXU or HIBL?

Over the 5-year period, HIBL has performed better with a 13.57% return vs -33.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPXU or HIBL?

SPXU is cheaper with a 0.90% expense ratio, compared with 1.12% for HIBL.

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

SPXU has the higher dividend yield at 6.92%, compared with 1.47% for HIBL.

What is the main difference between SPXU and HIBL?

SPXU is categorized as S&P 500, while HIBL is Leveraged Equities. SPXU tracks S&P 500 Index (-300%), while HIBL tracks S&P 500 High Beta Index (300%). They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SPXU and 1.12% for HIBL.

Which has better risk-adjusted returns?

HIBL currently has the higher Sharpe Ratio (1.58 vs -1.10), 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.