SPXU vs. HIBS
SPXU (ProShares UltraPro Short S&P500) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - SPXU is a S&P 500 fund tracking the S&P 500 Index (-300%), while HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, SPXU returned -33.74%/yr vs -55.09%/yr for HIBS. Their correlation of 0.85 suggests significant overlap in exposure. SPXU charges 0.90%/yr vs 1.06%/yr for HIBS.
Performance
SPXU vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, SPXU achieves a -25.00% return, which is significantly higher than HIBS's -55.49% 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%
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
SPXU vs. HIBS - 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% |
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 SPXU 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 7, 2019 | 0.85 |
The correlation between SPXU 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
SPXU vs. HIBS — Risk / Return Rank
SPXU
HIBS
SPXU vs. HIBS - 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 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.
| SPXU | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.16 | ||
| Sortino ratioReturn per unit of downside risk | +0.12 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.81 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.94 | -0.93 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.61 | -1.55 | -0.06 |
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Drawdowns
SPXU vs. HIBS - Drawdown Comparison
The maximum SPXU drawdown since its inception was -99.99%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SPXU and HIBS.
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Drawdown Indicators
| SPXU | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.99% | -99.98% | -0.01% |
Max Drawdown (1Y)Largest decline over 1 year | -43.83% | -79.06% | +35.23% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -96.91% | +12.55% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -98.70% | +8.47% |
Max Drawdown (10Y)Largest decline over 10 years | -99.56% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -99.98% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -93.36% | -93.20% | -0.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.60% | 47.30% | -21.70% |
Volatility
SPXU vs. HIBS - Volatility Comparison
The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 10.37%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 29.60%. This indicates that SPXU 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
| SPXU | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.37% | 29.60% | -19.23% |
Volatility (6M)Calculated over the trailing 6-month period | 30.00% | 64.22% | -34.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.51% | 77.53% | -40.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.67% | 83.90% | -33.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.33% | 95.33% | -42.00% |
SPXU vs. HIBS - Expense Ratio Comparison
SPXU has a 0.90% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
SPXU vs. HIBS - Dividend Comparison
SPXU's dividend yield for the trailing twelve months is around 6.92%, less than HIBS's 7.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 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
SPXU 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 (29.60%) compared to SPXU (10.37%). In terms of maximum drawdown, SPXU dropped -99.99% vs HIBS's -99.98%.
On 5-year performance, SPXU leads with -33.74% vs -55.09% for HIBS. 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.
Over the 5-year period, SPXU has performed better with a -33.74% return vs -55.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.90% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 7.97%, compared with 6.92% for SPXU.
SPXU is categorized as S&P 500, while HIBS is Inverse Equities. SPXU tracks S&P 500 Index (-300%), while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.90% for SPXU and 1.06% for HIBS.
HIBS currently has the higher Sharpe Ratio (-0.95 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.
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