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 Leveraged Equities 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 -35.03%/yr vs -53.41%/yr for HIBS. Their correlation of 0.85 suggests significant overlap in exposure. SPXU charges 0.93%/yr vs 1.06%/yr for HIBS.
Performance
SPXU vs. HIBS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, SPXU achieves a -26.41% return, which is significantly higher than HIBS's -59.26% return.
SPXU
- 1D
- -1.06%
- 1M
- -12.09%
- YTD
- -26.41%
- 6M
- -25.70%
- 1Y
- -49.60%
- 3Y*
- -43.32%
- 5Y*
- -35.03%
- 10Y*
- -41.92%
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
SPXU vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SPXU ProShares UltraPro Short S&P500 | -26.41% | -41.73% | -43.31% | -46.02% | 36.05% | -57.94% | -70.39% | -13.19% |
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 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 8, 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.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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.
| SPXU | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.19 | ||
| Sortino ratioReturn per unit of downside risk | +0.53 | ||
| 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 | -0.14 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SPXU | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.41 | -1.22 | -0.19 |
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
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.
Loading charts...
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 | -50.82% | -83.13% | +32.31% |
Max Drawdown (3Y)Largest decline over 3 years | -84.36% | -96.48% | +12.12% |
Max Drawdown (5Y)Largest decline over 5 years | -90.23% | -98.52% | +8.29% |
Max Drawdown (10Y)Largest decline over 10 years | -99.63% | — | — |
Current DrawdownCurrent decline from peak | -99.99% | -99.98% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -93.33% | -93.14% | -0.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.23% | 54.63% | -24.40% |
Volatility
SPXU vs. HIBS - Volatility Comparison
The current volatility for ProShares UltraPro Short S&P500 (SPXU) is 8.41%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 22.04%. 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.
Loading charts...
Volatility by Period
| SPXU | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.41% | 22.04% | -13.63% |
Volatility (6M)Calculated over the trailing 6-month period | 26.86% | 52.82% | -25.96% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.34% | 67.45% | -32.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.31% | 82.46% | -32.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.37% | 94.78% | -41.41% |
SPXU vs. HIBS - Expense Ratio Comparison
SPXU has a 0.93% 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 7.97%, less than HIBS's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPXU ProShares UltraPro Short S&P500 | 7.97% | 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 (22.04%) compared to SPXU (8.41%). In terms of maximum drawdown, SPXU dropped -99.99% vs HIBS's -99.98%.
On 5-year performance, SPXU leads with -35.03% vs -53.41% for HIBS. On fees, SPXU is cheaper at 0.93% per year. On volatility, SPXU has been the lower-risk option at 8.41%. 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 -35.03% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPXU is cheaper with a 0.93% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 11.62%, compared with 7.97% for SPXU.
SPXU is categorized as Leveraged Equities, 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: 0.93% for SPXU and 1.06% for HIBS.
HIBS currently has the higher Sharpe Ratio (-1.22 vs -1.41), 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.
Find the right allocation for SPXU and HIBS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer