SQQQ vs. HIBS
SQQQ (ProShares UltraPro Short QQQ) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - SQQQ is a Leveraged Equities fund tracking the NASDAQ-100 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, SQQQ returned -49.01%/yr vs -53.41%/yr for HIBS. A 0.74 correlation means they provide meaningful diversification when combined. SQQQ charges 0.95%/yr vs 1.06%/yr for HIBS.
Performance
SQQQ vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, SQQQ achieves a -44.43% return, which is significantly higher than HIBS's -59.26% return.
SQQQ
- 1D
- 1.53%
- 1M
- -22.29%
- YTD
- -44.43%
- 6M
- -42.11%
- 1Y
- -64.38%
- 3Y*
- -55.94%
- 5Y*
- -49.01%
- 10Y*
- -55.90%
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
SQQQ vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SQQQ ProShares UltraPro Short QQQ | -44.43% | -53.05% | -49.79% | -73.61% | 82.40% | -60.87% | -86.40% | -16.68% |
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 SQQQ and HIBS is 0.84, 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 | 0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.84 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.85 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.74 |
The correlation between SQQQ and HIBS shifts across timeframes, from 0.74 (all time) to 0.85 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SQQQ vs. HIBS — Risk / Return Rank
SQQQ
HIBS
SQQQ vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro Short QQQ (SQQQ) 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.
| SQQQ | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.34 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 0.70 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | -0.99 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.79 | -1.50 | -0.29 |
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
| SQQQ | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.35 | -1.22 | -0.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.74 | -0.65 | -0.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.85 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.88 | -0.73 | -0.15 |
Drawdowns
SQQQ vs. HIBS - Drawdown Comparison
The maximum SQQQ 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 SQQQ and HIBS.
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Drawdown Indicators
| SQQQ | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -65.95% | -83.13% | +17.18% |
Max Drawdown (3Y)Largest decline over 3 years | -92.38% | -96.48% | +4.10% |
Max Drawdown (5Y)Largest decline over 5 years | -97.23% | -98.52% | +1.29% |
Max Drawdown (10Y)Largest decline over 10 years | -99.98% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -92.40% | -93.14% | +0.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.96% | 54.63% | -18.67% |
Volatility
SQQQ vs. HIBS - Volatility Comparison
The current volatility for ProShares UltraPro Short QQQ (SQQQ) is 13.81%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 22.04%. This indicates that SQQQ 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
| SQQQ | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.81% | 22.04% | -8.23% |
Volatility (6M)Calculated over the trailing 6-month period | 36.46% | 52.82% | -16.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.79% | 67.45% | -19.66% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.61% | 82.46% | -15.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.10% | 94.78% | -28.68% |
SQQQ vs. HIBS - Expense Ratio Comparison
SQQQ has a 0.95% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
SQQQ vs. HIBS - Dividend Comparison
SQQQ's dividend yield for the trailing twelve months is around 12.29%, more 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% |
SQQQ ProShares UltraPro Short QQQ | 12.29% | 9.36% | 10.23% | 8.01% | 0.28% | 0.00% | 2.15% | 2.92% | 1.47% | 0.14% |
Frequently Asked Questions
SQQQ and HIBS have a correlation of 0.84, 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 SQQQ (13.81%). In terms of maximum drawdown, SQQQ dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, SQQQ leads with -49.01% vs -53.41% for HIBS. On fees, SQQQ is cheaper at 0.95% per year. On volatility, SQQQ has been the lower-risk option at 13.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SQQQ has performed better with a -49.01% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SQQQ is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
SQQQ has the higher dividend yield at 12.29%, compared with 11.62% for HIBS.
SQQQ is categorized as Leveraged Equities, while HIBS is Inverse Equities. SQQQ tracks NASDAQ-100 Index (-300%), while HIBS tracks S&P 500® High Beta Index. They also come from different issuers: ProShares and Direxion. Their fees differ too: 0.95% for SQQQ and 1.06% for HIBS.
HIBS currently has the higher Sharpe Ratio (-1.22 vs -1.35), 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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