SSG vs. HIBS
SSG (Proshares Ultrashort Semiconductors) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - SSG is a Leveraged Equities fund tracking the Dow Jones U.S. Semiconductors Index (-200%), while HIBS is a Inverse Equities fund tracking the S&P 500® High Beta Index. Both are passively managed. Over the past 5 years, SSG returned -65.76%/yr vs -54.70%/yr for HIBS. A 0.72 correlation means they provide meaningful diversification when combined. SSG charges 0.95%/yr vs 1.06%/yr for HIBS.
Performance
SSG vs. HIBS - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with SSG having a -57.11% return and HIBS slightly lower at -58.15%.
SSG
- 1D
- 8.63%
- 1M
- 1.21%
- 6M
- -54.30%
- YTD
- -57.11%
- 1Y
- -72.37%
- 3Y*
- -72.30%
- 5Y*
- -65.76%
- 10Y*
- -61.29%
HIBS
- 1D
- 7.58%
- 1M
- 1.41%
- 6M
- -51.06%
- YTD
- -58.15%
- 1Y
- -74.34%
- 3Y*
- -58.82%
- 5Y*
- -54.70%
- 10Y*
- —
SSG vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SSG Proshares Ultrashort Semiconductors | -57.11% | -70.03% | -77.59% | -78.69% | 37.90% | -67.46% | -76.50% | -13.43% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -58.15% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
Correlation
The correlation between SSG and HIBS is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.73 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.73 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.72 |
The correlation between SSG and HIBS has been stable across timeframes, ranging from 0.72 to 0.79 - a consistent structural relationship.
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Return for Risk
SSG vs. HIBS — Risk / Return Rank
SSG
HIBS
SSG vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Ultrashort Semiconductors (SSG) 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.
| SSG | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.05 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.80 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.94 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.62 | -1.58 | -0.04 |
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Drawdowns
SSG vs. HIBS - Drawdown Comparison
The maximum SSG 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 SSG and HIBS.
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Drawdown Indicators
| SSG | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -76.63% | -79.30% | +2.67% |
Max Drawdown (3Y)Largest decline over 3 years | -98.56% | -96.91% | -1.65% |
Max Drawdown (5Y)Largest decline over 5 years | -99.66% | -98.70% | -0.96% |
Max Drawdown (10Y)Largest decline over 10 years | -99.99% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -88.63% | -93.18% | +4.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 44.68% | 46.98% | -2.30% |
Volatility
SSG vs. HIBS - Volatility Comparison
The current volatility for Proshares Ultrashort Semiconductors (SSG) is 32.79%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 34.54%. This indicates that SSG 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
| SSG | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 32.79% | 34.54% | -1.75% |
Volatility (6M)Calculated over the trailing 6-month period | 58.10% | 63.59% | -5.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 71.72% | 77.11% | -5.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 79.07% | 83.90% | -4.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 69.87% | 95.34% | -25.47% |
SSG vs. HIBS - Expense Ratio Comparison
SSG has a 0.95% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
SSG vs. HIBS - Dividend Comparison
SSG's dividend yield for the trailing twelve months is around 9.50%, more than HIBS's 8.48% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 8.48% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SSG Proshares Ultrashort Semiconductors | 9.50% | 9.19% | 7.67% | 6.73% | 0.75% | 0.00% | 0.34% | 1.81% | 0.62% |
Frequently Asked Questions
SSG and HIBS have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.54%) compared to SSG (32.79%). In terms of maximum drawdown, SSG dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, HIBS leads with -54.70% vs -65.76% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, SSG has been the lower-risk option at 32.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBS has performed better with a -54.70% return vs -65.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SSG is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
SSG has the higher dividend yield at 9.50%, compared with 8.48% for HIBS.
SSG is categorized as Leveraged Equities, while HIBS is Inverse Equities. SSG tracks Dow Jones U.S. Semiconductors Index (-200%), 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 SSG and 1.06% for HIBS.
HIBS currently has the higher Sharpe Ratio (-0.97 vs -1.01), 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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