SSG vs. HIBS

Last updated Jun 4, 2026

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 -66.94%/yr vs -53.46%/yr for HIBS. A 0.71 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

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Ultrashort Semiconductors (SSG) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with SSG having a -60.94% return and HIBS slightly higher at -59.50%.

SSG

• 1D: 1.36%
• 1M: -33.91%
• YTD: -60.94%
• 6M: -61.42%
• 1Y: -81.06%
• 3Y*: -74.84%
• 5Y*: -66.94%
• 10Y*: -62.12%

HIBS

• 1D: 2.48%
• 1M: -31.05%
• YTD: -59.50%
• 6M: -60.46%
• 1Y: -82.43%
• 3Y*: -62.99%
• 5Y*: -53.46%
• 10Y*: —

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

SSG vs. HIBS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
SSG Proshares Ultrashort Semiconductors	-60.94%	-70.03%	-77.59%	-78.69%	37.90%	-67.46%	-76.50%	-12.36%
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	-59.50%	-72.44%	-26.60%	-62.94%	-7.59%	-75.27%	-91.59%	-19.45%

Correlation

The correlation between SSG and HIBS is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019	0.71

The correlation between SSG and HIBS has been stable across timeframes, ranging from 0.68 to 0.77 - a consistent structural relationship.

Return for Risk

SSG vs. HIBS — Risk / Return Rank

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

SSG

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

HIBS

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

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.

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.

	SSG	HIBS	Difference
Sharpe ratio Return per unit of total volatility	-1.32	-1.22	-0.09
Sortino ratio Return per unit of downside risk	-3.11	-2.93	-0.18
Omega ratio Gain probability vs. loss probability	0.67	0.69	-0.02
Calmar ratio Return relative to maximum drawdown	-1.00	-0.99	0.00
Martin ratio Return relative to average drawdown	-1.60	-1.52	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SSG vs. HIBS - Sharpe Ratio Comparison

The current SSG Sharpe Ratio is -1.32, which is comparable to the HIBS Sharpe Ratio of -1.22. The chart below compares the historical Sharpe Ratios of SSG and HIBS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SSG	HIBS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.32	-1.22	-0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.87	-0.65	-0.22
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.90	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.79	-0.73	-0.06

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.

Drawdown Indicators

	SSG	HIBS	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-99.98%	-0.02%
Max Drawdown (1Y) Largest decline over 1 year	-81.36%	-83.13%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-98.49%	-96.48%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-99.64%	-98.52%	-1.12%
Max Drawdown (10Y) Largest decline over 10 years	-99.99%	—	—
Current Drawdown Current decline from peak	-100.00%	-99.98%	-0.02%
Average Drawdown Average peak-to-trough decline	-88.59%	-93.13%	+4.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	50.50%	54.38%	-3.88%

Volatility

SSG vs. HIBS - Volatility Comparison

Proshares Ultrashort Semiconductors (SSG) and Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) have volatilities of 21.44% and 22.26%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SSG	HIBS	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.44%	22.26%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	47.41%	52.85%	-5.44%
Volatility (1Y) Calculated over the trailing 1-year period	61.80%	67.65%	-5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.33%	82.46%	-5.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	68.97%	94.81%	-25.84%

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 13.36%, more than HIBS's 11.69% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares	11.69%	8.42%	5.34%	6.49%	0.04%	0.00%	0.92%	0.13%	0.00%
SSG Proshares Ultrashort Semiconductors	13.36%	9.19%	7.67%	6.73%	0.75%	0.00%	0.34%	1.81%	0.62%

Frequently Asked Questions

Can I hold both SSG and HIBS in my portfolio?

SSG and HIBS have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSG or HIBS?

HIBS has higher volatility (22.26%) compared to SSG (21.44%). In terms of maximum drawdown, SSG dropped -100.00% vs HIBS's -99.98%.

Which ETF is better, SSG or HIBS?

On 5-year performance, HIBS leads with -53.46% vs -66.94% for SSG. On fees, SSG is cheaper at 0.95% per year. On volatility, SSG has been the lower-risk option at 21.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SSG or HIBS?

Over the 5-year period, HIBS has performed better with a -53.46% return vs -66.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSG or HIBS?

SSG is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.

Which ETF pays a higher dividend yield, SSG or HIBS?

SSG has the higher dividend yield at 13.36%, compared with 11.69% for HIBS.

What is the main difference between SSG and 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.

Which has better risk-adjusted returns?

HIBS currently has the higher Sharpe Ratio (-1.22 vs -1.32), 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.