SZK vs. HIBS
SZK (ProShares UltraShort Consumer Goods) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - SZK is a Leveraged Equities fund tracking the Dow Jones U.S. Consumer Goods 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, SZK returned -4.27%/yr vs -54.70%/yr for HIBS. At a 0.47 correlation, their price movements are largely independent. SZK charges 0.95%/yr vs 1.06%/yr for HIBS.
Performance
SZK vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, SZK achieves a -16.60% return, which is significantly higher than HIBS's -58.15% return.
SZK
- 1D
- -1.30%
- 1M
- 1.27%
- 6M
- -10.85%
- YTD
- -16.60%
- 1Y
- -8.66%
- 3Y*
- -6.11%
- 5Y*
- -4.27%
- 10Y*
- -15.77%
HIBS
- 1D
- 7.58%
- 1M
- 1.41%
- 6M
- -51.06%
- YTD
- -58.15%
- 1Y
- -74.34%
- 3Y*
- -58.82%
- 5Y*
- -54.70%
- 10Y*
- —
SZK vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -16.60% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -10.44% |
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 SZK and HIBS is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.47 |
The correlation between SZK and HIBS shifts across timeframes, from -0.18 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
SZK vs. HIBS — Risk / Return Rank
SZK
HIBS
SZK vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Consumer Goods (SZK) 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.
| SZK | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.64 | ||
| Sortino ratioReturn per unit of downside risk | +1.63 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.80 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | -0.94 | +0.64 |
| Martin ratioReturn relative to average drawdown | -0.60 | -1.58 | +0.98 |
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Drawdowns
SZK vs. HIBS - Drawdown Comparison
The maximum SZK drawdown since its inception was -99.40%, roughly equal to the maximum HIBS drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for SZK and HIBS.
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Drawdown Indicators
| SZK | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.40% | -99.98% | +0.58% |
Max Drawdown (1Y)Largest decline over 1 year | -29.26% | -79.30% | +50.04% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -96.91% | +55.10% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -98.70% | +56.89% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | — | — |
Current DrawdownCurrent decline from peak | -99.30% | -99.98% | +0.68% |
Average DrawdownAverage peak-to-trough decline | -82.07% | -93.18% | +11.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.35% | 46.98% | -32.63% |
Volatility
SZK vs. HIBS - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 10.01%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 34.54%. This indicates that SZK 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
| SZK | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.01% | 34.54% | -24.53% |
Volatility (6M)Calculated over the trailing 6-month period | 21.77% | 63.59% | -41.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 26.78% | 77.11% | -50.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.73% | 83.90% | -52.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.64% | 95.34% | -61.70% |
SZK vs. HIBS - Expense Ratio Comparison
SZK has a 0.95% expense ratio, which is lower than HIBS's 1.06% expense ratio.
Dividends
SZK vs. HIBS - Dividend Comparison
SZK's dividend yield for the trailing twelve months is around 2.75%, less 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% |
SZK ProShares UltraShort Consumer Goods | 2.75% | 2.90% | 5.70% | 4.03% | 0.56% | 0.00% | 0.19% | 1.70% | 0.50% |
Frequently Asked Questions
SZK and HIBS have a correlation of -0.18, 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 SZK (10.01%). In terms of maximum drawdown, SZK dropped -99.40% vs HIBS's -99.98%.
On 5-year performance, SZK leads with -4.27% vs -54.70% for HIBS. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 10.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SZK has performed better with a -4.27% return vs -54.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SZK is cheaper with a 0.95% expense ratio, compared with 1.06% for HIBS.
HIBS has the higher dividend yield at 8.48%, compared with 2.75% for SZK.
SZK is categorized as Leveraged Equities, while HIBS is Inverse Equities. SZK tracks Dow Jones U.S. Consumer Goods 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 SZK and 1.06% for HIBS.
SZK currently has the higher Sharpe Ratio (-0.33 vs -0.97), 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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