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 -3.68%/yr vs -53.79%/yr for HIBS. At a 0.49 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 -9.91% return, which is significantly higher than HIBS's -60.48% return.
SZK
- 1D
- 0.25%
- 1M
- 6.20%
- YTD
- -9.91%
- 6M
- -7.73%
- 1Y
- 3.38%
- 3Y*
- -4.29%
- 5Y*
- -3.68%
- 10Y*
- -16.07%
HIBS
- 1D
- -5.60%
- 1M
- -32.77%
- YTD
- -60.48%
- 6M
- -63.58%
- 1Y
- -83.87%
- 3Y*
- -63.29%
- 5Y*
- -53.79%
- 10Y*
- —
SZK vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
SZK ProShares UltraShort Consumer Goods | -9.91% | 3.37% | -11.33% | -3.10% | 47.20% | -37.78% | -58.24% | -10.73% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -60.48% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
Correlation
The correlation between SZK and HIBS is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.03 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.49 |
The correlation between SZK and HIBS shifts across timeframes, from -0.03 (1 year) to 0.49 (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.
| SZK | HIBS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.13 | -1.24 | +1.38 |
Sortino ratioReturn per unit of downside risk | 0.37 | -3.08 | +3.44 |
Omega ratioGain probability vs. loss probability | 1.04 | 0.68 | +0.36 |
Calmar ratioReturn relative to maximum drawdown | 0.11 | -1.01 | +1.12 |
Martin ratioReturn relative to average drawdown | 0.26 | -1.51 | +1.77 |
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
| SZK | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.13 | -1.24 | +1.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | -0.65 | +0.54 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.58 | -0.73 | +0.14 |
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% | -83.13% | +53.87% |
Max Drawdown (3Y)Largest decline over 3 years | -41.81% | -96.48% | +54.67% |
Max Drawdown (5Y)Largest decline over 5 years | -41.81% | -98.52% | +56.71% |
Max Drawdown (10Y)Largest decline over 10 years | -86.78% | — | — |
Current DrawdownCurrent decline from peak | -99.24% | -99.98% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -81.99% | -93.13% | +11.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.83% | 55.90% | -43.07% |
Volatility
SZK vs. HIBS - Volatility Comparison
The current volatility for ProShares UltraShort Consumer Goods (SZK) is 8.22%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 21.89%. 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 | 8.22% | 21.89% | -13.67% |
Volatility (6M)Calculated over the trailing 6-month period | 19.99% | 52.77% | -32.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.18% | 67.61% | -42.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.45% | 82.47% | -51.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 33.61% | 94.83% | -61.22% |
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 2.63%, less than HIBS's 11.98% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 11.98% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
SZK ProShares UltraShort Consumer Goods | 2.63% | 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 -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (21.89%) compared to SZK (8.22%). In terms of maximum drawdown, SZK dropped -99.40% vs HIBS's -99.98%.
On 5-year performance, SZK leads with -3.68% vs -53.79% for HIBS. On fees, SZK is cheaper at 0.95% per year. On volatility, SZK has been the lower-risk option at 8.22%. 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 -3.68% return vs -53.79%. 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 11.98%, compared with 2.63% 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 (0.13 vs -1.24), 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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