TZA vs. HIBS
TZA (Direxion Daily Small Cap Bear 3X Shares) and HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) are both exchange-traded funds - TZA is a Leveraged Equities fund tracking the Russell 2000 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, TZA returned -30.68%/yr vs -53.41%/yr for HIBS. Their correlation of 0.88 suggests significant overlap in exposure. TZA charges 1.11%/yr vs 1.06%/yr for HIBS.
Performance
TZA vs. HIBS - Performance Comparison
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Returns By Period
In the year-to-date period, TZA achieves a -42.85% return, which is significantly higher than HIBS's -59.26% return.
TZA
- 1D
- -4.06%
- 1M
- -9.77%
- YTD
- -42.85%
- 6M
- -39.42%
- 1Y
- -67.28%
- 3Y*
- -46.18%
- 5Y*
- -30.68%
- 10Y*
- -43.19%
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
TZA vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -42.85% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -13.14% |
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 TZA and HIBS is 0.85, 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 | 0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.85 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.88 |
The correlation between TZA and HIBS has been stable across timeframes, ranging from 0.85 to 0.89 - a consistent structural relationship.
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Return for Risk
TZA vs. HIBS — Risk / Return Rank
TZA
HIBS
TZA vs. HIBS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Small Cap Bear 3X Shares (TZA) 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.
| TZA | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.73 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.70 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.99 | -0.01 |
| Martin ratioReturn relative to average drawdown | -1.54 | -1.50 | -0.04 |
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
| TZA | HIBS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.18 | -1.22 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.65 | +0.19 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.71 | -0.73 | +0.01 |
Drawdowns
TZA vs. HIBS - Drawdown Comparison
The maximum TZA 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 TZA and HIBS.
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Drawdown Indicators
| TZA | HIBS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -99.98% | -0.02% |
Max Drawdown (1Y)Largest decline over 1 year | -67.26% | -83.13% | +15.87% |
Max Drawdown (3Y)Largest decline over 3 years | -88.34% | -96.48% | +8.14% |
Max Drawdown (5Y)Largest decline over 5 years | -90.83% | -98.52% | +7.69% |
Max Drawdown (10Y)Largest decline over 10 years | -99.71% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -98.00% | -93.14% | -4.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.72% | 54.63% | -10.91% |
Volatility
TZA vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 16.71%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 22.04%. This indicates that TZA 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
| TZA | HIBS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.71% | 22.04% | -5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 40.80% | 52.82% | -12.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.00% | 67.45% | -10.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.46% | 82.46% | -15.00% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.90% | 94.78% | -25.88% |
TZA vs. HIBS - Expense Ratio Comparison
TZA has a 1.11% expense ratio, which is higher than HIBS's 1.06% expense ratio.
Dividends
TZA vs. HIBS - Dividend Comparison
TZA's dividend yield for the trailing twelve months is around 5.02%, less than HIBS's 11.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.02% | 5.08% | 5.40% | 5.49% | 0.00% | 0.00% | 1.21% | 1.56% | 0.63% |
Frequently Asked Questions
TZA and HIBS have a correlation of 0.85, 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 TZA (16.71%). In terms of maximum drawdown, TZA dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, TZA leads with -30.68% vs -53.41% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, TZA has been the lower-risk option at 16.71%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, TZA has performed better with a -30.68% return vs -53.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 1.11% for TZA.
HIBS has the higher dividend yield at 11.62%, compared with 5.02% for TZA.
TZA is categorized as Leveraged Equities, while HIBS is Inverse Equities. TZA tracks Russell 2000 Index (-300%), while HIBS tracks S&P 500® High Beta Index. Their fees differ too: 1.11% for TZA and 1.06% for HIBS.
TZA currently has the higher Sharpe Ratio (-1.18 vs -1.22), 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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