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 -30.85%/yr vs -54.87%/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 -47.59% return, which is significantly higher than HIBS's -64.03% return.
TZA
- 1D
- -2.03%
- 1M
- -9.56%
- YTD
- -47.59%
- 6M
- -43.28%
- 1Y
- -68.17%
- 3Y*
- -47.17%
- 5Y*
- -30.85%
- 10Y*
- -44.82%
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
TZA vs. HIBS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TZA Direxion Daily Small Cap Bear 3X Shares | -47.59% | -40.22% | -32.22% | -41.19% | 30.21% | -50.80% | -80.43% | -13.76% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -64.03% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
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 7, 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.
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.
| TZA | HIBS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.07 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 0.77 | 0.73 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | -1.02 | -1.00 | -0.02 |
| Martin ratioReturn relative to average drawdown | -1.65 | -1.67 | +0.03 |
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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 | -66.73% | -81.45% | +14.72% |
Max Drawdown (3Y)Largest decline over 3 years | -89.31% | -96.91% | +7.60% |
Max Drawdown (5Y)Largest decline over 5 years | -91.59% | -98.70% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -99.72% | — | — |
Current DrawdownCurrent decline from peak | -100.00% | -99.98% | -0.02% |
Average DrawdownAverage peak-to-trough decline | -97.99% | -93.14% | -4.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.63% | 50.79% | -7.16% |
Volatility
TZA vs. HIBS - Volatility Comparison
The current volatility for Direxion Daily Small Cap Bear 3X Shares (TZA) is 18.54%, while Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a volatility of 34.88%. 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 | 18.54% | 34.88% | -16.34% |
Volatility (6M)Calculated over the trailing 6-month period | 42.79% | 60.84% | -18.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.52% | 74.23% | -15.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.65% | 83.58% | -15.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 68.96% | 95.26% | -26.30% |
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 5.06%, less than HIBS's 9.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% | 0.00% |
TZA Direxion Daily Small Cap Bear 3X Shares | 5.06% | 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 (34.88%) compared to TZA (18.54%). In terms of maximum drawdown, TZA dropped -100.00% vs HIBS's -99.98%.
On 5-year performance, TZA leads with -30.85% vs -54.87% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, TZA has been the lower-risk option at 18.54%. 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 -30.85% return vs -54.87%. 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 9.87%, compared with 5.06% 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.
HIBS currently has the higher Sharpe Ratio (-1.10 vs -1.17), 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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