Which came closer to its stated multiple, HIBL or HIBS?

Over the window to Sep 30, 2026, HIBL finished 7.4 points from what its multiple implies and HIBS finished 8.5 points from its own, so HIBL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are HIBL and HIBS levered on the same thing?

Yes. Both are levered on Invesco S&P 500 High Beta ETF, HIBL at +3 times and HIBS at -3 times the daily move.

Which one decays faster, HIBL or HIBS?

Decay follows how much the underlying moves about. Over this window HIBL’s moved at 28% annualized and HIBS’s at 28%, so HIBL has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold HIBL or HIBS for a year?

Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.

Which is cheaper, HIBL or HIBS?

HIBL charges 0.98% a year and HIBS charges 1.06%, so HIBL is cheaper. Fees come from each fund's prospectus.

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HIBL vs HIBS: which held to its multiple?

Over three months against its own daily promise, HIBL finished 1.7 points short and HIBS 3.2 points over. Direxion Daily S&P 500(R) High Beta Bull 3X ETF and Direxion Daily S&P 500(R) High Beta Bear 3X ETF.

−10.2%

HIBL returned, 3 months

−5.7%

HIBS returned, 3 months

−7.4 pts

HIBL from its stated multiple

−8.5 pts

HIBS from its stated multiple

HIBL · 3 months to Sep 30, 20267.4 pts short of its stated multiple

HIBL returned −10.2% while 3 times SPHB's move would have been −2.8%

HIBS · 3 months to Sep 30, 20268.5 pts short of its stated multiple

HIBS returned −5.7% while −3 times SPHB's move would have been +2.8%

ETFIQ Decay Resistance Score · HIBS scores higherDid it keep up with its own daily multiple, compounded day by day?

HIBL among the 470 leveraged ETFs, long, over three months

HIBL 79.6

0.1, the lowest in this set99.9, the highest

HIBS among the 125 inverse ETFs over three months

HIBS 87.6

0.4, the lowest in this set99.6, the highest

A percentile among the 470 leveraged ETFs, long, over three months. HIBS is a percentile among the 125 inverse ETFs over three months, a different set, so the two marks are not on one scale. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	HIBL	HIBS	HIBL	HIBS	HIBL	HIBS
1 month	+7.1%	−10.6%	+9.4%	−9.4%	−2.2 pts	−1.3 pts
3 months	−10.2%	−5.7%	−2.8%	+2.8%	−7.4 pts	−8.5 pts
6 months	+78.9%	−61.7%	+86.7%	−86.7%	−7.8 pts	+25.0 pts
1 year	+90.5%	−72.5%	+114.2%	−114.2%	−23.6 pts	+41.7 pts
3 years	+306.8%	−95.8%	not meaningful	not meaningful	not meaningful	not meaningful
Since launch HIBL Nov 2019 · HIBS Nov 2019	+221.4%	−100.0%	not meaningful	not meaningful	not meaningful	not meaningful

HIBL and HIBS over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

HIBL

Direxion Daily S&P 500(R) High Beta Bull 3X ETF · Aims to return three times the daily move of Invesco S&P 500 High Beta ETF (SPHB)

HIBS

Direxion Daily S&P 500(R) High Beta Bear 3X ETF · Aims to return three times the opposite of the daily move of Invesco S&P 500 High Beta ETF (SPHB)

Issuer Direxion Direxion

Sets out to return +3x -3x

Underlying asset SPHB SPHB

Segment us large cap us large cap

Fund returned, 3 months or since launch −10.2% −5.7%

Underlying returned, over that window −0.9% −0.9%

What the stated multiple implies, over that window −2.8% +2.8%

Difference from stated, over that window −7.4 pts −8.5 pts

Fund returned, 1 year or since launch +90.5% −72.5%

Difference from stated, over that window −23.6 pts +41.7 pts

Underlying volatility 28% 28%

Expense ratio 0.98% 1.06%

Launched Nov 7, 2019 Nov 7, 2019

Net assets $78m $21m

HIBL and HIBS on the same fields, as of Sep 30, 2026. Source: ETFIQ.

HIBL in plain words

Three months to Sep 30, 2026: HIBL returned −10.2% where its own daily promise gave −8.6%, 1.7 points short. Read the multiple against the whole window instead and 3 times SPHB's −0.9% implies −2.8%, which makes HIBL look 7.4 points short. 5.7 of that is daily compounding, which happens to any 3 times fund over the same path, and the rest is the fund. HIBL aims to return +3 times SPHB's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. SPHB moved at 28% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.

HIBS in plain words

Three months to Sep 30, 2026: HIBS returned −5.7% where its own daily promise gave −8.9%, 3.2 points over. Read the multiple against the whole window instead and −3 times SPHB's −0.9% implies +2.8%, which makes HIBS look 8.5 points short. 11.8 of that is daily compounding, which happens to any −3 times fund over the same path, and the rest is the fund. HIBS aims to return -3 times SPHB's move each day, then resets. Over longer, the daily results compound, so the total is not -3 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more.

Questions people ask

Which came closer to its stated multiple, HIBL or HIBS?: Over the window to Sep 30, 2026, HIBL finished 7.4 points from what its multiple implies and HIBS finished 8.5 points from its own, so HIBL came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are HIBL and HIBS levered on the same thing?: Yes. Both are levered on Invesco S&P 500 High Beta ETF, HIBL at +3 times and HIBS at -3 times the daily move.
Which one decays faster, HIBL or HIBS?: Decay follows how much the underlying moves about. Over this window HIBL’s moved at 28% annualized and HIBS’s at 28%, so HIBL has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold HIBL or HIBS for a year?: Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
Which is cheaper, HIBL or HIBS?: HIBL charges 0.98% a year and HIBS charges 1.06%, so HIBL is cheaper. Fees come from each fund's prospectus.

Other comparisons

HIBL on its own →HIBS on its own →How every figure is computed →Standards and sources →

Where these figures came from

HIBL and HIBS filings on SEC EDGAR ↗HIBL and HIBS prospectus with the expense ratio (SEC) ↗Direxion website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, HIBL against HIBS, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/hibl-vs-hibs

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.