# HIBS (Direxion Daily S&P 500(R) High Beta Bear 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: HIBS returned −9.0% where its own daily promise gave −12.3%, 3.2 points over.

## Key facts

- HIBS, what SPHB did: −0.3%, as of Sep 11, 2026.
- HIBS, what −3 times a day gives: −12.3%, as of Sep 11, 2026.
- HIBS, what the fund returned: −9.0%, as of Sep 11, 2026.
- HIBS, the fund itself added: +3.3 pts, as of Sep 11, 2026.
- HIBS, net assets: $19m (source, as filed for Apr 30, 2026).
- HIBS, expense ratio: 1.06% (485BPOS XBRL, Feb 26, 2026).

## HIBS over each window to Sep 11, 2026

| Window | Fund | SPHB | -3x the move | Difference | SPHB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +1.9% | −1.2% | +3.7% | −1.8 pts | 24% |
| 3 months | −9.0% | −0.3% | +0.8% | −9.8 pts | 31% |
| 6 months | −61.3% | +27.7% | −83.1% | +21.9 pts | 30% |
| 1 year | −72.1% | +38.2% | −114.6% | +42.5 pts | 27% |
| 3 years | −94.8% | +105.5% | not meaningful over this window | not meaningful over this window | 26% |
| Since launch | −100.0% | +266.3% | not meaningful over this window | not meaningful over this window | 32% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of SPHB, reset daily | ETFIQ |
| Multiple a holder actually got over the window | SPHB moved −0.3% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPHB | ETFIQ |
| Segment | broad index, us large cap | ETFIQ |
| Net assets | $19m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.06% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Nov 7, 2019 | ETFIQ |
| Underlying volatility over the window | 31% annualized | ETFIQ |

## Questions

### Did HIBS return -3 times SPHB?

Over the window to Sep 11, 2026, SPHB moved −0.3% and HIBS returned −9.0%. 3 times that move is +0.8%, so the fund came out 9.8 points short of it.

### Why does HIBS not return -3 times over a year?

Because it resets daily. HIBS aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, HIBS, data as of Sep 11, 2026. https://etfiq.com/funds/HIBS
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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