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

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: HIBS returned −5.7% where its own daily promise gave −8.9%, 3.2 points over.

## Key facts

- HIBS, what SPHB did: −0.9%, as of Sep 30, 2026.
- HIBS, what −3 times a day gives: −8.9%, as of Sep 30, 2026.
- HIBS, what the fund returned: −5.7%, as of Sep 30, 2026.
- HIBS, the fund itself added: +3.2 pts, as of Sep 30, 2026.
- HIBS, net assets: $21m (issuer page, as of Sep 30, 2026).
- HIBS, expense ratio: 1.06% (485BPOS XBRL, Feb 26, 2026).

## HIBS over each window to Sep 30, 2026

| Window | Fund | SPHB | -3x the move | Difference | SPHB moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −10.6% | +3.1% | −9.4% | −1.3 pts | 26% |
| 3 months | −5.7% | −0.9% | +2.8% | −8.5 pts | 28% |
| 6 months | −61.7% | +28.9% | −86.7% | +25.0 pts | 30% |
| 1 year | −72.5% | +38.1% | −114.2% | +41.7 pts | 27% |
| 3 years | −95.8% | +119.7% | not meaningful over this window | not meaningful over this window | 26% |
| Since launch | −100.0% | +273.0% | 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 −0.9% over this window, too little to read a multiple from | ETFIQ |
| Underlying | SPHB | ETFIQ |
| Segment | broad index, US large cap | ETFIQ |
| Net assets | $21m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.06% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Nov 7, 2019 | ETFIQ |
| Underlying volatility over the window | 28% annualized | ETFIQ |

## Questions

### Did HIBS return -3 times SPHB?

Over the window to Sep 30, 2026, SPHB moved −0.9% and HIBS returned −5.7%. −3 times that move is +2.8%, so the fund came out 8.5 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 30, 2026. https://etfiq.com/funds/hibs
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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