At a glance
HIBS charges 1.06% a year, above the 0.68% average of the 5 funds most like it (the most expensive of 3). It has $22.6M in assets, the 6th largest of that group; it paid 6.35% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −58.2% with distributions reinvested (S&P 500: +11.5%), the weakest of those 6 funds; over three years it returned −65.9% a year. At its worst it fell 24.6% in the 2020 crash (S&P 500: 33.7%) and 55.1% in the 2022 bear market (S&P 500: 24.5%).
The short version
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) aims to return three times the opposite of each day's move in the S&P 500 High Beta Index, the 100 S&P 500 stocks most sensitive to market swings. It resets daily, so it's built for short-term bets against those stocks, not long-term holding. Its 1.06% expense ratio exceeds similar funds' 0.68% average, and it lost money every calendar year from 2020 through 2025.
Price history
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HIBS -58.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HIBS official prospectus, to Dec 31, 2025 | — | -72.40% | — | -55.64% | — | -66.73% |
| HIBS price data to Oct 27, 2026 | -55.6% | -58.2% | -65.9% | -51.2% | — | -66.0% |
- Over the year to Oct 27, 2026, HIBS returned -58.2%, 6th of 6 among similar funds.
- Its 5-year annualized return was -51.2%.
- In the 2020 COVID crash, while stocks fell, it gained 247.9%.
- Its worst full calendar year was 2020 (-91.6%); its best was 2022 (-4.0%).
- The deepest fall in its price history was 100% (Mar 18, 2020 to Oct 6, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -55.6% | — |
| 2025 | -72.4% | -72.40% |
| 2024 | -26.5% | -26.57% |
| 2023 | -62.9% | -62.96% |
| 2022 | -4.0% | -7.59% |
| 2021 | -75.3% | -75.24% |
| 2020 | -91.6% | -91.58% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 247.9% over that stretch · deepest drop along the way 24.6%, back to its old high 0.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 46.1% over that stretch · deepest drop along the way 55.1%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.7900 | |
| 2025 | $3.8700 | -57.8% |
| 2024 | $9.1800 | -41.7% |
| 2023 | $15.7500 | -41.7% |
| 2022 | $27.0000 | -25.0% |
| 2020 | $36.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (104.04% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $7.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -29.49%, -17.03%, +31.93%.
How it works
HIBS follows the S&P 500 High Beta Index from S&P Dow Jones Indices. The index ranks each S&P 500 stock by beta, its sensitivity to market moves, using daily price changes over the past 12 months. It keeps the 100 highest-beta stocks, skips any with fewer than 252 days of price history, and is rebalanced quarterly. As of December 31, 2025, it was concentrated in information technology, financials and consumer discretionary.
HIBS doesn't own these stocks. It mainly uses swaps, contracts with a financial firm (a counterparty) that gain value when the index falls and lose when it rises, and may also use futures. As of July 31, 2026, it held cash and cash-like investments equal to 104% of its $22.6 million in net assets, plus five index swaps, the largest valued at 5.9% of assets. If a counterparty fails to pay, the fund loses money.
At each market close, the adviser, Rafferty Asset Management, rebalances so exposure is again three times the opposite of the index: more after the index falls, less after it rises. Because daily returns compound, results over longer periods will likely differ from -3x the index's return. The prospectus warns the fund will lose money if the index is flat over time and can lose even if the index falls.
What it really costs
- HIBS charges 1.06% a year, versus an average of 0.68% for the similar funds below (3rd of 3, cheapest first).
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.05% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $108 in the first year and $1,347 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HIBS | $108 | $348 | $607 | $1,347 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It seeks three times the opposite of its index's return for a single day only, resets daily and lost money in every calendar year from 2020 through 2025.
HIBS launched in November 2019, so it has no record from the 2008 financial crisis. During the 2020 COVID crash it rose 247.9%, yet it lost 91.58% in calendar 2020, its worst year. During the 2022 bear market it gained 46.1%, but still ended that year down 7.59%. Its deepest drop, from March 18, 2020 to October 6, 2026, was close to 100%, with no recovery as of October 27, 2026. A retiree who needs to sell shares in a bad year can't count on it having gained.
It pays quarterly, with a 12-month yield of 6.35% as of October 27, 2026, partly reflecting its falling price. Its 1.06% expense ratio adds up to $1,347 over 10 years on $10,000 in the SEC's standard example. Past results don't predict future returns, and any plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want to profit from a one-day drop in the 100 most market-sensitive S&P 500 stocks and can monitor positions daily.
- Traders hedging short-term falls in information technology, financial and consumer discretionary stocks, the index's main sectors as of December 31, 2025.
- Traders who can accept extreme swings: in 2020 it gained 74.66% in one quarter and lost 79.01% in the next.
Look elsewhere if
- Buy-and-hold or retirement investors: it lost money every calendar year from 2020 through 2025, including 91.58% in 2020 and 72.4% in 2025.
- Cost-conscious investors: its 1.06% expense ratio compares with 0.89% for SH and 0.47% for SPDN, both -1x daily inverse funds on the broad S&P 500.
- Investors seeking a lasting downturn hedge: HIBS gained 46.1% during the 2022 bear market but still ended 2022 down 7.59%.
Close alternatives
Matched by leveraged/inverse funds on the same index (s&p 500), same direction.
| Fund | Exposure | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| HIBS this fund | -3× | 1.06% | $22.6M | -58.2% | -65.9% |
| SPXU ProShares UltraPro Short S&P500 | -3× | — | $546.7M | -28.1% | -48.0% |
| SPXS Direxion Daily S&P 500 Bear 3X Shares | -3× | — | $416.8M | -28.0% | -46.7% |
| SDS ProShares UltraShort S&P500 | -2× | — | $450.2M | -17.9% | -32.4% |
| SH ProShares Short S&P500 | -1× | 0.89% | $1.20B | -7.2% | -15.0% |
| SPDN Direxion Daily S&P 500 Bear 1x Shares | -1× | 0.47% | $213.8M | -6.7% | -14.7% |
Questions investors ask
Can you hold HIBS long term?
It isn't designed for that. The prospectus says HIBS seeks three times the opposite of its index's return for a single trading day, not longer. Over time it has lost heavily: as of December 31, 2025, it lost an average of 55.64% a year over five years and 66.73% a year since its November 2019 launch. Its deepest drop, from March 18, 2020 to October 6, 2026, was close to 100%.
What's the difference between HIBS and SPXS?
Both are Direxion funds that seek three times the opposite of an index's daily return, but the indexes differ. SPXS follows the S&P 500. HIBS follows the S&P 500 High Beta Index, the 100 S&P 500 stocks most sensitive to market moves, which the prospectus says can make HIBS more volatile. As of October 27, 2026, HIBS lost 58.2% over one year, versus 28.0% for SPXS. HIBS is also the smallest of six comparable inverse funds, with $22.6 million in net assets as of July 31, 2026.
Does HIBS pay dividends?
Yes, it pays distributions quarterly. Over the 12 months to October 27, 2026, payouts totaled $1.24 per share, adjusted for share splits, for a 6.35% yield. As of July 31, 2026, the fund held no stocks, so this money doesn't come from company dividends. Funds like this typically earn interest on cash and short-term debt instead. The yield looks high partly because the fund lost 58.2% over the same year.
Can HIBS lose money when the stock market falls?
Yes. Because it resets its exposure daily, returns over longer periods depend on the path the index takes, not just where it ends. The prospectus says the fund will lose money if the index is flat over time and can lose even while the index falls. During the 2022 bear market, from January 3 to October 12, HIBS gained 46.1%. But it gave up 55.1% between June 16 and August 15 and finished calendar 2022 down 7.59%.
What is the HIBS expense ratio?
HIBS charges 1.06% a year, including a 0.75% management fee, per its prospectus filed February 26, 2026. In the SEC's standard example, $10,000 earning 5% a year would cost about $108 after one year and $1,347 after ten. That's more than ProShares Short S&P500 (SH) at 0.89% and Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 0.47%, though both seek only -1x the S&P 500's daily return. Because HIBS creates and redeems shares mainly for cash, the prospectus says it isn't expected to be tax efficient.