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FAS vs HIBL

Direxion Daily Financial Bull 3X ETF

FASANYSE Arca

Direxion Daily S&P 500 High Beta Bull 3X ETF

HIBLDNYSE Arca

Overlap

4.4%by weight

Expense ratio

FAS −0.10pt a year

FAS0.88%HIBL0.98%

Avg volume · 30D

FAS 7.6×the volume

FAS417KHIBL54.5K

5Y return · a year

FAS +9.5pt

FAS+7.2%HIBL−2.3%

FAS vs HIBL Performance

Nov 9, 2021 – Nov 9, 2026

+41.7%FAS−11.0%HIBL

Nov 9, 2021 to Nov 9, 2026. FAS +41.7%. HIBL −11.0%. Use the arrow keys to read each point.−75%−50%25%Nov 2021May 2024Nov 2026
Expense ratio
FAS 0.88%, better
HIBL 0.98%
Fund size
FAS $2.08B
HIBL $57M
1Y total return
FAS +17.0%
HIBL +22.3%, better
Yield (12M)
FAS 8.32%, better
HIBL 2.02%
Holdings
FAS 87
HIBL 107
Avg volume (30D)
FAS 417K sh, better
HIBL 54.5K sh
NAV per share
FAS $168.58
HIBL $62.86
52W range

ETF.net Grade

FAS: Cost 92, Risk 73, Mission not scored, Tradability 69, Holdings not scored, Durability 66. HIBL: Cost 38, Risk 31, Mission not scored, Tradability 26, Holdings not scored, Durability 30.
Pillar letters and Scores for FAS, HIBL, with each pillar’s weight
PillarFASHIBL
Cost30% weightA92HigherD38
Mission25% weightNot scoredNot scored
Risk15% weightA73HigherD31
Tradability15% weightB69HigherD26
Holdings10% weightNot scoredNot scored
Durability5% weightB66HigherD30

Rank among 3x Leveraged Long funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. FAS and HIBL are both graded against the same 30 3x Leveraged Long funds, so their Grades compare head to head.

3x Leveraged Long⁠

Category · 30 funds
See all 30 ›

FAS ranks 2nd and HIBL 23rd of 30 funds in the 3x Leveraged Long Category.

  1. Rank 1ATQQQProShares UltraPro QQQScore 83
  2. Rank 2AFASDirexion Daily Financial Bull 3X ETFScore 80
  3. Rank 2AUDOWProShares UltraPro Dow30Score 80
  4. Rank 22DEURLDirexion Daily FTSE Europe Bull 3X ETFScore 36
  5. Rank 23DHIBLDirexion Daily S&P 500 High Beta Bull 3X ETFScore 33
  6. Rank 23DTYDDirexion Daily 7-10 Year Treasury Bull 3X ETFScore 33

Our read on each fund

ETF.net Research

FASADirexion Daily Financial Bull 3X ETF

HIBLDDirexion Daily S&P 500 High Beta Bull 3X ETF

In short

FAS Born in November 2008 with the banking system on fire, FAS aims to deliver three times the daily move of the Financial Select Sector Index. A one-day tool on roughly 80 financial stocks, built around a single-day objective.

HIBL Most 3x funds lever a sector you can name. HIBL levers a factor: the 100 jumpiest stocks in the S&P 500, weighted by how hard they swing, then geared to 300% of that index's daily move.

Stated mandate

FAS The fund seeks a daily return equal to three times the performance of the Financial Select Sector Index, before fees and expenses. It is designed for a single-day objective rather than a multiple of the index’s cumulative return over longer periods.

HIBL The fund seeks daily investment results equal to 300% of the performance of the S&P 500 High Beta Index, before fees and expenses. Its objective applies for a single day and is not intended to provide three times the index's cumulative return over longer periods.

Why people hold it

  • FAS Launched in November 2008, into the crisis itself, and still one of the strongest implementations in its 3x peer group.
  • Costs 0.88% net of a waiver through September 1, 2027 (0.92% gross), below the median for 3x leveraged funds.
  • A multi-billion-dollar fund that trades steadily, so the leverage arrives in a reasonably liquid wrapper.
  • Straightforward plumbing: 3x the daily move of one named large-cap financials index, about 80 stocks, no stock-picking overlay.
  • HIBL S&P picks the 100 S&P 500 names with the highest beta over the past year and weights them by that beta, so the roster rotates as market sensitivity moves.sec.govspglobal.com
  • 0.98% net of a waiver through September 1, 2027 (1.01% gross) sits near the 3x category median, though SOXL (0.75% net of a waiver through September 1, 2027) runs cheaper.
  • The filings are blunt: the 300% target applies to one day only and is not meant to deliver 3x the index over longer stretches.direxion.com
  • Trading since 2019, with a bear twin (HIBS) targeting -300% of the same index for the other side of the trade.direxion.com

Worth knowing

  • FAS The 3x goal resets every day. Hold longer and compounding can push results away from three times the index's move over that stretch, especially in choppy markets.
  • Leverage runs both directions: down days are magnified just as sharply, and this is one sector in one direction with no diversification cushion.
  • Not the cheapest 3x on the shelf: SOXL runs 0.75% and TQQQ 0.78%, each net of waivers through September 1, 2027 and September 30, 2027.
  • HIBL Leverage on leverage. A high-beta basket already swings harder than the S&P 500, and the daily reset means choppy stretches can grind returns down.sec.gov
  • One of the smaller, less actively traded funds in the 3x lineup, so spreads and trading costs matter more than with the headline names.
  • The reference index is a factor cut of the S&P 500, so it can behave quite differently from the index itself before any leverage is applied.spglobal.com

Full FAS profile⁠

Full HIBL profile⁠

FAS vs HIBL Holdings

How FAS and HIBL differ

Overlap by weight

4.4%

Shared holdings make up 6.5% of HIBL and 6.1% of FAS.

About this figure: FAS gets much of its exposure from swaps and futures, which aren’t counted.

HIBL gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

  • Holdings13 in both4.4%
  • Countryby domicile97.4%
  • Asset classStocks100%

Sector

No Sector split for HIBL.

Country, concentration and asset class

Country by domicile

Country weights in FAS and HIBL, widest gap first
CountryMore in FASMore in HIBLGap
SwitzerlandFAS +1.6 points
United StatesFAS +1.0 points
ChinaHIBL +0.9 points
MexicoHIBL +0.9 points
IrelandHIBL +0.8 points

Concentration

Weight in the 10 largest Holdings

  • FAS77.8%
  • HIBL83.7%

Securities held

  • FAS77
  • HIBL101

Asset class

FAS
Stocks
HIBL
Stocks

Holdings

  • Only in FAS64
  • In both13
  • Only in HIBL88

Only in FAS

64 securities, 18.4% of FAS by weight

  • Berkshire Hathaway Inc-Cl B2.84%
  • JPMorgan Chase & Co2.37%
  • Visa Inc-Class A Shares1.92%

Only in HIBL

88 securities, 22.8% of HIBL by weight

  • Goldman Sachs Fin Gov 465 Institut7.21%
  • Moderna Inc0.73%
  • Advanced Micro Devices0.31%

Weight gaps

All 13 Holdings in both funds, largest gap first.

Holding weights in FAS and HIBL, widest gap first
HoldingMore in FASMore in HIBLGap
Goldman Finl Sq Trsry Inst 506HIBL +1.39 points
Goldman Sachs Group IncGSFAS +0.53 points
Morgan StanleyMSFAS +0.46 points
Citigroup IncCFAS +0.40 points
Coinbase Global Inc -Class ACOINHIBL +0.22 points
Capital One Financial CorpCOFFAS +0.20 points
Blackstone IncBXFAS +0.13 points
Invesco LtdIVZHIBL +0.13 points

All 84 FAS holdings⁠All 106 HIBL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FAS vs HIBL Cost

Overpaying HIBL vs FAS

$1,657

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • FAS 0.88%

    $16,705

  • HIBL 0.98%

    $18,362

$10,000
30 years

Cost over time

  • FAS 0.88%
  • HIBL 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HIBL $18,362FAS $16,705

Year by year

YearFASHIBLOverpaying
10$1,559$1,729$170
20$5,891$6,504$613
30$16,705$18,362$1,657

Expense ratio

  • 0.88%FAS, cheaper
  • 0.98%HIBL
  • Middle half of 3x Leveraged Long funds
  • Median 0.96%

FAS 4th cheapest of 30 funds

HIBL 18th cheapest of 30 funds

FAS vs HIBL Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
FAS 8.32%, better
HIBL 2.02%
Payout (12M)
FAS $14.62
HIBL $1.49
Last payment
FAS $1.00
HIBL $0.07
Ex-dividend
FAS Sep 22, 2026
HIBL Jun 23, 2026
Paid on
FAS Sep 29, 2026
HIBL Jun 30, 2026
Frequency
FAS Quarterly
HIBL Twice a year

Distribution history

Per share, 2017 to 2026, same scale for both

FASQuarterly · 36 paymentsAll FAS payments⁠
One bar per payment. 36 payments from 2017 to 2026 YTD. Dec 19, 2017 $0.08; Mar 20, 2018 $0.13; Jun 19, 2018 $0.16; Sep 25, 2018 $0.19; Dec 27, 2018 $0.16; Mar 19, 2019 $0.16; Jun 25, 2019 $0.17; Sep 24, 2019 $0.15; Dec 23, 2019 $0.11; Mar 24, 2020 $0.12; Jun 23, 2020 $0.04; Sep 22, 2020 $0.05; Dec 22, 2020 $0.08; Mar 23, 2021 $0.13; Jun 22, 2021 $0.14; Sep 21, 2021 $0.15; Dec 21, 2021 $0.36; Jun 22, 2022 $0.12; Sep 20, 2022 $0.22; Dec 20, 2022 $0.33; Mar 21, 2023 $0.17; Jun 21, 2023 $0.62; Sep 19, 2023 $0.29; Dec 21, 2023 $0.38; Mar 19, 2024 $0.36; Jun 25, 2024 $0.27; Sep 24, 2024 $0.32; Dec 23, 2024 $0.19; Mar 25, 2025 $0.46; Jun 24, 2025 $0.50; Sep 23, 2025 $0.39; Dec 10, 2025 $12.09; Dec 23, 2025 $0.39; Mar 24, 2026 $0.60; Jun 23, 2026 $0.53; Sep 22, 2026 $1.00. Use the arrow keys to read each point.$0$102017202020232026YTD
HIBLTwice a year · 15 paymentsAll HIBL payments⁠
One bar per payment. 15 payments from 2017 to 2026 YTD. Dec 23, 2019 $0.08; Mar 24, 2020 $0.06; Mar 23, 2021 $0.0064; Jun 22, 2021 $0.04; Mar 21, 2023 $0.04; Jun 21, 2023 $0.07; Sep 19, 2023 $0.07; Dec 21, 2023 $0.11; Mar 19, 2024 $0.15; Jun 25, 2024 $0.12; Sep 24, 2024 $0.07; Mar 25, 2025 $0.08; Jun 24, 2025 $0.11; Dec 10, 2025 $1.41; Jun 23, 2026 $0.07. Use the arrow keys to read each point.$0$102017202020232026YTD

FAS vs HIBL Risk

Fall from peak · 5 years

  • FAS
  • HIBL
Nov 9, 2021 to Nov 9, 2026. Worst fall: HIBL −81.2% · Apr 2025. Use the arrow keys to read each point.−80%−60%−40%−20%0%Nov 2021May 2024Nov 2026

Risk facts

VolatilityStd dev, 3 years
FAS 46.3%, betterHIBL 71.5%
Return per unit of riskSharpe ratio, 3 years
FAS 1.03, betterHIBL 0.92
Worst fallMax drawdown, 5 years
FAS −66.9%, betterHIBL −81.2%
Market sensitivityBeta, 5 years
FAS 2.56HIBL 4.49

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