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HIBS vs TZA

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

HIBSFNYSE Arca

Direxion Daily Small Cap Bear 3X ETF

TZABNYSE Arca

Overlap

Expense ratio

TZA −0.07pt a year

HIBS1.06%TZA0.99%

Avg volume · 30D

TZA 82.8×the volume

HIBS215KTZA17.8M

5Y return · a year

TZA +24.2pt

HIBS−51.7%TZA−27.5%

HIBS vs TZA Performance

Oct 29, 2021 – Oct 30, 2026

−97.4%HIBS−79.9%TZA

Oct 29, 2021 to Oct 30, 2026. HIBS −97.4%. TZA −79.9%. Use the arrow keys to read each point.−50%0%50%100%Oct 2021Apr 2024Oct 2026
Expense ratio
HIBS 1.06%
TZA 0.99%, better
Fund size
HIBS $18M
TZA $191M
1Y total return
HIBS −59.4%
TZA −37.2%, better
Yield (12M)
HIBS 6.05%, better
TZA 4.06%
Holdings
HIBS 5
TZA 7
Avg volume (30D)
HIBS 215K sh
TZA 17.8M sh, better
NAV per share
HIBS $18.71
TZA $44.49
52W range

ETF.net Grade

HIBS: Cost 23, Risk 24, Mission not scored, Tradability 23, Holdings not scored, Durability 23. TZA: Cost 64, Risk 54, Mission 75, Tradability 63, Holdings not scored, Durability 60.
Pillar letters and Scores for HIBS, TZA, with each pillar’s weight
PillarHIBSTZA
Cost30% weightF23B64Higher
Mission25% weightNot scoredA75
Risk15% weightF24C54Higher
Tradability15% weightF23B63Higher
Holdings10% weightNot scoredNot scored
Durability5% weightF23B60Higher

Rank among 3x Leveraged Inverse funds

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

Same Category. HIBS and TZA are both graded against the same 14 3x Leveraged Inverse funds, so their Grades compare head to head.

3x Leveraged Inverse⁠

Category · 14 funds
See all 14 ›

TZA ranks 4th and HIBS 12th of 14 funds in the 3x Leveraged Inverse Category.

  1. Rank 1ASQQQProShares UltraPro Short QQQScore 83
  2. Rank 2ASDOWProShares UltraPro Short Dow30Score 78
  3. Rank 3ASRTYProShares UltraPro Short Russell2000Score 71
  4. Rank 4BTZADirexion Daily Small Cap Bear 3X ETFScore 61
  5. Rank 5BSOXSDirexion Daily Semiconductor Bear 3X ETFScore 55
  6. Rank 11DEDZDirexion Daily MSCI Emerging Markets Bear 3X ETFScore 31
  7. Rank 12FHIBSDirexion Daily S&P 500 High Beta Bear 3X ETFScore 23
  8. Rank 13FWEBSDirexion Daily Dow Jones Internet Bear 3X ETFScore 22

Our read on each fund

ETF.net Research

HIBSFDirexion Daily S&P 500 High Beta Bear 3X ETF

TZABDirexion Daily Small Cap Bear 3X ETF

In short

HIBS Most 3x bear funds short an index. HIBS shorts a factor: the S&P 500's 100 most market-sensitive stocks, aiming for -300% of that basket's move for one day, then the math resets.

TZA Born in the wreckage of 2008, TZA aims to move three times the inverse of the Russell 2000's daily swing. A heavily traded way to press a bearish small-cap view, with a daily reset that makes it a tool for days, not quarters.

Stated mandate

HIBS The fund seeks daily investment results equal to -300% of the daily 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 the same multiple over longer periods.

TZA The Fund seeks daily inverse leveraged investment results equal to negative three times the daily performance of the Russell 2000 Index. Its leverage makes it potentially riskier than nonleveraged alternatives.

Why people hold it

  • HIBS Targets a factor slice, not a sector or headline index: the 100 highest-beta S&P 500 names, weighted by beta and rescreened quarterly. No peer in its 3x bear group tracks it.spglobal.com
  • 1.06% net of a waiver through September 1, 2027 (1.11% gross). That sits near the category median, in the same neighborhood as TZA at 0.99% and SOXS at 1.00%.
  • Trading since 2019, with a bull counterpart on the same high-beta index, so both sides of the trade come from one issuer with one rulebook.direxion.com
  • TZA Fee of 0.99% comes in under the typical leveraged bear fund, and under every other Russell 2000 short ETF on the shelf (RWM, TWM, SRTY).
  • Very actively traded, which usually means tight spreads and easy exits when a short-term view changes fast.
  • Running since 2008, a long life for a leveraged fund, and it has stayed close to its stated daily target.
  • Sits in the upper half of a crowded leveraged bear peer group on our overall read.

Worth knowing

  • HIBS The -300% target applies to a single day. Direxion says plainly it is not intended over longer periods; in choppy markets, held returns can diverge widely from -3x.
  • High beta means high sensitivity by construction, so this basket tends to swing harder than the S&P 500 itself before leverage is applied.spglobal.com
  • One of the smaller, less-traded funds in the 3x bear lineup, so spreads and limit orders matter more than with the group's household names.
  • TZA The -3x target resets every day. Hold longer and compounding pulls results away from three times the index move over that stretch, up or down.
  • Triple leverage cuts both ways: a 1% up day in the Russell 2000 is roughly a 3% down day here, before costs.
  • Direxion's own filing flags the fund as potentially riskier than nonleveraged alternatives and built for daily monitoring.

Full HIBS profile⁠

Full TZA profile⁠

HIBS vs TZA 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.

HIBS vs TZA Cost

Overpaying HIBS vs TZA

$1,130

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

  • HIBS 1.06%

    $19,655

  • TZA 0.99%

    $18,525

$10,000
30 years

Cost over time

  • HIBS 1.06%
  • TZA 0.99%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HIBS $19,655TZA $18,525

Year by year

YearHIBSTZAOverpaying
10$1,864$1,746$118
20$6,987$6,565$422
30$19,655$18,525$1,130

Expense ratio

  • 1.06%HIBS
  • 0.99%TZA, cheaper
  • Middle half of 3x Leveraged Inverse funds
  • Median 1.02%

TZA 5th cheapest of 14 funds

HIBS 11th cheapest of 14 funds

HIBS vs TZA Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HIBS 6.05%, better
TZA 4.06%
Payout (12M)
HIBS $1.30
TZA $1.90
Last payment
HIBS $0.22
TZA $0.47
Ex-dividend
HIBS Sep 22, 2026
TZA Sep 22, 2026
Paid on
HIBS Sep 29, 2026
TZA Sep 29, 2026
Frequency
HIBS Quarterly
TZA Quarterly

Distribution history

Per share, 2018 to 2026, same scale for both

HIBSQuarterly · 11 paymentsAll HIBS payments⁠
One bar per payment. 11 payments from 2018 to 2026 YTD. Dec 23, 2019 $52.96; Mar 19, 2024 $3.02; Jun 25, 2024 $3.19; Dec 23, 2024 $1.46; Mar 25, 2025 $2.30; Jun 24, 2025 $0.76; Sep 23, 2025 $0.68; Dec 23, 2025 $0.51; Mar 24, 2026 $0.42; Jun 23, 2026 $0.15; Sep 22, 2026 $0.22. Use the arrow keys to read each point.$0$50202020232026YTD
TZAQuarterly · 21 paymentsAll TZA payments⁠
One bar per payment. 21 payments from 2018 to 2026 YTD. Mar 20, 2018 $6.00; Sep 25, 2018 $12.00; Dec 27, 2018 $20.23; Mar 19, 2019 $2.16; Sep 24, 2019 $26.07; Dec 23, 2019 $7.17; Mar 21, 2023 $4.60; Jun 21, 2023 $2.36; Sep 19, 2023 $2.88; Dec 21, 2023 $1.11; Mar 19, 2024 $2.36; Jun 25, 2024 $2.33; Sep 24, 2024 $1.47; Dec 23, 2024 $0.84; Mar 25, 2025 $2.38; Jun 24, 2025 $0.56; Sep 23, 2025 $0.53; Dec 23, 2025 $0.34; Mar 24, 2026 $0.71; Jun 23, 2026 $0.38; Sep 22, 2026 $0.47. Use the arrow keys to read each point.$0$50202020232026YTD

HIBS vs TZA Risk

Fall from peak · 5 years

  • HIBS
  • TZA
Oct 29, 2021 to Oct 30, 2026. Worst fall: HIBS −98.8% · Oct 2026. Use the arrow keys to read each point.−100%−75%−50%−25%0%Oct 2021Apr 2024Oct 2026

Risk facts

VolatilityStd dev, 3 years
HIBS 62.6%TZA 53.9%, better
Return per unit of riskSharpe ratio, 3 years
HIBS −1.40TZA −1.01, better
Worst fallMax drawdown, 5 years
HIBS −98.8%TZA −92.1%, better
Market sensitivityBeta, 5 years
HIBS −3.96TZA −3.25

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