Aims for three times the opposite of the daily return of an S&P index of US biotechnology companies, using swap contracts. Because it resets daily, its return over longer periods can differ a lot from three times the opposite.
LABD, the Direxion Daily S&P Biotech Bear 3X Shares, is a $138 million ETF whose main story is the biology trade. Over the past year it returned −79.4%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The biology trade →
Health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | XLV | 36.3% | $43.39bn | +18.0% | 0.08% |
| 2 | VHT | 15.3% | $18.31bn | +18.9% | 0.09% |
| 3 | IBB | 9.4% | $11.20bn | +37.5% | 0.44% |
| 4 | XBI | 8.7% | $10.36bn | +51.2% | 0.35% |
| 5 | IXJ | 3.6% | $4.32bn | +11.8% | – |
| 87 other ETFs | 26.7% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 92 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| LABD | +20.6% | +2.6% | −63.6% | −79.4% | −66.7% | −47.2% |
| The biology tradeits narrative | −3.5% | +2.1% | +13.7% | +24.2% | +15.2% | +6.7% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on May 28, 2015: −55.3% a year.
$10,000 invested October 31, 2016
Year by year
Total return in each calendar year; this year is year to date. A year appears only if LABD traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
LABD tends to move against the market. When the market has moved 1%, LABD has tended to move 3.40% the other way.
LABD tends to move against the biology trade. When the biology trade has moved 1%, LABD has tended to move 4.27% the other way.
Weekly returns over 157 weeks. The narrative is measured without LABD in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in The biology trade
Each dot is one of 58 unlevered ETFs whose main narrative is the biology trade, placed by its return (up) and how much it swung (right) over the last year. LABD is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
LABD is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 3x the inverse of the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is LABD selling?
LABD’s main story is the biology trade, which covers health care from drugmakers and insurers to genomics: the science that gets approved, and who pays for it.
Which ETFs compete with LABD?
The ETFs whose weekly returns move most like LABD’s over the past 3 years are VIXY (0.52), VIXM (0.52) and BTAL (0.51).
How has LABD performed against its story?
Over the past year LABD returned −79.4%, the ETFs carrying the biology trade +24.2% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.83 with the story. Past performance only.
Run an ETF in the biology trade? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
Request a pilot