- ISIN
- US00768Y8839
- CUSIP
- 00768Y883
- Issuer
- AdvisorShares
- Inception Date
- Jan 26, 2011
- Region
- North America (U.S.)
- Category
- Inverse Equities
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $67M
Share Price Chart
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Performance
HDGE Performance Chart
AdvisorShares Ranger Equity Bear ETF (HDGE) is up 6.0% since the beginning of the year. HDGE is currently trading at $17 per share. Investors who bought $1,000 worth of HDGE shares 5 years ago would now be looking at an investment worth $879.
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Returns By Period
AdvisorShares Ranger Equity Bear ETF (HDGE) has returned 6.02% so far this year and 0.77% over the past 12 months. Over the last ten years, HDGE has returned -15.00% per year, falling short of the S&P 500 Index benchmark, which averaged 13.61% annually.
AdvisorShares Ranger Equity Bear ETF
- 1D
- 2.81%
- 1M
- -1.65%
- YTD
- 6.02%
- 6M
- 7.15%
- 1Y
- 0.77%
- 3Y*
- -2.70%
- 5Y*
- -2.54%
- 10Y*
- -15.00%
Benchmark (S&P 500 Index)
- 1D
- -1.21%
- 1M
- 0.23%
- YTD
- 8.39%
- 6M
- 10.39%
- 1Y
- 24.03%
- 3Y*
- 18.94%
- 5Y*
- 12.24%
- 10Y*
- 13.61%
HDGE Monthly Returns History
Based on dividend-adjusted daily data since Jan 27, 2011, HDGE's average daily return is -0.05%, while the average monthly return is -1.15%.
Historically, 40% of months were positive and 60% were negative. The best month was Mar 2020 with a return of +22.1%, while the worst month was Nov 2020 at -25.5%. The longest winning streak lasted 4 consecutive months, and the longest losing streak was 9 months.
On a daily basis, HDGE closed higher 46% of trading days. The best single day was Mar 16, 2020 with a return of +11.8%, while the worst single day was Nov 9, 2020 at -12.0%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.50% | 4.57% | 4.54% | -6.35% | -1.13% | 2.20% | 6.02% | ||||||
| 2025 | -3.18% | 7.08% | 5.20% | 4.88% | -4.92% | -4.78% | 1.89% | -7.13% | 2.37% | 1.95% | 1.02% | -1.75% | 1.50% |
| 2024 | 6.68% | -2.89% | -1.26% | 8.98% | -3.23% | -0.29% | -9.56% | 2.09% | -1.73% | 0.37% | -10.12% | 4.48% | -8.01% |
| 2023 | -16.17% | 0.37% | 5.13% | 1.69% | -1.66% | -11.09% | -10.17% | 6.25% | 8.57% | 9.48% | -7.95% | -11.09% | -26.98% |
| 2022 | 3.08% | -2.28% | -1.57% | 13.50% | 3.89% | 11.17% | -10.48% | -1.57% | 7.19% | -6.18% | -4.19% | 5.66% | 16.59% |
| 2021 | -9.90% | -4.91% | -2.48% | -4.44% | -0.41% | -4.61% | 5.31% | 2.23% | 3.92% | -2.26% | 0.99% | -2.84% | -18.61% |
Benchmark Metrics
AdvisorShares Ranger Equity Bear ETF has an annualized alpha of -0.61%, beta of -1.02, and R2 of 0.63 versus S&P 500 Index. Calculated based on daily prices since January 27, 2011.
- This ETF tended to rise when S&P 500 Index fell (downside capture of -162.43%), but participation in market rallies was also limited (-80.10%) - a profile typical of counter-cyclical assets.
- Beta of -1.02 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.61%
- Beta
- -1.02
- R²
- 0.63
- Upside Capture
- -80.10%
- Downside Capture
- -162.43%
Expense Ratio
HDGE has a high expense ratio of 3.36%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HDGE ranks 9 for risk / return — in the bottom 9% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HDGE | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.90 | ||
| Sortino ratioReturn per unit of downside risk | -2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.35 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 2.65 | -2.59 |
| Martin ratioReturn relative to average drawdown | 0.12 | 11.88 | -11.76 |
Dividends
Dividend History
AdvisorShares Ranger Equity Bear ETF provided a 3.30% dividend yield over the last twelve months, with an annual payout of $0.56 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
| Dividend | $0.56 | $0.56 | $1.28 | $1.83 | $0.00 | $0.00 | $0.00 | $0.12 |
Dividend yield | 3.30% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Monthly Dividends
The table displays the monthly dividend distributions for AdvisorShares Ranger Equity Bear ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.56 | $0.56 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.28 | $1.28 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.83 | $1.83 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the AdvisorShares Ranger Equity Bear ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the AdvisorShares Ranger Equity Bear ETF was 93.88%, occurring on Jan 21, 2025. The portfolio has not yet recovered.
The current AdvisorShares Ranger Equity Bear ETF drawdown is 93.04%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2025 bear market2025 | -93.88%Jan 2025 | 13y 3mo | — | 14y 8moOct 2011 - now |
2011 correction2011 | -14.93%May 2011 | 3mo 11d | 2mo 24d | 6mo 5dJan 2011 - Aug 2011 |
2011 pullback2011 | -9.43%Aug 2011 | 8d | 22d | 1moAug 2011 - Sep 2011 |
2011 pullback2011 | -6.69%Aug 2011 | 4d | 4d | 8dAug 2011 - Aug 2011 |
2011 pullback2011 | -6.11%Sep 2011 | 4d | 6d | 10dSep 2011 - Oct 2011 |
Drawdown Indicators
| HDGE | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -56.78% | -37.10% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -9.10% | -3.16% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -18.90% | -10.56% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -25.43% | -17.54% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | -33.92% | -49.77% |
Current DrawdownCurrent decline from peak | -93.04% | -2.49% | -90.55% |
Average DrawdownAverage peak-to-trough decline | -70.15% | -10.72% | -59.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 2.03% | +4.13% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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