AIBD vs. HDGE
AIBD (Direxion Daily AI and Big Data Bear 2X Shares) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. AIBD is passively managed, while HDGE is actively managed. Over the past year, AIBD returned -59.55% vs -0.65% for HDGE. At a 0.48 correlation, their price movements are largely independent. AIBD charges 1.05%/yr vs 3.36%/yr for HDGE.
Performance
AIBD vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, AIBD achieves a -38.68% return, which is significantly lower than HDGE's 5.43% return.
AIBD
- 1D
- 4.30%
- 1M
- -24.36%
- YTD
- -38.68%
- 6M
- -33.54%
- 1Y
- -59.55%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
AIBD vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | -38.68% | -49.15% | -33.02% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -12.70% |
Correlation
The correlation between AIBD and HDGE is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since May 16, 2024 | 0.48 |
The correlation between AIBD and HDGE shifts across timeframes, from 0.37 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
AIBD vs. HDGE — Risk / Return Rank
AIBD
HDGE
AIBD vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily AI and Big Data Bear 2X Shares (AIBD) and AdvisorShares Ranger Equity Bear ETF (HDGE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| AIBD | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.13 | ||
| Sortino ratioReturn per unit of downside risk | -2.11 | ||
| Omega ratioGain probability vs. loss probability | 0.78 | 1.01 | -0.22 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | -0.05 | -0.92 |
| Martin ratioReturn relative to average drawdown | -1.78 | -0.11 | -1.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| AIBD | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.17 | -0.04 | -1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.95 | -0.67 | -0.28 |
Drawdowns
AIBD vs. HDGE - Drawdown Comparison
The maximum AIBD drawdown since its inception was -82.11%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for AIBD and HDGE.
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Drawdown Indicators
| AIBD | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.11% | -93.88% | +11.77% |
Max Drawdown (1Y)Largest decline over 1 year | -61.47% | -12.26% | -49.21% |
Max Drawdown (3Y)Largest decline over 3 years | — | -29.46% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -42.97% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -81.34% | -93.08% | +11.74% |
Average DrawdownAverage peak-to-trough decline | -48.17% | -70.11% | +21.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.38% | 6.16% | +27.22% |
Volatility
AIBD vs. HDGE - Volatility Comparison
Direxion Daily AI and Big Data Bear 2X Shares (AIBD) has a higher volatility of 14.63% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.41%. This indicates that AIBD's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| AIBD | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.63% | 6.41% | +8.22% |
Volatility (6M)Calculated over the trailing 6-month period | 37.40% | 12.81% | +24.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.16% | 18.33% | +32.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.52% | 24.18% | +32.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.52% | 23.56% | +32.96% |
AIBD vs. HDGE - Expense Ratio Comparison
AIBD has a 1.05% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
AIBD vs. HDGE - Dividend Comparison
AIBD's dividend yield for the trailing twelve months is around 5.68%, more than HDGE's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AIBD Direxion Daily AI and Big Data Bear 2X Shares | 5.68% | 4.37% | 3.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
Frequently Asked Questions
AIBD and HDGE have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AIBD has higher volatility (14.63%) compared to HDGE (6.41%). In terms of maximum drawdown, AIBD dropped -82.11% vs HDGE's -93.88%.
On 1-year performance, HDGE leads with -0.65% vs -59.55% for AIBD. On fees, AIBD is cheaper at 1.05% per year. On volatility, HDGE has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HDGE has performed better with a -0.65% return vs -59.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AIBD is cheaper with a 1.05% expense ratio, compared with 3.36% for HDGE.
AIBD has the higher dividend yield at 5.68%, compared with 3.32% for HDGE.
They also come from different issuers: Direxion and AdvisorShares. Their fees differ too: 1.05% for AIBD and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (-0.04 vs -1.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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