BIS vs. HDGE
BIS (ProShares UltraShort Nasdaq Biotechnology) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%), while HDGE is a Inverse Equities fund actively managed by AdvisorShares. BIS is passively managed, while HDGE is actively managed. Over the past 10 years, BIS returned -25.94%/yr vs -15.15%/yr for HDGE. A 0.58 correlation means they provide meaningful diversification when combined. BIS charges 0.95%/yr vs 3.36%/yr for HDGE.
Performance
BIS vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, BIS achieves a -16.48% return, which is significantly lower than HDGE's 6.62% return. Over the past 10 years, BIS has underperformed HDGE with an annualized return of -25.94%, while HDGE has yielded a comparatively higher -15.15% annualized return.
BIS
- 1D
- -3.68%
- 1M
- -8.41%
- YTD
- -16.48%
- 6M
- -12.83%
- 1Y
- -54.85%
- 3Y*
- -24.54%
- 5Y*
- -14.79%
- 10Y*
- -25.94%
HDGE
- 1D
- 0.83%
- 1M
- 0.59%
- YTD
- 6.62%
- 6M
- 8.10%
- 1Y
- 1.33%
- 3Y*
- -3.91%
- 5Y*
- -2.09%
- 10Y*
- -15.15%
BIS vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | -16.48% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.62% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between BIS and HDGE is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.38 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.54 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.58 |
The correlation between BIS and HDGE shifts across timeframes, from 0.38 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BIS vs. HDGE — Risk / Return Rank
BIS
HDGE
BIS vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Nasdaq Biotechnology (BIS) 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.
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.
| BIS | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.43 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.03 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.11 | -1.11 |
| Martin ratioReturn relative to average drawdown | -1.33 | 0.22 | -1.56 |
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Drawdowns
BIS vs. HDGE - Drawdown Comparison
The maximum BIS drawdown since its inception was -99.87%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for BIS and HDGE.
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Drawdown Indicators
| BIS | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.87% | -93.88% | -5.99% |
Max Drawdown (1Y)Largest decline over 1 year | -55.15% | -12.26% | -42.89% |
Max Drawdown (3Y)Largest decline over 3 years | -67.35% | -29.46% | -37.89% |
Max Drawdown (5Y)Largest decline over 5 years | -75.16% | -42.97% | -32.19% |
Max Drawdown (10Y)Largest decline over 10 years | -95.32% | -83.69% | -11.63% |
Current DrawdownCurrent decline from peak | -99.87% | -93.00% | -6.87% |
Average DrawdownAverage peak-to-trough decline | -90.04% | -70.17% | -19.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 41.17% | 6.20% | +34.97% |
Volatility
BIS vs. HDGE - Volatility Comparison
ProShares UltraShort Nasdaq Biotechnology (BIS) has a higher volatility of 13.78% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.83%. This indicates that BIS'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
| BIS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.78% | 5.83% | +7.95% |
Volatility (6M)Calculated over the trailing 6-month period | 32.11% | 12.97% | +19.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.56% | 18.36% | +22.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 43.79% | 24.20% | +19.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 46.37% | 23.56% | +22.81% |
BIS vs. HDGE - Expense Ratio Comparison
BIS has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
BIS vs. HDGE - Dividend Comparison
BIS's dividend yield for the trailing twelve months is around 5.51%, more than HDGE's 3.28% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.51% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.28% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
Frequently Asked Questions
BIS and HDGE have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (13.78%) compared to HDGE (5.83%). In terms of maximum drawdown, BIS dropped -99.87% vs HDGE's -93.88%.
On 10-year performance, HDGE leads with -15.15% vs -25.94% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 5.83%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDGE has performed better with a -15.15% return vs -25.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIS is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.
BIS has the higher dividend yield at 5.51%, compared with 3.28% for HDGE.
BIS is categorized as Leveraged Equities, while HDGE is Inverse Equities. They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for BIS and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (0.07 vs -1.36), 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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