EATZ vs. HDGE

Last updated Aug 4, 2026

EATZ (AdvisorShares Restaurant ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - EATZ is a Consumer Discretionary Equities fund actively managed by AdvisorShares, while HDGE is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Their -0.66 correlation means they have often moved in opposite directions in the past. EATZ charges 1.00%/yr vs 3.36%/yr for HDGE.

Performance

EATZ vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Restaurant ETF (EATZ) and AdvisorShares Ranger Equity Bear ETF (HDGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

EATZ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

HDGE

• 1D: -2.03%
• 1M: -7.18%
• 6M: -9.45%
• YTD: -7.47%
• 1Y: -11.50%
• 3Y*: -4.40%
• 5Y*: -5.88%
• 10Y*: -15.33%
• ALL TIME*: -15.58%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDGE AdvisorShares Ranger Equity Bear ETF	$1.39M	$1.04M	$1.07M

EATZ vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
EATZ AdvisorShares Restaurant ETF	4.80%	-6.67%	23.21%	25.23%	-20.68%	-4.90%
HDGE AdvisorShares Ranger Equity Bear ETF	-7.47%	1.50%	-8.01%	-26.98%	16.59%	-0.76%

Correlation

The correlation between EATZ and HDGE is -0.47, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.47
Correlation (3Y) Balances recent behavior with more history.	-0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.66
Correlation (All Time) Calculated using the full available price history since Apr 21, 2021	-0.66

The correlation between EATZ and HDGE shifts across timeframes, from -0.66 (5 years) to -0.47 (1 year), reflecting how their relationship changes across market environments.

EATZ vs. HDGE - Sectors Allocation Comparison

Sectors	EATZ	HDGE
Consumer Cyclical	78.2%	-22.3%
Consumer Defensive	16.9%	-6.9%
Industrials	4.9%	-10.0%
Communication Services	2.3%	-4.9%
Basic Materials	-	-2.5%
Energy	-	-2.5%
Financial Services	-	-13.8%
Healthcare	-	-1.5%
Real Estate	-	-10.4%
Technology	-	-31.0%
Utilities	-	-

Return for Risk

EATZ vs. HDGE — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

EATZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

HDGE

HDGE Risk / Return Rank: 4
HDGE Sharpe Ratio Rank: 4
HDGE Sortino Ratio Rank: 4
HDGE Omega Ratio Rank: 4
HDGE Calmar Ratio Rank: 5
HDGE Martin Ratio Rank: 0

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

EATZ vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Restaurant ETF (EATZ) 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.

	EATZ	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.60	—
Sortino ratio: Return per unit of downside risk	—	-0.73	—
Omega ratio: Gain probability vs. loss probability	—	0.92	—
Calmar ratio: Return relative to maximum drawdown	—	-0.57	—
Martin ratio: Return relative to average drawdown	—	-1.56	—

Drawdowns

Drawdown Indicators

	EATZ	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	—	-93.98%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-20.34%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-30.63%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-43.92%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.25%	—
Current Drawdown Current decline from peak	—	-93.92%	—
Average Drawdown Average peak-to-trough decline	—	-70.34%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	7.55%	—

Volatility

Volatility by Period

	EATZ	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	8.15%	—
Volatility (6M) Calculated over the trailing 6-month period	—	15.22%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.33%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	24.42%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	23.54%	—

EATZ vs. HDGE - Expense Ratio Comparison

EATZ has a 1.00% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

EATZ vs. HDGE - Dividend Comparison

EATZ's dividend yield for the trailing twelve months is around 0.48%, less than HDGE's 3.78% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EATZ AdvisorShares Restaurant ETF	0.48%	0.50%	0.18%	0.49%	2.35%	0.15%	0.00%	0.00%
HDGE AdvisorShares Ranger Equity Bear ETF	3.78%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%

Frequently Asked Questions

Can I hold both EATZ and HDGE in my portfolio?

EATZ and HDGE have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EATZ or HDGE?

On fees, EATZ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EATZ or HDGE?

EATZ is cheaper with a 1.00% expense ratio, compared with 3.36% for HDGE.

Which ETF pays a higher dividend yield, EATZ or HDGE?

HDGE has the higher dividend yield at 3.78%, compared with 0.48% for EATZ.

What is the main difference between EATZ and HDGE?

EATZ is categorized as Consumer Discretionary Equities, while HDGE is Inverse Equities. Their fees differ too: 1.00% for EATZ and 3.36% for HDGE.