EFZ vs. HDGE
EFZ (ProShares Short MSCI EAFE) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. EFZ is passively managed, while HDGE is actively managed. Over the past 10 years, EFZ returned -8.83%/yr vs -15.19%/yr for HDGE. A 0.68 correlation means they provide meaningful diversification when combined. EFZ charges 0.95%/yr vs 3.36%/yr for HDGE.
Performance
EFZ vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, EFZ achieves a -6.98% return, which is significantly lower than HDGE's 6.12% return. Over the past 10 years, EFZ has outperformed HDGE with an annualized return of -8.83%, while HDGE has yielded a comparatively lower -15.19% annualized return.
EFZ
- 1D
- 1.95%
- 1M
- -0.04%
- YTD
- -6.98%
- 6M
- -6.74%
- 1Y
- -15.21%
- 3Y*
- -10.01%
- 5Y*
- -5.55%
- 10Y*
- -8.83%
HDGE
- 1D
- -0.47%
- 1M
- 0.12%
- YTD
- 6.12%
- 6M
- 6.85%
- 1Y
- 2.56%
- 3Y*
- -4.06%
- 5Y*
- -1.94%
- 10Y*
- -15.19%
EFZ vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | -6.98% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.12% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between EFZ and HDGE is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.68 |
The correlation between EFZ and HDGE shifts across timeframes, from 0.50 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
EFZ vs. HDGE — Risk / Return Rank
EFZ
HDGE
EFZ vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI EAFE (EFZ) 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.
| EFZ | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.05 | ||
| Sortino ratioReturn per unit of downside risk | -1.57 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.04 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | 0.21 | -1.10 |
| Martin ratioReturn relative to average drawdown | -1.51 | 0.43 | -1.94 |
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Drawdowns
EFZ vs. HDGE - Drawdown Comparison
The maximum EFZ drawdown since its inception was -88.08%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for EFZ and HDGE.
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Drawdown Indicators
| EFZ | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -88.08% | -93.88% | +5.80% |
Max Drawdown (1Y)Largest decline over 1 year | -17.09% | -12.26% | -4.83% |
Max Drawdown (3Y)Largest decline over 3 years | -35.42% | -29.46% | -5.96% |
Max Drawdown (5Y)Largest decline over 5 years | -43.77% | -42.97% | -0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -61.88% | -83.69% | +21.81% |
Current DrawdownCurrent decline from peak | -87.82% | -93.03% | +5.21% |
Average DrawdownAverage peak-to-trough decline | -67.13% | -70.17% | +3.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.10% | 5.97% | +4.13% |
Volatility
EFZ vs. HDGE - Volatility Comparison
The current volatility for ProShares Short MSCI EAFE (EFZ) is 5.39%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 5.85%. This indicates that EFZ experiences smaller price fluctuations and is considered to be less risky 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
| EFZ | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.39% | 5.85% | -0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 14.12% | 12.98% | +1.14% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.82% | 18.33% | -1.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.84% | 24.19% | -7.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.16% | 23.50% | -6.34% |
EFZ vs. HDGE - Expense Ratio Comparison
EFZ has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
EFZ vs. HDGE - Dividend Comparison
EFZ's dividend yield for the trailing twelve months is around 4.04%, more than HDGE's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
EFZ ProShares Short MSCI EAFE | 4.04% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.29% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
Frequently Asked Questions
EFZ and HDGE have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (5.85%) compared to EFZ (5.39%). In terms of maximum drawdown, EFZ dropped -88.08% vs HDGE's -93.88%.
On 10-year performance, EFZ leads with -8.83% vs -15.19% for HDGE. On fees, EFZ is cheaper at 0.95% per year. On volatility, EFZ has been the lower-risk option at 5.39%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EFZ has performed better with a -8.83% return vs -15.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EFZ is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.
EFZ has the higher dividend yield at 4.04%, compared with 3.29% for HDGE.
They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for EFZ and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (0.14 vs -0.91), 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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