EUM vs. HDGE

Last updated Jun 5, 2026

EUM (ProShares Short MSCI Emerging Markets) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. EUM is passively managed, while HDGE is actively managed. Over the past 10 years, EUM returned -10.22%/yr vs -14.84%/yr for HDGE. A 0.62 correlation means they provide meaningful diversification when combined. EUM charges 0.95%/yr vs 3.36%/yr for HDGE.

Performance

EUM vs. HDGE - Performance Comparison

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

Returns By Period

In the year-to-date period, EUM achieves a -21.40% return, which is significantly lower than HDGE's 3.56% return. Over the past 10 years, EUM has outperformed HDGE with an annualized return of -10.22%, while HDGE has yielded a comparatively lower -14.84% annualized return.

EUM

• 1D: 1.09%
• 1M: -5.64%
• YTD: -21.40%
• 6M: -22.97%
• 1Y: -32.85%
• 3Y*: -15.90%
• 5Y*: -5.09%
• 10Y*: -10.22%

HDGE

• 1D: -1.78%
• 1M: -3.55%
• YTD: 3.56%
• 6M: 3.40%
• 1Y: -2.08%
• 3Y*: -5.89%
• 5Y*: -3.24%
• 10Y*: -14.84%

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

EUM vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EUM ProShares Short MSCI Emerging Markets	-21.40%	-22.61%	-0.83%	-3.89%	21.11%	-1.32%	-24.37%	-15.27%	14.60%	-28.08%
HDGE AdvisorShares Ranger Equity Bear ETF	3.56%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-43.47%	-36.27%	7.53%	-15.24%

Correlation

The correlation between EUM and HDGE is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	0.62

Over the past year, the correlation between EUM and HDGE has dropped to 0.42 - well below their long-term average of 0.62, suggesting their price drivers have been diverging.

EUM vs. HDGE - Sectors Allocation Comparison

Sectors	EUM	HDGE
Financial Services	47.1%	-23.5%
Basic Materials	-	-1.3%
Communication Services	-	-3.3%
Consumer Cyclical	-	-18.6%
Consumer Defensive	-	-4.9%
Energy	-	-2.5%
Healthcare	-	-3.5%
Industrials	-	-14.1%
Real Estate	-	-9.0%
Technology	-	-26.1%
Utilities	-	-

Return for Risk

EUM vs. HDGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EUM

EUM Risk / Return Rank: 0
EUM Sharpe Ratio Rank: 0
EUM Sortino Ratio Rank: 0
EUM Omega Ratio Rank: 0
EUM Calmar Ratio Rank: 1
EUM Martin Ratio Rank: 0

HDGE

HDGE Risk / Return Rank: 8
HDGE Sharpe Ratio Rank: 8
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 8
HDGE Martin Ratio Rank: 8

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EUM vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Short MSCI Emerging Markets (EUM) 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.

	EUM	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	-0.11	-1.50
Sortino ratio: Return per unit of downside risk	-2.42	-0.03	-2.39
Omega ratio: Gain probability vs. loss probability	0.72	1.00	-0.28
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.17	-0.79
Martin ratio: Return relative to average drawdown	-1.91	-0.34	-1.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EUM vs. HDGE - Sharpe Ratio Comparison

The current EUM Sharpe Ratio is -1.61, which is lower than the HDGE Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of EUM and HDGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EUM	HDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	-0.11	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.27	-0.13	-0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.50	-0.63	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.36	-0.68	+0.32

Drawdowns

EUM vs. HDGE - Drawdown Comparison

The maximum EUM drawdown since its inception was -93.07%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for EUM and HDGE.

Drawdown Indicators

	EUM	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-93.07%	-93.88%	+0.81%
Max Drawdown (1Y) Largest decline over 1 year	-34.25%	-12.26%	-21.99%
Max Drawdown (3Y) Largest decline over 3 years	-47.06%	-29.46%	-17.60%
Max Drawdown (5Y) Largest decline over 5 years	-50.02%	-42.97%	-7.05%
Max Drawdown (10Y) Largest decline over 10 years	-68.27%	-83.69%	+15.42%
Current Drawdown Current decline from peak	-92.91%	-93.20%	+0.29%
Average Drawdown Average peak-to-trough decline	-77.17%	-70.12%	-7.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.41%	6.13%	+11.28%

Volatility

EUM vs. HDGE - Volatility Comparison

ProShares Short MSCI Emerging Markets (EUM) has a higher volatility of 8.73% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.63%. This indicates that EUM'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.

Volatility by Period

	EUM	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.73%	6.63%	+2.10%
Volatility (6M) Calculated over the trailing 6-month period	17.94%	12.93%	+5.01%
Volatility (1Y) Calculated over the trailing 1-year period	20.45%	18.35%	+2.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.14%	24.19%	-5.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.54%	23.56%	-3.02%

EUM vs. HDGE - Expense Ratio Comparison

EUM has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

EUM vs. HDGE - Dividend Comparison

EUM's dividend yield for the trailing twelve months is around 4.54%, more than HDGE's 3.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
EUM ProShares Short MSCI Emerging Markets	4.54%	3.98%	4.22%	3.86%	0.82%	0.00%	0.15%	1.35%	0.88%
HDGE AdvisorShares Ranger Equity Bear ETF	3.38%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%	0.00%

Frequently Asked Questions

Can I hold both EUM and HDGE in my portfolio?

EUM and HDGE have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EUM or HDGE?

EUM has higher volatility (8.73%) compared to HDGE (6.63%). In terms of maximum drawdown, EUM dropped -93.07% vs HDGE's -93.88%.

Which ETF is better, EUM or HDGE?

On 10-year performance, EUM leads with -10.22% vs -14.84% for HDGE. On fees, EUM is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 6.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, EUM or HDGE?

Over the 10-year period, EUM has performed better with a -10.22% return vs -14.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, EUM or HDGE?

EUM is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.

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

EUM has the higher dividend yield at 4.54%, compared with 3.38% for HDGE.

What is the main difference between EUM and HDGE?

They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for EUM and 3.36% for HDGE.

Which has better risk-adjusted returns?

HDGE currently has the higher Sharpe Ratio (-0.11 vs -1.61), 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.