HDGE vs. AAPD
HDGE (AdvisorShares Ranger Equity Bear ETF) and AAPD (Direxion Daily AAPL Bear 1X Shares) are both Inverse Equities funds. HDGE is actively managed, while AAPD is passively managed. Over the past 3 years, HDGE returned -5.06%/yr vs -16.24%/yr for AAPD. At a 0.44 correlation, their price movements are largely independent. HDGE charges 3.36%/yr vs 1.06%/yr for AAPD.
Performance
HDGE vs. AAPD - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a 5.43% return, which is significantly higher than AAPD's -12.45% return.
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%
AAPD
- 1D
- 1.51%
- 1M
- -10.79%
- YTD
- -12.45%
- 6M
- -8.15%
- 1Y
- -33.84%
- 3Y*
- -16.24%
- 5Y*
- —
- 10Y*
- —
HDGE vs. AAPD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 7.53% |
AAPD Direxion Daily AAPL Bear 1X Shares | -12.45% | -11.41% | -21.45% | -30.42% | 21.49% |
Correlation
The correlation between HDGE and AAPD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.33 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (All Time) Calculated using the full available price history since Aug 10, 2022 | 0.44 |
The correlation between HDGE and AAPD shifts across timeframes, from 0.33 (1 year) to 0.44 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HDGE vs. AAPD — Risk / Return Rank
HDGE
AAPD
HDGE vs. AAPD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Direxion Daily AAPL Bear 1X Shares (AAPD). 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.
| HDGE | AAPD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.48 | ||
| Sortino ratioReturn per unit of downside risk | +2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.74 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.91 | +0.86 |
| Martin ratioReturn relative to average drawdown | -0.11 | -1.46 | +1.36 |
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
| HDGE | AAPD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | -1.52 | +1.48 |
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 | -0.67 | -0.59 | -0.08 |
Drawdowns
HDGE vs. AAPD - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than AAPD's maximum drawdown of -59.79%. Use the drawdown chart below to compare losses from any high point for HDGE and AAPD.
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Drawdown Indicators
| HDGE | AAPD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -59.79% | -34.09% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -37.37% | +25.11% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -49.07% | +19.61% |
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 | -93.08% | -59.19% | -33.89% |
Average DrawdownAverage peak-to-trough decline | -70.11% | -34.19% | -35.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 23.16% | -17.00% |
Volatility
HDGE vs. AAPD - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 6.41% compared to Direxion Daily AAPL Bear 1X Shares (AAPD) at 5.47%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than AAPD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | AAPD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 5.47% | +0.94% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 16.01% | -3.20% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 22.36% | -4.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.18% | 27.02% | -2.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 27.02% | -3.46% |
HDGE vs. AAPD - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than AAPD's 1.06% expense ratio.
Dividends
HDGE vs. AAPD - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.32%, less than AAPD's 3.84% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
AAPD Direxion Daily AAPL Bear 1X Shares | 3.84% | 3.60% | 4.55% | 4.37% | 0.53% | 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
HDGE and AAPD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.41%) compared to AAPD (5.47%). In terms of maximum drawdown, HDGE dropped -93.88% vs AAPD's -59.79%.
On 3-year performance, HDGE leads with -5.06% vs -16.24% for AAPD. On fees, AAPD is cheaper at 1.06% per year. On volatility, AAPD has been the lower-risk option at 5.47%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HDGE has performed better with a -5.06% return vs -16.24%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AAPD is cheaper with a 1.06% expense ratio, compared with 3.36% for HDGE.
AAPD has the higher dividend yield at 3.84%, compared with 3.32% for HDGE.
They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.36% for HDGE and 1.06% for AAPD.
HDGE currently has the higher Sharpe Ratio (-0.04 vs -1.52), 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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