HDGE vs. BIS
HDGE (AdvisorShares Ranger Equity Bear ETF) and BIS (ProShares UltraShort Nasdaq Biotechnology) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while BIS is a Leveraged Equities fund tracking the NASDAQ Biotechnology Index (-200%). HDGE is actively managed, while BIS is passively managed. Over the past 10 years, HDGE returned -15.39%/yr vs -24.02%/yr for BIS. Their 0.57 correlation means they have sometimes moved together and sometimes differently. HDGE charges 3.36%/yr vs 0.95%/yr for BIS.
Performance
HDGE vs. BIS - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a -5.56% return, which is significantly higher than BIS's -24.85% return. Over the past 10 years, HDGE has outperformed BIS with an annualized return of -15.39%, while BIS has yielded a comparatively lower -24.02% annualized return.
HDGE
- 1D
- 0.40%
- 1M
- -5.26%
- 6M
- -7.86%
- YTD
- -5.56%
- 1Y
- -9.67%
- 3Y*
- -3.25%
- 5Y*
- -5.22%
- 10Y*
- -15.39%
- ALL TIME*
- -15.48%
BIS
- 1D
- 3.65%
- 1M
- 9.65%
- 6M
- -20.75%
- YTD
- -24.85%
- 1Y
- -53.59%
- 3Y*
- -27.87%
- 5Y*
- -15.63%
- 10Y*
- -24.02%
- ALL TIME*
- -32.48%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $67.10K | $102.51K | $113.13K | |
| $1.40M | $1.05M | $1.06M |
HDGE vs. BIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | -5.56% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
BIS ProShares UltraShort Nasdaq Biotechnology | -24.85% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
Correlation
The correlation between HDGE and BIS is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.53 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.56 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011 | 0.57 |
Over the past year, the correlation between HDGE and BIS has dropped to 0.30 - well below their long-term average of 0.57, suggesting their price drivers have been diverging.
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Return for Risk
HDGE vs. BIS — Risk / Return Rank
HDGE
BIS
HDGE vs. BIS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares UltraShort Nasdaq Biotechnology (BIS). 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.
| HDGE | BIS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.86 | ||
| Sortino ratioReturn per unit of downside risk | +1.66 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 0.76 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.91 | +0.46 |
| Martin ratioReturn relative to average drawdown | -1.23 | -1.38 | +0.15 |
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Drawdowns
HDGE vs. BIS - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.98%, smaller than the maximum BIS drawdown of -99.89%. Use the drawdown chart below to compare losses from any high point for HDGE and BIS.
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Drawdown Indicators
| HDGE | BIS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.98% | -99.89% | +5.91% |
Max Drawdown (1Y)Largest decline over 1 year | -20.34% | -59.49% | +39.15% |
Max Drawdown (3Y)Largest decline over 3 years | -30.63% | -73.96% | +43.33% |
Max Drawdown (5Y)Largest decline over 5 years | -43.92% | -80.19% | +36.27% |
Max Drawdown (10Y)Largest decline over 10 years | -82.25% | -95.82% | +13.57% |
Current DrawdownCurrent decline from peak | -93.80% | -99.88% | +6.08% |
Average DrawdownAverage peak-to-trough decline | -70.33% | -90.11% | +19.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.44% | 39.26% | -31.82% |
Volatility
HDGE vs. BIS - Volatility Comparison
The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 8.05%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 12.40%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than BIS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | BIS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.05% | 12.40% | -4.35% |
Volatility (6M)Calculated over the trailing 6-month period | 15.10% | 31.89% | -16.79% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.26% | 40.71% | -21.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.40% | 43.93% | -19.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.53% | 46.15% | -22.62% |
HDGE vs. BIS - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than BIS's 0.95% expense ratio.
Dividends
HDGE vs. BIS - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.70%, less than BIS's 5.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BIS ProShares UltraShort Nasdaq Biotechnology | 5.61% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.70% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
Frequently Asked Questions
HDGE and BIS have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BIS has higher volatility (12.40%) compared to HDGE (8.05%). In terms of maximum drawdown, HDGE dropped -93.98% vs BIS's -99.89%.
On 10-year performance, HDGE leads with -15.39% vs -24.02% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 8.05%. 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 -15.39% return vs -24.02%. 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 5.61%, compared with 3.70% for HDGE.
HDGE is categorized as Inverse Equities, while BIS is Leveraged Equities. They also come from different issuers: AdvisorShares and ProShares. Their fees differ too: 3.36% for HDGE and 0.95% for BIS.
HDGE currently has the higher Sharpe Ratio (-0.48 vs -1.33), 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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