HDGE vs. BIS

Last updated Jun 3, 2026

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 -14.98%/yr vs -23.05%/yr for BIS. A 0.58 correlation means they provide meaningful diversification when combined. HDGE charges 3.36%/yr vs 0.95%/yr for BIS.

Performance

HDGE vs. BIS - Performance Comparison

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

Returns By Period

In the year-to-date period, HDGE achieves a 2.81% return, which is significantly higher than BIS's -2.81% return. Over the past 10 years, HDGE has outperformed BIS with an annualized return of -14.98%, while BIS has yielded a comparatively lower -23.05% annualized return.

HDGE

• 1D: 1.35%
• 1M: -2.26%
• YTD: 2.81%
• 6M: 1.13%
• 1Y: -4.58%
• 3Y*: -5.86%
• 5Y*: -3.57%
• 10Y*: -14.98%

BIS

• 1D: 6.03%
• 1M: 2.68%
• YTD: -2.81%
• 6M: -4.39%
• 1Y: -48.69%
• 3Y*: -20.45%
• 5Y*: -14.25%
• 10Y*: -23.05%

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

HDGE vs. BIS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDGE AdvisorShares Ranger Equity Bear ETF	2.81%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-43.47%	-36.27%	7.53%	-15.24%
BIS ProShares UltraShort Nasdaq Biotechnology	-2.81%	-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 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.55
Correlation (5Y) Calculated over the trailing 5-year period	0.60
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	0.58

The correlation between HDGE and BIS shifts across timeframes, from 0.41 (1 year) to 0.60 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HDGE vs. BIS — Risk / Return Rank

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

HDGE

HDGE Risk / Return Rank: 6
HDGE Sharpe Ratio Rank: 6
HDGE Sortino Ratio Rank: 6
HDGE Omega Ratio Rank: 6
HDGE Calmar Ratio Rank: 6
HDGE Martin Ratio Rank: 6

BIS

BIS Risk / Return Rank: 1
BIS Sharpe Ratio Rank: 1
BIS Sortino Ratio Rank: 1
BIS Omega Ratio Rank: 1
BIS Calmar Ratio Rank: 1
BIS Martin Ratio Rank: 3

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.

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.

	HDGE	BIS	Difference
Sharpe ratio Return per unit of total volatility	-0.25	-1.24	+0.98
Sortino ratio Return per unit of downside risk	-0.24	-1.94	+1.71
Omega ratio Gain probability vs. loss probability	0.97	0.79	+0.19
Calmar ratio Return relative to maximum drawdown	-0.33	-0.91	+0.58
Martin ratio Return relative to average drawdown	-0.60	-1.25	+0.65
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDGE vs. BIS - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is -0.25, which is higher than the BIS Sharpe Ratio of -1.24. The chart below compares the historical Sharpe Ratios of HDGE and BIS, 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

	HDGE	BIS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.25	-1.24	+0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.15	-0.33	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.64	-0.50	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	-0.67	-0.01

Drawdowns

HDGE vs. BIS - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, smaller than the maximum BIS drawdown of -99.87%. Use the drawdown chart below to compare losses from any high point for HDGE and BIS.

Drawdown Indicators

	HDGE	BIS	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-99.87%	+5.99%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-54.50%	+42.24%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-66.87%	+37.41%
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	-74.80%	+31.83%
Max Drawdown (10Y) Largest decline over 10 years	-83.69%	-95.25%	+11.56%
Current Drawdown Current decline from peak	-93.25%	-99.85%	+6.60%
Average Drawdown Average peak-to-trough decline	-70.11%	-90.03%	+19.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.77%	40.33%	-33.56%

Volatility

HDGE vs. BIS - Volatility Comparison

The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 6.34%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 13.78%. 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.

Volatility by Period

	HDGE	BIS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.34%	13.78%	-7.44%
Volatility (6M) Calculated over the trailing 6-month period	12.56%	31.09%	-18.53%
Volatility (1Y) Calculated over the trailing 1-year period	18.16%	39.63%	-21.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.16%	43.70%	-19.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.55%	46.36%	-22.81%

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 3.40%, less than BIS's 4.74% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BIS ProShares UltraShort Nasdaq Biotechnology	4.74%	5.25%	3.73%	1.75%	0.00%	0.00%	0.45%	2.11%	0.37%
HDGE AdvisorShares Ranger Equity Bear ETF	3.40%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%	0.00%

Frequently Asked Questions

Can I hold both HDGE and BIS in my portfolio?

HDGE and BIS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDGE or BIS?

BIS has higher volatility (13.78%) compared to HDGE (6.34%). In terms of maximum drawdown, HDGE dropped -93.88% vs BIS's -99.87%.

Which ETF is better, HDGE or BIS?

On 10-year performance, HDGE leads with -14.98% vs -23.05% for BIS. On fees, BIS is cheaper at 0.95% per year. On volatility, HDGE has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or BIS?

Over the 10-year period, HDGE has performed better with a -14.98% return vs -23.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or BIS?

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

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

BIS has the higher dividend yield at 4.74%, compared with 3.40% for HDGE.

What is the main difference between HDGE and BIS?

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.

Which has better risk-adjusted returns?

HDGE currently has the higher Sharpe Ratio (-0.25 vs -1.24), 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.