HDGE vs. BIS
Compare and contrast key facts about AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares UltraShort Nasdaq Biotechnology (BIS).
HDGE and BIS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011. BIS is a passively managed fund by ProShares that tracks the performance of the NASDAQ Biotechnology Index (-200%). It was launched on Apr 7, 2010.
Performance
HDGE vs. BIS - Performance Comparison
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HDGE vs. BIS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 12.05% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
BIS ProShares UltraShort Nasdaq Biotechnology | -6.20% | -45.95% | 4.79% | -6.54% | -2.14% | -14.74% | -56.01% | -41.01% | 5.14% | -36.98% |
Returns By Period
In the year-to-date period, HDGE achieves a 12.05% return, which is significantly higher than BIS's -6.20% return. Over the past 10 years, HDGE has outperformed BIS with an annualized return of -14.57%, while BIS has yielded a comparatively lower -24.45% annualized return.
HDGE
- 1D
- -1.94%
- 1M
- 4.54%
- YTD
- 12.05%
- 6M
- 13.38%
- 1Y
- 4.28%
- 3Y*
- -4.77%
- 5Y*
- -2.67%
- 10Y*
- -14.57%
BIS
- 1D
- -8.92%
- 1M
- 5.69%
- YTD
- -6.20%
- 6M
- -31.27%
- 1Y
- -50.91%
- 3Y*
- -21.67%
- 5Y*
- -15.13%
- 10Y*
- -24.45%
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HDGE vs. BIS - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than BIS's 0.95% expense ratio.
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.
| HDGE | BIS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | -1.09 | +1.30 |
Sortino ratioReturn per unit of downside risk | 0.45 | -1.73 | +2.18 |
Omega ratioGain probability vs. loss probability | 1.06 | 0.81 | +0.25 |
Calmar ratioReturn relative to maximum drawdown | 0.21 | -0.76 | +0.97 |
Martin ratioReturn relative to average drawdown | 0.30 | -1.06 | +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 | BIS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -1.09 | +1.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | -0.35 | +0.24 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.53 | -0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.66 | -0.68 | +0.01 |
Correlation
The correlation between HDGE and BIS is 0.58, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
HDGE vs. BIS - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.12%, less than BIS's 4.91% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.12% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
BIS ProShares UltraShort Nasdaq Biotechnology | 4.91% | 5.25% | 3.73% | 1.75% | 0.00% | 0.00% | 0.45% | 2.11% | 0.37% |
Drawdowns
HDGE vs. BIS - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, smaller than the maximum BIS drawdown of -99.86%. 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 | -93.88% | -99.86% | +5.98% |
Max Drawdown (1Y)Largest decline over 1 year | -19.63% | -64.06% | +44.43% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -73.87% | +30.90% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | -95.07% | +11.38% |
Current DrawdownCurrent decline from peak | -92.64% | -99.85% | +7.21% |
Average DrawdownAverage peak-to-trough decline | -69.85% | -89.92% | +20.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.53% | 46.28% | -32.75% |
Volatility
HDGE vs. BIS - Volatility Comparison
The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 4.48%, while ProShares UltraShort Nasdaq Biotechnology (BIS) has a volatility of 17.39%. 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 | 4.48% | 17.39% | -12.91% |
Volatility (6M)Calculated over the trailing 6-month period | 12.17% | 29.15% | -16.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 47.18% | -27.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.96% | 43.50% | -19.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 46.64% | -23.13% |