HDGE vs. DSMC

Last updated Aug 4, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and DSMC (Distillate Small/Mid Cash Flow ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while DSMC is a Small Cap Value Equities fund actively managed by Distillate. Both are actively managed. Over the past 3 years, HDGE returned -4.40%/yr vs 12.31%/yr for DSMC. Their -0.84 correlation means they have often moved in opposite directions in the past. HDGE charges 3.36%/yr vs 0.55%/yr for DSMC.

Performance

HDGE vs. DSMC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and Distillate Small/Mid Cash Flow ETF (DSMC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE achieves a -7.47% return, which is significantly lower than DSMC's 22.81% return.

HDGE

• 1D: -2.03%
• 1M: -7.18%
• 6M: -9.45%
• YTD: -7.47%
• 1Y: -11.50%
• 3Y*: -4.40%
• 5Y*: -5.88%
• 10Y*: -15.33%
• ALL TIME*: -15.58%

DSMC

• 1D: 1.64%
• 1M: 5.64%
• 6M: 14.79%
• YTD: 22.81%
• 1Y: 33.54%
• 3Y*: 12.31%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
DSMC Distillate Small/Mid Cash Flow ETF	$170.68K	$209.26K	$211.45K
HDGE AdvisorShares Ranger Equity Bear ETF	$1.39M	$1.04M	$1.07M

HDGE vs. DSMC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HDGE AdvisorShares Ranger Equity Bear ETF	-7.47%	1.50%	-8.01%	-26.98%	-0.73%
DSMC Distillate Small/Mid Cash Flow ETF	22.81%	2.73%	2.81%	29.50%	8.50%

Correlation

The correlation between HDGE and DSMC is -0.84, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.84
Correlation (3Y) Balances recent behavior with more history.	-0.85
Correlation (All Time) Calculated using the full available price history since Oct 6, 2022	-0.84

The correlation between HDGE and DSMC has been stable across timeframes, ranging from -0.84 to -0.84 - a consistent structural relationship.

HDGE vs. DSMC - Sectors Allocation Comparison

Sectors	HDGE	DSMC
Utilities	-	-
Healthcare	-1.5%	11.7%
Basic Materials	-2.5%	5.2%
Energy	-2.5%	13.4%
Communication Services	-4.9%	4.9%
Consumer Defensive	-6.9%	9.8%
Industrials	-10.0%	16.8%
Real Estate	-10.4%	0.4%
Financial Services	-13.8%	4.2%
Consumer Cyclical	-22.3%	16.9%
Technology	-31.0%	16.0%

Return for Risk

HDGE vs. DSMC — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HDGE

HDGE Risk / Return Rank: 4
HDGE Sharpe Ratio Rank: 4
HDGE Sortino Ratio Rank: 4
HDGE Omega Ratio Rank: 4
HDGE Calmar Ratio Rank: 5
HDGE Martin Ratio Rank: 0

DSMC

DSMC Risk / Return Rank: 82
DSMC Sharpe Ratio Rank: 82
DSMC Sortino Ratio Rank: 85
DSMC Omega Ratio Rank: 78
DSMC Calmar Ratio Rank: 83
DSMC Martin Ratio Rank: 80

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HDGE vs. DSMC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Distillate Small/Mid Cash Flow ETF (DSMC). 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	DSMC	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	2.03	-2.62
Sortino ratio: Return per unit of downside risk	-0.73	3.02	-3.75
Omega ratio: Gain probability vs. loss probability	0.92	1.35	-0.44
Calmar ratio: Return relative to maximum drawdown	-0.57	3.26	-3.83
Martin ratio: Return relative to average drawdown	-1.56	11.17	-12.73

HDGE vs. DSMC - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is -0.60, which is lower than the DSMC Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HDGE and DSMC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HDGE vs. DSMC - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.98%, which is greater than DSMC's maximum drawdown of -28.62%. Use the drawdown chart below to compare losses from any high point for HDGE and DSMC.

Drawdown Indicators

	HDGE	DSMC	Difference
Max Drawdown Largest peak-to-trough decline	-93.98%	-28.62%	-65.36%
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	-10.33%	-10.01%
Max Drawdown (3Y) Largest decline over 3 years	-30.63%	-28.62%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-43.92%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-82.25%	—	—
Current Drawdown Current decline from peak	-93.92%	0.00%	-93.92%
Average Drawdown Average peak-to-trough decline	-70.34%	-5.78%	-64.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	3.01%	+4.54%

Volatility

HDGE vs. DSMC - Volatility Comparison

AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 8.15% compared to Distillate Small/Mid Cash Flow ETF (DSMC) at 4.52%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than DSMC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	DSMC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	4.52%	+3.63%
Volatility (6M) Calculated over the trailing 6-month period	15.22%	10.56%	+4.66%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	16.66%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.42%	20.19%	+4.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	20.19%	+3.35%

HDGE vs. DSMC - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than DSMC's 0.55% expense ratio.

Dividends

HDGE vs. DSMC - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.78%, more than DSMC's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
DSMC Distillate Small/Mid Cash Flow ETF	1.07%	1.18%	1.31%	1.02%	0.27%	0.00%	0.00%	0.00%
HDGE AdvisorShares Ranger Equity Bear ETF	3.78%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%

Frequently Asked Questions

Can I hold both HDGE and DSMC in my portfolio?

HDGE and DSMC have a correlation of -0.84, 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 DSMC?

HDGE has higher volatility (8.15%) compared to DSMC (4.52%). In terms of maximum drawdown, HDGE dropped -93.98% vs DSMC's -28.62%.

Which ETF is better, HDGE or DSMC?

On 3-year performance, DSMC leads with 12.31% vs -4.40% for HDGE. On fees, DSMC is cheaper at 0.55% per year. On volatility, DSMC has been the lower-risk option at 4.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or DSMC?

Over the 3-year period, DSMC has performed better with a 12.31% return vs -4.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or DSMC?

DSMC is cheaper with a 0.55% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.78%, compared with 1.07% for DSMC.

What is the main difference between HDGE and DSMC?

HDGE is categorized as Inverse Equities, while DSMC is Small Cap Value Equities. They also come from different issuers: AdvisorShares and Distillate. Their fees differ too: 3.36% for HDGE and 0.55% for DSMC.

Which has better risk-adjusted returns?

DSMC currently has the higher Sharpe Ratio (2.03 vs -0.60), 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.