HDGE vs. EATZ

Last updated Aug 4, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and EATZ (AdvisorShares Restaurant ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while EATZ is a Consumer Discretionary Equities fund actively managed by AdvisorShares. Both are actively managed. Their -0.66 correlation means they have often moved in opposite directions in the past. HDGE charges 3.36%/yr vs 1.00%/yr for EATZ.

Performance

HDGE vs. EATZ - Performance Comparison

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

Returns By Period

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%

EATZ

• 1D: —
• 1M: —
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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)
HDGE AdvisorShares Ranger Equity Bear ETF	$1.39M	$1.04M	$1.07M

HDGE vs. EATZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDGE AdvisorShares Ranger Equity Bear ETF	-7.47%	1.50%	-8.01%	-26.98%	16.59%	-0.76%
EATZ AdvisorShares Restaurant ETF	4.80%	-6.67%	23.21%	25.23%	-20.68%	-4.90%

Correlation

The correlation between HDGE and EATZ is -0.47, 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.	-0.47
Correlation (3Y) Balances recent behavior with more history.	-0.58
Correlation (5Y) Shows whether the relationship held over a longer period.	-0.66
Correlation (All Time) Calculated using the full available price history since Apr 21, 2021	-0.66

The correlation between HDGE and EATZ shifts across timeframes, from -0.66 (5 years) to -0.47 (1 year), reflecting how their relationship changes across market environments.

HDGE vs. EATZ - Sectors Allocation Comparison

Sectors	HDGE	EATZ
Utilities	-	-
Healthcare	-1.5%	-
Basic Materials	-2.5%	-
Energy	-2.5%	-
Communication Services	-4.9%	2.3%
Consumer Defensive	-6.9%	16.9%
Industrials	-10.0%	4.9%
Real Estate	-10.4%	-
Financial Services	-13.8%	-
Consumer Cyclical	-22.3%	78.2%
Technology	-31.0%	-

Return for Risk

HDGE vs. EATZ — 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

EATZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. EATZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and AdvisorShares Restaurant ETF (EATZ). 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	EATZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	—	—
Sortino ratio: Return per unit of downside risk	-0.73	—	—
Omega ratio: Gain probability vs. loss probability	0.92	—	—
Calmar ratio: Return relative to maximum drawdown	-0.57	—	—
Martin ratio: Return relative to average drawdown	-1.56	—	—

Drawdowns

Drawdown Indicators

	HDGE	EATZ	Difference
Max Drawdown Largest peak-to-trough decline	-93.98%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-30.63%	—	—
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%	—	—
Average Drawdown Average peak-to-trough decline	-70.34%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	—	—

Volatility

Volatility by Period

	HDGE	EATZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	—	—
Volatility (6M) Calculated over the trailing 6-month period	15.22%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.42%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	—	—

HDGE vs. EATZ - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than EATZ's 1.00% expense ratio.

Dividends

HDGE vs. EATZ - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.78%, more than EATZ's 0.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
EATZ AdvisorShares Restaurant ETF	0.48%	0.50%	0.18%	0.49%	2.35%	0.15%	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 EATZ in my portfolio?

HDGE and EATZ have a correlation of -0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDGE or EATZ?

On fees, EATZ is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDGE or EATZ?

EATZ is cheaper with a 1.00% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.78%, compared with 0.48% for EATZ.

What is the main difference between HDGE and EATZ?

HDGE is categorized as Inverse Equities, while EATZ is Consumer Discretionary Equities. Their fees differ too: 3.36% for HDGE and 1.00% for EATZ.