HDGE vs. EFZ
Compare and contrast key facts about AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares Short MSCI EAFE (EFZ).
HDGE and EFZ 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. EFZ is a passively managed fund by ProShares that tracks the performance of the MSCI EAFE Index (-100%). It was launched on Oct 23, 2007.
Performance
HDGE vs. EFZ - Performance Comparison
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HDGE vs. EFZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 11.86% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
EFZ ProShares Short MSCI EAFE | -0.56% | -20.92% | 2.90% | -10.38% | 13.15% | -12.75% | -16.02% | -16.56% | 16.26% | -20.18% |
Returns By Period
In the year-to-date period, HDGE achieves a 11.86% return, which is significantly higher than EFZ's -0.56% return. Over the past 10 years, HDGE has underperformed EFZ with an annualized return of -14.58%, while EFZ has yielded a comparatively higher -8.06% annualized return.
HDGE
- 1D
- -0.17%
- 1M
- 4.07%
- YTD
- 11.86%
- 6M
- 13.54%
- 1Y
- 4.31%
- 3Y*
- -4.82%
- 5Y*
- -2.70%
- 10Y*
- -14.58%
EFZ
- 1D
- -3.23%
- 1M
- 8.61%
- YTD
- -0.56%
- 6M
- -4.15%
- 1Y
- -16.07%
- 3Y*
- -7.87%
- 5Y*
- -5.38%
- 10Y*
- -8.06%
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HDGE vs. EFZ - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than EFZ's 0.95% expense ratio.
Return for Risk
HDGE vs. EFZ — Risk / Return Rank
HDGE
EFZ
HDGE vs. EFZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares Short MSCI EAFE (EFZ). 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 | EFZ | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.22 | -0.87 | +1.09 |
Sortino ratioReturn per unit of downside risk | 0.45 | -1.19 | +1.64 |
Omega ratioGain probability vs. loss probability | 1.06 | 0.85 | +0.20 |
Calmar ratioReturn relative to maximum drawdown | 0.21 | -0.50 | +0.71 |
Martin ratioReturn relative to average drawdown | 0.30 | -0.72 | +1.02 |
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 | EFZ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.22 | -0.87 | +1.09 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | -0.33 | +0.21 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.62 | -0.47 | -0.16 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | -0.33 | -0.34 |
Correlation
The correlation between HDGE and EFZ is 0.69, 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. EFZ - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.12%, less than EFZ's 3.78% 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% |
EFZ ProShares Short MSCI EAFE | 3.78% | 4.55% | 5.29% | 4.66% | 0.57% | 0.00% | 0.04% | 1.56% | 0.34% |
Drawdowns
HDGE vs. EFZ - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than EFZ's maximum drawdown of -88.08%. Use the drawdown chart below to compare losses from any high point for HDGE and EFZ.
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Drawdown Indicators
| HDGE | EFZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -88.08% | -5.80% |
Max Drawdown (1Y)Largest decline over 1 year | -19.63% | -30.95% | +11.32% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -43.77% | +0.80% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | -61.88% | -21.81% |
Current DrawdownCurrent decline from peak | -92.66% | -86.98% | -5.68% |
Average DrawdownAverage peak-to-trough decline | -69.85% | -66.89% | -2.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.54% | 21.44% | -7.90% |
Volatility
HDGE vs. EFZ - Volatility Comparison
The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 4.49%, while ProShares Short MSCI EAFE (EFZ) has a volatility of 8.44%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than EFZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | EFZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.49% | 8.44% | -3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.17% | 12.30% | -0.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.95% | 18.50% | +1.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.95% | 16.54% | +7.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.51% | 17.31% | +6.20% |