HDGE vs. FIAT

Last updated Aug 4, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and FIAT (YieldMax Short COIN Option Income Strategy ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while FIAT is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HDGE returned -11.50% vs 46.79% for FIAT. Their 0.44 correlation means their historical movements had little consistent relationship. HDGE charges 3.36%/yr vs 0.99%/yr for FIAT.

Performance

HDGE vs. FIAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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 FIAT's 20.47% 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%

FIAT

• 1D: 0.37%
• 1M: 10.33%
• 6M: 5.84%
• YTD: 20.47%
• 1Y: 46.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -18.39%

*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)
FIAT YieldMax Short COIN Option Income Strategy ETF	$1.18M	$1.16M	$1.55M
HDGE AdvisorShares Ranger Equity Bear ETF	$1.39M	$1.04M	$1.07M

HDGE vs. FIAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDGE AdvisorShares Ranger Equity Bear ETF	-7.47%	1.50%	-15.48%
FIAT YieldMax Short COIN Option Income Strategy ETF	20.47%	-24.17%	-28.04%

Correlation

The correlation between HDGE and FIAT is 0.38, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.38
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024	0.44

Return for Risk

HDGE vs. FIAT — 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

FIAT

FIAT Risk / Return Rank: 35
FIAT Sharpe Ratio Rank: 35
FIAT Sortino Ratio Rank: 35
FIAT Omega Ratio Rank: 37
FIAT Calmar Ratio Rank: 38
FIAT Martin Ratio Rank: 31

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. FIAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and YieldMax Short COIN Option Income Strategy ETF (FIAT). 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	FIAT	Difference
Sharpe ratio: Return per unit of total volatility	-0.60	0.88	-1.48
Sortino ratio: Return per unit of downside risk	-0.73	1.36	-2.10
Omega ratio: Gain probability vs. loss probability	0.92	1.18	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.57	1.37	-1.94
Martin ratio: Return relative to average drawdown	-1.56	2.83	-4.39

HDGE vs. FIAT - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is -0.60, which is lower than the FIAT Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of HDGE and FIAT, 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. FIAT - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.98%, which is greater than FIAT's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for HDGE and FIAT.

Drawdown Indicators

	HDGE	FIAT	Difference
Max Drawdown Largest peak-to-trough decline	-93.98%	-70.50%	-23.48%
Max Drawdown (1Y) Largest decline over 1 year	-20.34%	-34.22%	+13.88%
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%	-48.08%	-45.84%
Average Drawdown Average peak-to-trough decline	-70.34%	-45.69%	-24.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.55%	16.56%	-9.01%

Volatility

HDGE vs. FIAT - Volatility Comparison

The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 8.15%, while YieldMax Short COIN Option Income Strategy ETF (FIAT) has a volatility of 15.57%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than FIAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	FIAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.15%	15.57%	-7.42%
Volatility (6M) Calculated over the trailing 6-month period	15.22%	45.14%	-29.92%
Volatility (1Y) Calculated over the trailing 1-year period	19.33%	53.41%	-34.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.42%	60.06%	-35.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.54%	60.06%	-36.52%

HDGE vs. FIAT - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than FIAT's 0.99% expense ratio.

Dividends

HDGE vs. FIAT - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.78%, less than FIAT's 100.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
FIAT YieldMax Short COIN Option Income Strategy ETF	100.80%	178.11%	70.99%	0.00%	0.00%	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 FIAT in my portfolio?

HDGE and FIAT have a correlation of 0.38, 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 FIAT?

FIAT has higher volatility (15.57%) compared to HDGE (8.15%). In terms of maximum drawdown, HDGE dropped -93.98% vs FIAT's -70.50%.

Which ETF is better, HDGE or FIAT?

On 1-year performance, FIAT leads with 46.79% vs -11.50% for HDGE. On fees, FIAT is cheaper at 0.99% per year. On volatility, HDGE has been the lower-risk option at 8.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or FIAT?

Over the 1-year period, FIAT has performed better with a 46.79% return vs -11.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or FIAT?

FIAT is cheaper with a 0.99% expense ratio, compared with 3.36% for HDGE.

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

FIAT has the higher dividend yield at 100.80%, compared with 3.78% for HDGE.

What is the main difference between HDGE and FIAT?

HDGE is categorized as Inverse Equities, while FIAT is Derivative Income. They also come from different issuers: AdvisorShares and YieldMax. Their fees differ too: 3.36% for HDGE and 0.99% for FIAT.

Which has better risk-adjusted returns?

FIAT currently has the higher Sharpe Ratio (0.88 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.