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HDGE vs. IWM
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HDGE vs. IWM

Last updated Jun 24, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and IWM (iShares Russell 2000 ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while IWM is a Small Cap Blend Equities fund tracking the Russell 2000 Index. HDGE is actively managed, while IWM is passively managed. Over the past 10 years, HDGE returned -15.19%/yr vs 11.58%/yr for IWM. At a correlation of -0.86, they often move in opposite directions. HDGE charges 3.36%/yr vs 0.19%/yr for IWM.

Performance

HDGE vs. IWM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and iShares Russell 2000 ETF (IWM). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HDGE achieves a 6.12% return, which is significantly lower than IWM's 20.47% return. Over the past 10 years, HDGE has underperformed IWM with an annualized return of -15.19%, while IWM has yielded a comparatively higher 11.58% annualized return.

HDGE

1D
-0.47%
1M
0.12%
YTD
6.12%
6M
6.85%
1Y
2.56%
3Y*
-4.06%
5Y*
-1.94%
10Y*
-15.19%

IWM

1D
-0.96%
1M
3.82%
YTD
20.47%
6M
17.64%
1Y
40.90%
3Y*
19.22%
5Y*
6.27%
10Y*
11.58%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HDGE vs. IWM - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HDGE
AdvisorShares Ranger Equity Bear ETF		6.12%1.50%-8.01%-26.98%16.59%-18.61%-43.47%-36.27%7.53%-15.24%
IWM
iShares Russell 2000 ETF		20.47%12.66%11.38%16.83%-20.48%14.54%20.03%25.39%-11.12%14.58%

Correlation

The correlation between HDGE and IWM is -0.67, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.67

Correlation (3Y)
Calculated over the trailing 3-year period

-0.80

Correlation (5Y)
Calculated over the trailing 5-year period

-0.85

Correlation (10Y)
Calculated over the trailing 10-year period

-0.85

Correlation (All Time)
Calculated using the full available price history since Jan 27, 2011

-0.86

The correlation between HDGE and IWM shifts across timeframes, from -0.86 (all time) to -0.67 (1 year), reflecting how their relationship changes across market environments.

HDGE vs. IWM - Sectors Allocation Comparison

Sectors
HDGE
IWM

Utilities

-

3.1%

Healthcare

-1.2%
15.6%

Basic Materials

-1.3%
4.5%

Energy

-2.5%
6.0%

Consumer Defensive

-3.0%
2.0%

Communication Services

-6.1%
1.7%

Real Estate

-8.6%
5.5%

Industrials

-13.9%
17.3%

Consumer Cyclical

-18.1%
8.0%

Technology

-19.5%
20.1%

Financial Services

-25.3%
15.5%

Utilities

HDGE

-

IWM
3.1%

Healthcare

HDGE
-1.2%
IWM
15.6%

Basic Materials

HDGE
-1.3%
IWM
4.5%

Energy

HDGE
-2.5%
IWM
6.0%

Consumer Defensive

HDGE
-3.0%
IWM
2.0%

Communication Services

HDGE
-6.1%
IWM
1.7%

Real Estate

HDGE
-8.6%
IWM
5.5%

Industrials

HDGE
-13.9%
IWM
17.3%

Consumer Cyclical

HDGE
-18.1%
IWM
8.0%

Technology

HDGE
-19.5%
IWM
20.1%

Financial Services

HDGE
-25.3%
IWM
15.5%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

AdvisorShares Ranger Equity Bear ETF

iShares Russell 2000 ETF

Often compared with HDGE:
HDGE vs. RISRHDGE vs. SLGHDGE vs. DWSHHDGE vs. DXHDGE vs. BISHDGE vs. JEPIHDGE vs. QQQM
Often compared with IWM:
IWM vs. SPYIWM vs. VTWOIWM vs. IJRIWM vs. AVUVIWM vs. IWNIWM vs. VOOIWM vs. TNA

Return for Risk

HDGE vs. IWM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HDGE
HDGE Risk / Return Rank: 1010
Overall Rank
HDGE Sharpe Ratio Rank: 1010
Sharpe Ratio Rank
HDGE Sortino Ratio Rank: 1010
Sortino Ratio Rank
HDGE Omega Ratio Rank: 1010
Omega Ratio Rank
HDGE Calmar Ratio Rank: 1111
Calmar Ratio Rank
HDGE Martin Ratio Rank: 1111
Martin Ratio Rank
IWM
IWM Risk / Return Rank: 6767
Overall Rank
IWM Sharpe Ratio Rank: 6666
Sharpe Ratio Rank
IWM Sortino Ratio Rank: 6464
Sortino Ratio Rank
IWM Omega Ratio Rank: 5757
Omega Ratio Rank
IWM Calmar Ratio Rank: 7575
Calmar Ratio Rank
IWM Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDGE vs. IWM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and iShares Russell 2000 ETF (IWM). 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.

HDGEIWMDifference
Sharpe ratioReturn per unit of total volatility
0.14
2.08

-1.94

Sortino ratioReturn per unit of downside risk
0.33
2.86

-2.53

Omega ratioGain probability vs. loss probability

1.04

1.34

-0.30

Calmar ratioReturn relative to maximum drawdown

0.21

3.73

-3.52

Martin ratioReturn relative to average drawdown

0.43

13.18

-12.75

HDGE vs. IWM - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is 0.14, which is lower than the IWM Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of HDGE and IWM, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

HDGE vs. IWM - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than IWM's maximum drawdown of -59.05%. Use the drawdown chart below to compare losses from any high point for HDGE and IWM.

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Drawdown Indicators

HDGEIWMDifference

Max Drawdown

Largest peak-to-trough decline

-93.88%

-59.05%

-34.83%

Max Drawdown (1Y)

Largest decline over 1 year

-12.26%

-11.03%

-1.23%

Max Drawdown (3Y)

Largest decline over 3 years

-29.46%

-27.50%

-1.96%

Max Drawdown (5Y)

Largest decline over 5 years

-42.97%

-31.91%

-11.06%

Max Drawdown (10Y)

Largest decline over 10 years

-83.69%

-41.13%

-42.56%

Current Drawdown

Current decline from peak

-93.03%

-0.96%

-92.07%

Average Drawdown

Average peak-to-trough decline

-70.17%

-10.75%

-59.42%

Ulcer Index

Depth and duration of drawdowns from previous peaks

5.97%

3.11%

+2.86%

Volatility

HDGE vs. IWM - Volatility Comparison

The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 5.85%, while iShares Russell 2000 ETF (IWM) has a volatility of 6.56%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than IWM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HDGEIWMDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.85%

6.56%

-0.71%

Volatility (6M)

Calculated over the trailing 6-month period

12.98%

14.31%

-1.33%

Volatility (1Y)

Calculated over the trailing 1-year period

18.33%

19.74%

-1.41%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

24.19%

22.61%

+1.58%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

23.50%

23.06%

+0.44%

HDGE vs. IWM - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than IWM's 0.19% expense ratio.

Dividends

HDGE vs. IWM - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.29%, more than IWM's 0.90% yield.

PositionTTM20252024202320222021202020192018201720162015
HDGE
AdvisorShares Ranger Equity Bear ETF		3.29%3.50%7.83%9.58%0.00%0.00%0.00%0.22%0.00%0.00%0.00%0.00%
IWM
iShares Russell 2000 ETF		0.90%1.04%1.15%1.35%1.48%0.94%1.04%1.26%1.40%1.26%1.38%1.54%

Frequently Asked Questions

HDGE and IWM have a correlation of -0.67, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

IWM has higher volatility (6.56%) compared to HDGE (5.85%). In terms of maximum drawdown, HDGE dropped -93.88% vs IWM's -59.05%.

On 10-year performance, IWM leads with 11.58% vs -15.19% for HDGE. On fees, IWM is cheaper at 0.19% per year. On volatility, HDGE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IWM has performed better with a 11.58% return vs -15.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IWM is cheaper with a 0.19% expense ratio, compared with 3.36% for HDGE.

HDGE has the higher dividend yield at 3.29%, compared with 0.90% for IWM.

HDGE is categorized as Inverse Equities, while IWM is Small Cap Blend Equities. They also come from different issuers: AdvisorShares and iShares. Their fees differ too: 3.36% for HDGE and 0.19% for IWM.

IWM currently has the higher Sharpe Ratio (2.08 vs 0.14), 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.

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