HDGE vs. ORCS

Last updated Jul 14, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and ORCS (Direxion Daily ORCL Bear 1X ETF) are both Inverse Equities funds. Both are actively managed. At a 0.26 correlation, their price movements are largely independent. HDGE charges 3.36%/yr vs 0.97%/yr for ORCS.

Performance

HDGE vs. ORCS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and Direxion Daily ORCL Bear 1X ETF (ORCS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE achieves a -0.94% return, which is significantly lower than ORCS's 25.50% return.

HDGE

• 1D: -1.00%
• 1M: -3.41%
• 6M: 0.38%
• YTD: -0.94%
• 1Y: -0.46%
• 3Y*: -2.96%
• 5Y*: -4.27%
• 10Y*: -15.09%

ORCS

• 1D: 6.26%
• 1M: 37.01%
• 6M: 32.40%
• YTD: 25.50%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDGE vs. ORCS - Yearly Performance Comparison

	2026 (YTD)	2025
HDGE AdvisorShares Ranger Equity Bear ETF	-0.94%	-5.87%
ORCS Direxion Daily ORCL Bear 1X ETF	25.50%	11.07%

Correlation

The correlation between HDGE and ORCS is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 19, 2025	0.26

Return for Risk

HDGE vs. ORCS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDGE

HDGE Risk / Return Rank: 9
HDGE Sharpe Ratio Rank: 9
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 9
HDGE Martin Ratio Rank: 9

ORCS

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

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. ORCS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Direxion Daily ORCL Bear 1X ETF (ORCS). 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	ORCS	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	—	—
Sortino ratio: Return per unit of downside risk	0.10	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.03	—	—
Martin ratio: Return relative to average drawdown	-0.07	—	—

Drawdowns

HDGE vs. ORCS - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than ORCS's maximum drawdown of -50.25%. Use the drawdown chart below to compare losses from any high point for HDGE and ORCS.

Drawdown Indicators

	HDGE	ORCS	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-50.25%	-43.63%
Max Drawdown (1Y) Largest decline over 1 year	-15.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.95%	—	—
Current Drawdown Current decline from peak	-93.50%	-10.21%	-83.29%
Average Drawdown Average peak-to-trough decline	-70.25%	-16.41%	-53.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	—	—

Volatility

Volatility by Period

	HDGE	ORCS	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	—	—
Volatility (6M) Calculated over the trailing 6-month period	13.77%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	59.82%	-41.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	59.82%	-35.56%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.45%	59.82%	-36.37%

HDGE vs. ORCS - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than ORCS's 0.97% expense ratio.

Dividends

HDGE vs. ORCS - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.53%, more than ORCS's 1.14% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.53%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
ORCS Direxion Daily ORCL Bear 1X ETF	1.14%	0.26%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDGE and ORCS in my portfolio?

HDGE and ORCS have a correlation of 0.26, 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 ORCS?

On fees, ORCS is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDGE or ORCS?

ORCS is cheaper with a 0.97% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.53%, compared with 1.14% for ORCS.

What is the main difference between HDGE and ORCS?

They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.36% for HDGE and 0.97% for ORCS.