HDGE vs. PDI
HDGE (AdvisorShares Ranger Equity Bear ETF) is Inverse Equities fund actively managed by AdvisorShares, while PDI (PIMCO Dynamic Income Fund) is a stock. Over the past 10 years, HDGE returned -15.19%/yr vs 7.32%/yr for PDI. At a correlation of -0.32, they often move in opposite directions.
Performance
HDGE vs. PDI - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a 6.12% return, which is significantly higher than PDI's -1.30% return. Over the past 10 years, HDGE has underperformed PDI with an annualized return of -15.19%, while PDI has yielded a comparatively higher 7.32% 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%
PDI
- 1D
- -0.12%
- 1M
- -1.03%
- YTD
- -1.30%
- 6M
- -1.19%
- 1Y
- 0.13%
- 3Y*
- 9.89%
- 5Y*
- 2.45%
- 10Y*
- 7.32%
HDGE vs. PDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
PDI PIMCO Dynamic Income Fund | -1.30% | 11.03% | 17.18% | 11.99% | -16.99% | 7.81% | -9.96% | 22.23% | 7.35% | 18.59% |
Correlation
The correlation between HDGE and PDI is -0.31, 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 | -0.31 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.38 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.35 |
Correlation (All Time) Calculated using the full available price history since May 25, 2012 | -0.32 |
The correlation between HDGE and PDI shifts across timeframes, from -0.38 (5 years) to -0.26 (3 years), reflecting how their relationship changes across market environments.
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Return for Risk
HDGE vs. PDI — Risk / Return Rank
HDGE
PDI
HDGE vs. PDI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and PIMCO Dynamic Income Fund (PDI). 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 | PDI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.24 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.01 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 0.01 | +0.20 |
| Martin ratioReturn relative to average drawdown | 0.43 | 0.02 | +0.41 |
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Drawdowns
HDGE vs. PDI - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than PDI's maximum drawdown of -46.47%. Use the drawdown chart below to compare losses from any high point for HDGE and PDI.
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Drawdown Indicators
| HDGE | PDI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -46.47% | -47.41% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -10.95% | -1.31% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -17.55% | -11.91% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -27.19% | -15.78% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | -46.47% | -37.22% |
Current DrawdownCurrent decline from peak | -93.03% | -9.01% | -84.02% |
Average DrawdownAverage peak-to-trough decline | -70.17% | -6.22% | -63.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 5.24% | +0.73% |
Volatility
HDGE vs. PDI - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 5.85% compared to PIMCO Dynamic Income Fund (PDI) at 2.87%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than PDI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | PDI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 2.87% | +2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 12.98% | 8.49% | +4.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 11.43% | +6.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.19% | 15.56% | +8.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.50% | 19.05% | +4.45% |
Dividends
HDGE vs. PDI - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.29%, less than PDI's 16.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
PDI PIMCO Dynamic Income Fund | 16.31% | 14.94% | 14.43% | 14.74% | 17.84% | 10.21% | 10.01% | 9.45% | 10.78% | 8.81% | 14.79% | 18.70% |
Frequently Asked Questions
HDGE and PDI have a correlation of -0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (5.85%) compared to PDI (2.87%). In terms of maximum drawdown, HDGE dropped -93.88% vs PDI's -46.47%.
HDGE currently has the higher Sharpe Ratio (0.14 vs 0.01), 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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