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 -15.33%/yr vs 6.50%/yr for PDI. Their -0.32 correlation means they have often moved in opposite directions in the past.
Performance
HDGE vs. PDI - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a -7.47% return, which is significantly lower than PDI's -1.83% return. Over the past 10 years, HDGE has underperformed PDI with an annualized return of -15.33%, while PDI has yielded a comparatively higher 6.50% annualized 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%
PDI
- 1D
- -0.50%
- 1M
- -3.40%
- 6M
- -6.40%
- YTD
- -1.83%
- 1Y
- -4.11%
- 3Y*
- 7.98%
- 5Y*
- 2.17%
- 10Y*
- 6.50%
- ALL TIME*
- 9.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.39M | $1.04M | $1.07M | |
| $44.75M | $42.43M | $45.64M |
HDGE vs. PDI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | -7.47% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
PDI PIMCO Dynamic Income Fund | -1.83% | 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 -0.28, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.28 |
Correlation (3Y) Balances recent behavior with more history. | -0.27 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.37 |
Correlation (10Y) Provides a long-term view across more market conditions. | -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 -0.37 (5 years) to -0.27 (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 | -0.25 | ||
| Sortino ratioReturn per unit of downside risk | -0.35 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.94 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.38 | -0.19 |
| Martin ratioReturn relative to average drawdown | -1.56 | -0.71 | -0.85 |
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Drawdowns
HDGE vs. PDI - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.98%, 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 | -93.98% | -46.47% | -47.51% |
Max Drawdown (1Y)Largest decline over 1 year | -20.34% | -10.95% | -9.39% |
Max Drawdown (3Y)Largest decline over 3 years | -30.63% | -17.55% | -13.08% |
Max Drawdown (5Y)Largest decline over 5 years | -43.92% | -27.19% | -16.73% |
Max Drawdown (10Y)Largest decline over 10 years | -82.25% | -46.47% | -35.78% |
Current DrawdownCurrent decline from peak | -93.92% | -9.50% | -84.42% |
Average DrawdownAverage peak-to-trough decline | -70.34% | -6.23% | -64.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 5.81% | +1.74% |
Volatility
HDGE vs. PDI - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 8.15% compared to PIMCO Dynamic Income Fund (PDI) at 3.07%. 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 | 8.15% | 3.07% | +5.08% |
Volatility (6M)Calculated over the trailing 6-month period | 15.22% | 8.90% | +6.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.33% | 11.86% | +7.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.42% | 15.59% | +8.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.54% | 19.06% | +4.48% |
Dividends
HDGE vs. PDI - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.78%, less than PDI's 16.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.78% | 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 | 16.62% | 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 -0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (8.15%) compared to PDI (3.07%). In terms of maximum drawdown, HDGE dropped -93.98% vs PDI's -46.47%.
PDI currently has the higher Sharpe Ratio (-0.35 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.
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