HDGE vs. QPX
HDGE (AdvisorShares Ranger Equity Bear ETF) and QPX (AdvisorShares Q Dynamic Growth ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while QPX is a Large Cap Growth Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 5 years, HDGE returned -1.94%/yr vs 11.40%/yr for QPX. At a correlation of -0.70, they often move in opposite directions. HDGE charges 3.36%/yr vs 1.46%/yr for QPX.
Performance
HDGE vs. QPX - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a 6.12% return, which is significantly lower than QPX's 7.30% 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%
QPX
- 1D
- -2.08%
- 1M
- -0.66%
- YTD
- 7.30%
- 6M
- 5.43%
- 1Y
- 26.59%
- 3Y*
- 19.68%
- 5Y*
- 11.40%
- 10Y*
- —
HDGE vs. QPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 6.12% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | 0.00% |
QPX AdvisorShares Q Dynamic Growth ETF | 7.30% | 24.12% | 17.28% | 44.63% | -30.90% | 22.29% | -0.31% |
Correlation
The correlation between HDGE and QPX is -0.50, 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.70 |
Over the past year, the inverse relationship between HDGE and QPX has weakened: their correlation has moved from -0.70 to -0.50, meaning they move in opposite directions less often than they have historically.
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Return for Risk
HDGE vs. QPX — Risk / Return Rank
HDGE
QPX
HDGE vs. QPX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and AdvisorShares Q Dynamic Growth ETF (QPX). 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 | QPX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.63 | ||
| Sortino ratioReturn per unit of downside risk | -2.04 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 1.31 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.21 | 2.31 | -2.10 |
| Martin ratioReturn relative to average drawdown | 0.43 | 8.92 | -8.49 |
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Drawdowns
HDGE vs. QPX - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than QPX's maximum drawdown of -34.74%. Use the drawdown chart below to compare losses from any high point for HDGE and QPX.
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Drawdown Indicators
| HDGE | QPX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -34.74% | -59.14% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -11.56% | -0.70% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -17.89% | -11.57% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -34.74% | -8.23% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | — | — |
Current DrawdownCurrent decline from peak | -93.03% | -3.86% | -89.17% |
Average DrawdownAverage peak-to-trough decline | -70.17% | -8.02% | -62.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.97% | 2.99% | +2.98% |
Volatility
HDGE vs. QPX - Volatility Comparison
The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 5.85%, while AdvisorShares Q Dynamic Growth ETF (QPX) has a volatility of 6.59%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than QPX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | QPX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 6.59% | -0.74% |
Volatility (6M)Calculated over the trailing 6-month period | 12.98% | 12.42% | +0.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 15.13% | +3.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.19% | 20.09% | +4.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.50% | 20.07% | +3.43% |
HDGE vs. QPX - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than QPX's 1.46% expense ratio.
Dividends
HDGE vs. QPX - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.29%, while QPX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.29% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
QPX AdvisorShares Q Dynamic Growth ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDGE and QPX have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QPX has higher volatility (6.59%) compared to HDGE (5.85%). In terms of maximum drawdown, HDGE dropped -93.88% vs QPX's -34.74%.
On 5-year performance, QPX leads with 11.40% vs -1.94% for HDGE. On fees, QPX is cheaper at 1.46% 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 5-year period, QPX has performed better with a 11.40% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QPX is cheaper with a 1.46% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.29%, compared with 0.00% for QPX.
HDGE is categorized as Inverse Equities, while QPX is Large Cap Growth Equities. Their fees differ too: 3.36% for HDGE and 1.46% for QPX.
QPX currently has the higher Sharpe Ratio (1.77 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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