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 -4.86%/yr vs 11.14%/yr for QPX. At a correlation of -0.69, 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 -2.80% return, which is significantly lower than QPX's 7.22% return.
HDGE
- 1D
- -2.07%
- 1M
- -5.75%
- 6M
- -2.07%
- YTD
- -2.80%
- 1Y
- -4.67%
- 3Y*
- -3.04%
- 5Y*
- -4.86%
- 10Y*
- -15.19%
QPX
- 1D
- -1.36%
- 1M
- -2.28%
- 6M
- 4.72%
- YTD
- 7.22%
- 1Y
- 21.73%
- 3Y*
- 17.66%
- 5Y*
- 11.14%
- 10Y*
- —
HDGE vs. QPX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | -2.80% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | 0.00% |
QPX AdvisorShares Q Dynamic Growth ETF | 7.22% | 24.12% | 17.28% | 44.63% | -30.90% | 22.29% | -0.31% |
Correlation
The correlation between HDGE and QPX is -0.44, 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 | -0.44 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.69 |
Over the past year, the inverse relationship between HDGE and QPX has weakened: their correlation has moved from -0.69 to -0.44, 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 | -1.67 | ||
| Sortino ratioReturn per unit of downside risk | -2.18 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.25 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | -0.30 | 1.89 | -2.19 |
| Martin ratioReturn relative to average drawdown | -0.70 | 7.06 | -7.76 |
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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 | -15.56% | -11.56% | -4.00% |
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 | -81.95% | — | — |
Current DrawdownCurrent decline from peak | -93.62% | -3.93% | -89.69% |
Average DrawdownAverage peak-to-trough decline | -70.27% | -7.96% | -62.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.68% | 3.09% | +3.59% |
Volatility
HDGE vs. QPX - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 6.37% compared to AdvisorShares Q Dynamic Growth ETF (QPX) at 4.83%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier 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 | 6.37% | 4.83% | +1.54% |
Volatility (6M)Calculated over the trailing 6-month period | 13.92% | 12.69% | +1.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.42% | 15.45% | +2.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.27% | 20.13% | +4.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.45% | 20.02% | +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 3.60%, while QPX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.60% | 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 -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.37%) compared to QPX (4.83%). In terms of maximum drawdown, HDGE dropped -93.88% vs QPX's -34.74%.
On 5-year performance, QPX leads with 11.14% vs -4.86% for HDGE. On fees, QPX is cheaper at 1.46% per year. On volatility, QPX has been the lower-risk option at 4.83%. 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 11.14% return vs -4.86%. 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 3.60%, 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 (1.41 vs -0.25), 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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