HDGE vs. RNIN
HDGE (AdvisorShares Ranger Equity Bear ETF) and RNIN (Bushido Capital US SMID Cap Equity ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while RNIN is a Mid Cap Value Equities fund actively managed by Bushido. Both are actively managed. Over the past year, HDGE returned -0.65% vs 28.56% for RNIN. At a correlation of -0.84, they often move in opposite directions. HDGE charges 3.36%/yr vs 0.68%/yr for RNIN.
Performance
HDGE vs. RNIN - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a 5.43% return, which is significantly lower than RNIN's 15.93% return.
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
RNIN
- 1D
- -1.25%
- 1M
- 1.27%
- YTD
- 15.93%
- 6M
- 14.64%
- 1Y
- 28.56%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDGE vs. RNIN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | -5.07% |
RNIN Bushido Capital US SMID Cap Equity ETF | 15.93% | 10.27% |
Correlation
The correlation between HDGE and RNIN is -0.83, 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 | -0.83 |
Correlation (All Time) Calculated using the full available price history since May 16, 2025 | -0.84 |
The correlation between HDGE and RNIN has been stable across timeframes, ranging from -0.84 to -0.83 - a consistent structural relationship.
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Return for Risk
HDGE vs. RNIN — Risk / Return Rank
HDGE
RNIN
HDGE vs. RNIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Bushido Capital US SMID Cap Equity ETF (RNIN). 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.
| HDGE | RNIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.97 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.34 | -0.33 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 5.04 | -5.09 |
| Martin ratioReturn relative to average drawdown | -0.11 | 17.82 | -17.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HDGE | RNIN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 1.93 | -1.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 1.78 | -2.45 |
Drawdowns
HDGE vs. RNIN - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than RNIN's maximum drawdown of -5.70%. Use the drawdown chart below to compare losses from any high point for HDGE and RNIN.
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Drawdown Indicators
| HDGE | RNIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -5.70% | -88.18% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -5.70% | -6.56% |
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 | -83.69% | — | — |
Current DrawdownCurrent decline from peak | -93.08% | -2.55% | -90.53% |
Average DrawdownAverage peak-to-trough decline | -70.11% | -1.24% | -68.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 1.61% | +4.55% |
Volatility
HDGE vs. RNIN - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 6.41% compared to Bushido Capital US SMID Cap Equity ETF (RNIN) at 4.94%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than RNIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | RNIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 4.94% | +1.47% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 10.50% | +2.31% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 14.87% | +3.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.18% | 14.97% | +9.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 14.97% | +8.59% |
HDGE vs. RNIN - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than RNIN's 0.68% expense ratio.
Dividends
HDGE vs. RNIN - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.32%, more than RNIN's 0.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
RNIN Bushido Capital US SMID Cap Equity ETF | 0.76% | 0.71% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDGE and RNIN have a correlation of -0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.41%) compared to RNIN (4.94%). In terms of maximum drawdown, HDGE dropped -93.88% vs RNIN's -5.70%.
On 1-year performance, RNIN leads with 28.56% vs -0.65% for HDGE. On fees, RNIN is cheaper at 0.68% per year. On volatility, RNIN has been the lower-risk option at 4.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, RNIN has performed better with a 28.56% return vs -0.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
RNIN is cheaper with a 0.68% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 0.76% for RNIN.
HDGE is categorized as Inverse Equities, while RNIN is Mid Cap Value Equities. They also come from different issuers: AdvisorShares and Bushido. Their fees differ too: 3.36% for HDGE and 0.68% for RNIN.
RNIN currently has the higher Sharpe Ratio (1.93 vs -0.04), 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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