HDGE vs. RWJ

Last updated Jun 5, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and RWJ (Invesco S&P SmallCap 600 Revenue ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while RWJ is a Small Cap Value Equities fund tracking the S&P SmallCap 600 Revenue-Weighted Index. HDGE is actively managed, while RWJ is passively managed. Over the past 10 years, HDGE returned -14.84%/yr vs 13.01%/yr for RWJ. At a correlation of -0.84, they often move in opposite directions. HDGE charges 3.36%/yr vs 0.39%/yr for RWJ.

Performance

HDGE vs. RWJ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE achieves a 3.56% return, which is significantly lower than RWJ's 17.38% return. Over the past 10 years, HDGE has underperformed RWJ with an annualized return of -14.84%, while RWJ has yielded a comparatively higher 13.01% annualized return.

HDGE

• 1D: -1.78%
• 1M: -3.55%
• YTD: 3.56%
• 6M: 3.40%
• 1Y: -2.08%
• 3Y*: -5.89%
• 5Y*: -3.24%
• 10Y*: -14.84%

RWJ

• 1D: 1.30%
• 1M: 2.00%
• YTD: 17.38%
• 6M: 16.77%
• 1Y: 39.12%
• 3Y*: 17.73%
• 5Y*: 8.01%
• 10Y*: 13.01%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDGE vs. RWJ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDGE AdvisorShares Ranger Equity Bear ETF	3.56%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-43.47%	-36.27%	7.53%	-15.24%
RWJ Invesco S&P SmallCap 600 Revenue ETF	17.38%	7.75%	11.81%	16.21%	-10.97%	52.82%	20.83%	20.29%	-16.95%	5.30%

Correlation

The correlation between HDGE and RWJ is -0.82, 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	-0.82
Correlation (3Y) Calculated over the trailing 3-year period	-0.86
Correlation (5Y) Calculated over the trailing 5-year period	-0.84
Correlation (10Y) Calculated over the trailing 10-year period	-0.83
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011	-0.84

The correlation between HDGE and RWJ has been stable across timeframes, ranging from -0.86 to -0.82 - a consistent structural relationship.

HDGE vs. RWJ - Sectors Allocation Comparison

Sectors	HDGE	RWJ
Utilities	-	0.9%
Basic Materials	-1.3%	5.2%
Energy	-2.5%	7.4%
Communication Services	-3.3%	3.3%
Healthcare	-3.5%	11.2%
Consumer Defensive	-4.9%	6.9%
Real Estate	-9.0%	4.0%
Industrials	-14.1%	16.2%
Consumer Cyclical	-18.6%	23.9%
Financial Services	-23.5%	11.0%
Technology	-26.1%	9.9%

Return for Risk

HDGE vs. RWJ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDGE

HDGE Risk / Return Rank: 8
HDGE Sharpe Ratio Rank: 8
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 8
HDGE Martin Ratio Rank: 8

RWJ

RWJ Risk / Return Rank: 63
RWJ Sharpe Ratio Rank: 62
RWJ Sortino Ratio Rank: 64
RWJ Omega Ratio Rank: 58
RWJ Calmar Ratio Rank: 71
RWJ Martin Ratio Rank: 63

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDGE vs. RWJ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Invesco S&P SmallCap 600 Revenue ETF (RWJ). 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	RWJ	Difference
Sharpe ratio: Return per unit of total volatility	-0.11	2.03	-2.14
Sortino ratio: Return per unit of downside risk	-0.03	2.91	-2.94
Omega ratio: Gain probability vs. loss probability	1.00	1.35	-0.35
Calmar ratio: Return relative to maximum drawdown	-0.17	3.48	-3.65
Martin ratio: Return relative to average drawdown	-0.34	11.12	-11.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDGE vs. RWJ - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is -0.11, which is lower than the RWJ Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of HDGE and RWJ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HDGE	RWJ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.11	2.03	-2.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.13	0.34	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.63	0.50	-1.13
Sharpe Ratio (All Time) Calculated using the full available price history	-0.68	0.46	-1.14

Drawdowns

HDGE vs. RWJ - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than RWJ's maximum drawdown of -55.97%. Use the drawdown chart below to compare losses from any high point for HDGE and RWJ.

Drawdown Indicators

	HDGE	RWJ	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-55.97%	-37.91%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-11.31%	-0.95%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-29.29%	-0.17%
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	-29.29%	-13.68%
Max Drawdown (10Y) Largest decline over 10 years	-83.69%	-51.33%	-32.36%
Current Drawdown Current decline from peak	-93.20%	0.00%	-93.20%
Average Drawdown Average peak-to-trough decline	-70.12%	-9.24%	-60.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	3.53%	+2.60%

Volatility

HDGE vs. RWJ - Volatility Comparison

AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 6.63% compared to Invesco S&P SmallCap 600 Revenue ETF (RWJ) at 4.66%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than RWJ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	RWJ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.63%	4.66%	+1.97%
Volatility (6M) Calculated over the trailing 6-month period	12.93%	12.35%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	18.35%	19.40%	-1.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.19%	23.72%	+0.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	26.14%	-2.58%

HDGE vs. RWJ - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than RWJ's 0.39% expense ratio.

Dividends

HDGE vs. RWJ - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.38%, more than RWJ's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDGE AdvisorShares Ranger Equity Bear ETF	3.38%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%	0.00%	0.00%	0.00%	0.00%
RWJ Invesco S&P SmallCap 600 Revenue ETF	1.00%	1.11%	1.15%	1.34%	1.02%	0.61%	0.89%	1.22%	1.44%	1.11%	0.60%	0.74%

Frequently Asked Questions

Can I hold both HDGE and RWJ in my portfolio?

HDGE and RWJ have a correlation of -0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDGE or RWJ?

HDGE has higher volatility (6.63%) compared to RWJ (4.66%). In terms of maximum drawdown, HDGE dropped -93.88% vs RWJ's -55.97%.

Which ETF is better, HDGE or RWJ?

On 10-year performance, RWJ leads with 13.01% vs -14.84% for HDGE. On fees, RWJ is cheaper at 0.39% per year. On volatility, RWJ has been the lower-risk option at 4.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or RWJ?

Over the 10-year period, RWJ has performed better with a 13.01% return vs -14.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or RWJ?

RWJ is cheaper with a 0.39% expense ratio, compared with 3.36% for HDGE.

Which ETF pays a higher dividend yield, HDGE or RWJ?

HDGE has the higher dividend yield at 3.38%, compared with 1.00% for RWJ.

What is the main difference between HDGE and RWJ?

HDGE is categorized as Inverse Equities, while RWJ is Small Cap Value Equities. They also come from different issuers: AdvisorShares and Invesco. Their fees differ too: 3.36% for HDGE and 0.39% for RWJ.

Which has better risk-adjusted returns?

RWJ currently has the higher Sharpe Ratio (2.03 vs -0.11), 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.