HDGE vs. SARK
HDGE (AdvisorShares Ranger Equity Bear ETF) and SARK (Tradr Short Innovation Daily ETF) are both Inverse Equities funds. Both are actively managed. Over the past 3 years, HDGE returned -5.06%/yr vs -30.74%/yr for SARK. A 0.75 correlation means they provide meaningful diversification when combined. HDGE charges 3.36%/yr vs 0.75%/yr for SARK.
Performance
HDGE vs. SARK - Performance Comparison
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Returns By Period
In the year-to-date period, HDGE achieves a 5.43% return, which is significantly higher than SARK's -6.78% 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%
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
HDGE vs. SARK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | 3.40% |
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
Correlation
The correlation between HDGE and SARK is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.75 |
Over the past year, the correlation between HDGE and SARK has dropped to 0.52 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.
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Return for Risk
HDGE vs. SARK — Risk / Return Rank
HDGE
SARK
HDGE vs. SARK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Tradr Short Innovation Daily ETF (SARK). 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 | SARK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.91 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.86 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | -0.83 | +0.78 |
| Martin ratioReturn relative to average drawdown | -0.11 | -1.11 | +1.00 |
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 | SARK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | -0.95 | +0.91 |
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 | -0.24 | -0.43 |
Drawdowns
HDGE vs. SARK - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than SARK's maximum drawdown of -81.07%. Use the drawdown chart below to compare losses from any high point for HDGE and SARK.
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Drawdown Indicators
| HDGE | SARK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -81.07% | -12.81% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -40.75% | +28.49% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -74.42% | +44.96% |
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% | -79.42% | -13.66% |
Average DrawdownAverage peak-to-trough decline | -70.11% | -46.46% | -23.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 30.47% | -24.31% |
Volatility
HDGE vs. SARK - Volatility Comparison
The current volatility for AdvisorShares Ranger Equity Bear ETF (HDGE) is 6.41%, while Tradr Short Innovation Daily ETF (SARK) has a volatility of 9.13%. This indicates that HDGE experiences smaller price fluctuations and is considered to be less risky than SARK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | SARK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 9.13% | -2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 25.05% | -12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 35.91% | -17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.18% | 56.24% | -32.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 56.24% | -32.68% |
HDGE vs. SARK - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than SARK's 0.75% expense ratio.
Dividends
HDGE vs. SARK - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.32%, more than SARK's 3.02% 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% |
SARK Tradr Short Innovation Daily ETF | 3.02% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDGE and SARK have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (9.13%) compared to HDGE (6.41%). In terms of maximum drawdown, HDGE dropped -93.88% vs SARK's -81.07%.
On 3-year performance, HDGE leads with -5.06% vs -30.74% for SARK. On fees, SARK is cheaper at 0.75% per year. On volatility, HDGE has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HDGE has performed better with a -5.06% return vs -30.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 3.02% for SARK.
They also come from different issuers: AdvisorShares and AXS. Their fees differ too: 3.36% for HDGE and 0.75% for SARK.
HDGE currently has the higher Sharpe Ratio (-0.04 vs -0.94), 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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