HDGE vs. SH

Last updated Jun 24, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and SH (ProShares Short S&P500) are both Inverse Equities funds. HDGE is actively managed, while SH is passively managed. Over the past 10 years, HDGE returned -15.19%/yr vs -12.90%/yr for SH. A 0.77 correlation means they provide meaningful diversification when combined. HDGE charges 3.36%/yr vs 0.89%/yr for SH.

Performance

HDGE vs. SH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares Short S&P500 (SH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE achieves a 6.12% return, which is significantly higher than SH's -5.55% return. Over the past 10 years, HDGE has underperformed SH with an annualized return of -15.19%, while SH has yielded a comparatively higher -12.90% annualized 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%

SH

• 1D: 1.41%
• 1M: 1.68%
• YTD: -5.55%
• 6M: -4.58%
• 1Y: -14.55%
• 3Y*: -11.90%
• 5Y*: -8.40%
• 10Y*: -12.90%

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

HDGE vs. SH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDGE AdvisorShares Ranger Equity Bear ETF	6.12%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-43.47%	-36.27%	7.53%	-15.24%
SH ProShares Short S&P500	-5.55%	-11.35%	-13.52%	-14.80%	18.98%	-24.21%	-25.09%	-22.12%	4.93%	-17.36%

Correlation

The correlation between HDGE and SH is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.73
Correlation (10Y) Calculated over the trailing 10-year period	0.73
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.77

Over the past year, the correlation between HDGE and SH has dropped to 0.57 - well below their long-term average of 0.77, suggesting their price drivers have been diverging.

HDGE vs. SH - Sectors Allocation Comparison

Sectors	HDGE	SH
Utilities	-	-
Healthcare	-1.2%	-
Basic Materials	-1.3%	-
Energy	-2.5%	-
Consumer Defensive	-3.0%	-
Communication Services	-6.1%	-
Real Estate	-8.6%	-
Industrials	-13.9%	-
Consumer Cyclical	-18.1%	-
Technology	-19.5%	-
Financial Services	-25.3%	83.0%

Return for Risk

HDGE vs. SH — Risk / Return Rank

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

HDGE

HDGE Risk / Return Rank: 10
HDGE Sharpe Ratio Rank: 10
HDGE Sortino Ratio Rank: 10
HDGE Omega Ratio Rank: 10
HDGE Calmar Ratio Rank: 11
HDGE Martin Ratio Rank: 11

SH

SH Risk / Return Rank: 1
SH Sharpe Ratio Rank: 1
SH Sortino Ratio Rank: 1
SH Omega Ratio Rank: 1
SH Calmar Ratio Rank: 1
SH Martin Ratio Rank: 1

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. SH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and ProShares Short S&P500 (SH). 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	SH	Difference
Sharpe ratio: Return per unit of total volatility	0.14	-1.17	+1.32
Sortino ratio: Return per unit of downside risk	0.33	-1.68	+2.02
Omega ratio: Gain probability vs. loss probability	1.04	0.82	+0.22
Calmar ratio: Return relative to maximum drawdown	0.21	-0.89	+1.10
Martin ratio: Return relative to average drawdown	0.43	-1.67	+2.11

HDGE vs. SH - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is 0.14, which is higher than the SH Sharpe Ratio of -1.17. The chart below compares the historical Sharpe Ratios of HDGE and SH, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HDGE vs. SH - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, roughly equal to the maximum SH drawdown of -94.66%. Use the drawdown chart below to compare losses from any high point for HDGE and SH.

Drawdown Indicators

	HDGE	SH	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-94.66%	+0.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-16.42%	+4.16%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-38.82%	+9.36%
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	-44.53%	+1.56%
Max Drawdown (10Y) Largest decline over 10 years	-83.69%	-76.12%	-7.57%
Current Drawdown Current decline from peak	-93.03%	-94.48%	+1.45%
Average Drawdown Average peak-to-trough decline	-70.17%	-67.78%	-2.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	9.62%	-3.65%

Volatility

HDGE vs. SH - Volatility Comparison

AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 5.85% compared to ProShares Short S&P500 (SH) at 4.80%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than SH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	SH	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	4.80%	+1.05%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	9.83%	+3.15%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	12.46%	+5.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.19%	16.95%	+7.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.50%	18.03%	+5.47%

HDGE vs. SH - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than SH's 0.89% expense ratio.

Dividends

HDGE vs. SH - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.29%, less than SH's 4.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDGE AdvisorShares Ranger Equity Bear ETF	3.29%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%	0.00%	0.00%
SH ProShares Short S&P500	4.39%	4.49%	6.20%	5.37%	1.08%	0.00%	0.16%	1.76%	1.01%	0.06%

Frequently Asked Questions

Can I hold both HDGE and SH in my portfolio?

HDGE and SH have a correlation of 0.57, 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 SH?

HDGE has higher volatility (5.85%) compared to SH (4.80%). In terms of maximum drawdown, HDGE dropped -93.88% vs SH's -94.66%.

Which ETF is better, HDGE or SH?

On 10-year performance, SH leads with -12.90% vs -15.19% for HDGE. On fees, SH is cheaper at 0.89% per year. On volatility, SH has been the lower-risk option at 4.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or SH?

Over the 10-year period, SH has performed better with a -12.90% return vs -15.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or SH?

SH is cheaper with a 0.89% expense ratio, compared with 3.36% for HDGE.

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

SH has the higher dividend yield at 4.39%, compared with 3.29% for HDGE.

What is the main difference between HDGE and SH?

They also come from different issuers: AdvisorShares and ProShares. Their fees differ too: 3.36% for HDGE and 0.89% for SH.

Which has better risk-adjusted returns?

HDGE currently has the higher Sharpe Ratio (0.14 vs -1.17), 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.