HDGE vs. SHY
HDGE (AdvisorShares Ranger Equity Bear ETF) and SHY (iShares 1-3 Year Treasury Bond ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while SHY is a Government Bonds fund tracking the ICE US Treasury 1-3 Year Index. HDGE is actively managed, while SHY is passively managed. Over the past 10 years, HDGE returned -14.77%/yr vs 1.65%/yr for SHY. At a 0.08 correlation, their price movements are largely independent. HDGE charges 3.36%/yr vs 0.15%/yr for SHY.
Performance
HDGE vs. SHY - 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 SHY's 0.43% return. Over the past 10 years, HDGE has underperformed SHY with an annualized return of -14.77%, while SHY has yielded a comparatively higher 1.65% annualized 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%
SHY
- 1D
- -0.05%
- 1M
- 0.08%
- YTD
- 0.43%
- 6M
- 0.69%
- 1Y
- 3.32%
- 3Y*
- 4.03%
- 5Y*
- 1.71%
- 10Y*
- 1.65%
HDGE vs. SHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
SHY iShares 1-3 Year Treasury Bond ETF | 0.43% | 4.95% | 3.92% | 4.16% | -3.88% | -0.71% | 3.03% | 3.38% | 1.46% | 0.26% |
Correlation
The correlation between HDGE and SHY is -0.23, 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 | -0.23 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.02 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011 | 0.08 |
The correlation between HDGE and SHY shifts across timeframes, from -0.23 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HDGE vs. SHY — Risk / Return Rank
HDGE
SHY
HDGE vs. SHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and iShares 1-3 Year Treasury Bond ETF (SHY). 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 | SHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -4.02 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 1.51 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.05 | 3.75 | -3.80 |
| Martin ratioReturn relative to average drawdown | -0.11 | 15.21 | -15.31 |
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 | SHY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.04 | 2.49 | -2.52 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.12 | 0.87 | -0.99 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.63 | 1.06 | -1.68 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.67 | 1.28 | -1.96 |
Drawdowns
HDGE vs. SHY - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.88%, which is greater than SHY's maximum drawdown of -5.71%. Use the drawdown chart below to compare losses from any high point for HDGE and SHY.
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Drawdown Indicators
| HDGE | SHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.88% | -5.71% | -88.17% |
Max Drawdown (1Y)Largest decline over 1 year | -12.26% | -0.89% | -11.37% |
Max Drawdown (3Y)Largest decline over 3 years | -29.46% | -0.97% | -28.49% |
Max Drawdown (5Y)Largest decline over 5 years | -42.97% | -5.71% | -37.26% |
Max Drawdown (10Y)Largest decline over 10 years | -83.69% | -5.71% | -77.98% |
Current DrawdownCurrent decline from peak | -93.08% | -0.31% | -92.77% |
Average DrawdownAverage peak-to-trough decline | -70.11% | -0.52% | -69.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.16% | 0.22% | +5.94% |
Volatility
HDGE vs. SHY - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 6.41% compared to iShares 1-3 Year Treasury Bond ETF (SHY) at 0.35%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than SHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | SHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.41% | 0.35% | +6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.81% | 0.92% | +11.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.33% | 1.34% | +16.99% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.18% | 1.98% | +22.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.56% | 1.57% | +21.99% |
HDGE vs. SHY - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than SHY's 0.15% expense ratio.
Dividends
HDGE vs. SHY - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.32%, less than SHY's 3.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% | 0.00% | 0.00% | 0.00% |
SHY iShares 1-3 Year Treasury Bond ETF | 3.68% | 3.81% | 3.92% | 2.99% | 1.30% | 0.26% | 0.94% | 2.12% | 1.72% | 0.98% | 0.71% | 0.54% |
Frequently Asked Questions
HDGE and SHY have a correlation of -0.23, 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 SHY (0.35%). In terms of maximum drawdown, HDGE dropped -93.88% vs SHY's -5.71%.
On 10-year performance, SHY leads with 1.65% vs -14.77% for HDGE. On fees, SHY is cheaper at 0.15% per year. On volatility, SHY has been the lower-risk option at 0.35%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SHY has performed better with a 1.65% return vs -14.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SHY is cheaper with a 0.15% expense ratio, compared with 3.36% for HDGE.
SHY has the higher dividend yield at 3.68%, compared with 3.32% for HDGE.
HDGE is categorized as Inverse Equities, while SHY is Government Bonds. They also come from different issuers: AdvisorShares and iShares. Their fees differ too: 3.36% for HDGE and 0.15% for SHY.
SHY currently has the higher Sharpe Ratio (2.49 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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