HDGE vs. SPDN
HDGE (AdvisorShares Ranger Equity Bear ETF) and SPDN (Direxion Daily S&P 500 Bear 1x Shares) are both Inverse Equities funds. HDGE is actively managed, while SPDN is passively managed. Over the past 10 years, HDGE returned -15.33%/yr vs -12.20%/yr for SPDN. Their 0.71 correlation means they have sometimes moved together and sometimes differently. HDGE charges 3.36%/yr vs 0.50%/yr for SPDN.
Performance
HDGE vs. SPDN - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HDGE having a -7.47% return and SPDN slightly lower at -7.60%. Over the past 10 years, HDGE has underperformed SPDN with an annualized return of -15.33%, while SPDN has yielded a comparatively higher -12.20% annualized return.
HDGE
- 1D
- -2.03%
- 1M
- -7.18%
- 6M
- -9.45%
- YTD
- -7.47%
- 1Y
- -11.50%
- 3Y*
- -4.40%
- 5Y*
- -5.88%
- 10Y*
- -15.33%
- ALL TIME*
- -15.58%
SPDN
- 1D
- -1.26%
- 1M
- -1.26%
- 6M
- -6.41%
- YTD
- -7.60%
- 1Y
- -13.89%
- 3Y*
- -11.77%
- 5Y*
- -8.05%
- 10Y*
- -12.20%
- ALL TIME*
- -12.31%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.39M | $1.04M | $1.07M | |
| $425.95M | $381.98M | $425.70M |
HDGE vs. SPDN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | -7.47% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | -7.60% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
Correlation
The correlation between HDGE and SPDN is 0.47, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.47 |
Correlation (3Y) Balances recent behavior with more history. | 0.61 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.71 |
Correlation (All Time) Calculated using the full available price history since Jun 8, 2016 | 0.71 |
Over the past year, the correlation between HDGE and SPDN has dropped to 0.47 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.
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Return for Risk
HDGE vs. SPDN — Risk / Return Rank
HDGE
SPDN
HDGE vs. SPDN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Direxion Daily S&P 500 Bear 1x Shares (SPDN). 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 | SPDN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.48 | ||
| Sortino ratioReturn per unit of downside risk | +0.79 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.83 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | -0.57 | -0.88 | +0.31 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.62 | +0.06 |
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Drawdowns
HDGE vs. SPDN - Drawdown Comparison
The maximum HDGE drawdown since its inception was -93.98%, which is greater than SPDN's maximum drawdown of -75.31%. Use the drawdown chart below to compare losses from any high point for HDGE and SPDN.
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Drawdown Indicators
| HDGE | SPDN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.98% | -75.31% | -18.67% |
Max Drawdown (1Y)Largest decline over 1 year | -20.34% | -15.93% | -4.41% |
Max Drawdown (3Y)Largest decline over 3 years | -30.63% | -38.24% | +7.61% |
Max Drawdown (5Y)Largest decline over 5 years | -43.92% | -43.85% | -0.07% |
Max Drawdown (10Y)Largest decline over 10 years | -82.25% | -73.97% | -8.28% |
Current DrawdownCurrent decline from peak | -93.92% | -75.11% | -18.81% |
Average DrawdownAverage peak-to-trough decline | -70.34% | -48.94% | -21.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.55% | 8.95% | -1.40% |
Volatility
HDGE vs. SPDN - Volatility Comparison
AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 8.15% compared to Direxion Daily S&P 500 Bear 1x Shares (SPDN) at 3.76%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than SPDN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDGE | SPDN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.15% | 3.76% | +4.39% |
Volatility (6M)Calculated over the trailing 6-month period | 15.22% | 10.21% | +5.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.33% | 12.94% | +6.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 24.42% | 16.98% | +7.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.54% | 18.04% | +5.50% |
HDGE vs. SPDN - Expense Ratio Comparison
HDGE has a 3.36% expense ratio, which is higher than SPDN's 0.50% expense ratio.
Dividends
HDGE vs. SPDN - Dividend Comparison
HDGE's dividend yield for the trailing twelve months is around 3.78%, more than SPDN's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.78% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% | 0.00% |
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.36% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
Frequently Asked Questions
HDGE and SPDN have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (8.15%) compared to SPDN (3.76%). In terms of maximum drawdown, HDGE dropped -93.98% vs SPDN's -75.31%.
On 10-year performance, SPDN leads with -12.20% vs -15.33% for HDGE. On fees, SPDN is cheaper at 0.50% per year. On volatility, SPDN has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPDN has performed better with a -12.20% return vs -15.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPDN is cheaper with a 0.50% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.78%, compared with 3.36% for SPDN.
They also come from different issuers: AdvisorShares and Direxion. Their fees differ too: 3.36% for HDGE and 0.50% for SPDN.
HDGE currently has the higher Sharpe Ratio (-0.60 vs -1.08), 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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