HDGE vs. SQLV

Last updated Jun 24, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and SQLV (Royce Quant Small-Cap Quality Value ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while SQLV is a Small Cap Value Equities fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, HDGE returned -1.94%/yr vs 7.15%/yr for SQLV. At a correlation of -0.70, they often move in opposite directions. HDGE charges 3.36%/yr vs 0.60%/yr for SQLV.

Performance

HDGE vs. SQLV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and Royce Quant Small-Cap Quality Value ETF (SQLV). 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 lower than SQLV's 16.34% 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%

SQLV

• 1D: 0.83%
• 1M: 3.63%
• YTD: 16.34%
• 6M: 15.01%
• 1Y: 28.84%
• 3Y*: 13.42%
• 5Y*: 7.15%
• 10Y*: —

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

HDGE vs. SQLV - 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%	-9.05%
SQLV Royce Quant Small-Cap Quality Value ETF	16.34%	2.50%	4.76%	21.21%	-12.86%	37.14%	7.13%	17.41%	-10.55%	8.84%

Correlation

The correlation between HDGE and SQLV is -0.84, 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	-0.84
Correlation (3Y) Calculated over the trailing 3-year period	-0.86
Correlation (5Y) Calculated over the trailing 5-year period	-0.82
Correlation (All Time) Calculated using the full available price history since Jul 13, 2017	-0.70

The correlation between HDGE and SQLV shifts across timeframes, from -0.86 (3 years) to -0.70 (all time), reflecting how their relationship changes across market environments.

HDGE vs. SQLV - Sectors Allocation Comparison

Sectors	HDGE	SQLV
Utilities	-	0.6%
Healthcare	-1.2%	18.5%
Basic Materials	-1.3%	3.4%
Energy	-2.5%	4.4%
Consumer Defensive	-3.0%	7.2%
Communication Services	-6.1%	4.6%
Real Estate	-8.6%	0.9%
Industrials	-13.9%	10.9%
Consumer Cyclical	-18.1%	13.2%
Technology	-19.5%	16.9%
Financial Services	-25.3%	19.4%

Return for Risk

HDGE vs. SQLV — 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

SQLV

SQLV Risk / Return Rank: 56
SQLV Sharpe Ratio Rank: 51
SQLV Sortino Ratio Rank: 54
SQLV Omega Ratio Rank: 46
SQLV Calmar Ratio Rank: 70
SQLV Martin Ratio Rank: 59

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. SQLV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and Royce Quant Small-Cap Quality Value ETF (SQLV). 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	SQLV	Difference
Sharpe ratio: Return per unit of total volatility	0.14	1.64	-1.50
Sortino ratio: Return per unit of downside risk	0.33	2.40	-2.07
Omega ratio: Gain probability vs. loss probability	1.04	1.28	-0.24
Calmar ratio: Return relative to maximum drawdown	0.21	3.28	-3.07
Martin ratio: Return relative to average drawdown	0.43	9.82	-9.39

HDGE vs. SQLV - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is 0.14, which is lower than the SQLV Sharpe Ratio of 1.64. The chart below compares the historical Sharpe Ratios of HDGE and SQLV, 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. SQLV - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than SQLV's maximum drawdown of -48.34%. Use the drawdown chart below to compare losses from any high point for HDGE and SQLV.

Drawdown Indicators

	HDGE	SQLV	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-48.34%	-45.54%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	-8.84%	-3.42%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	-26.86%	-2.60%
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	-26.86%	-16.11%
Max Drawdown (10Y) Largest decline over 10 years	-83.69%	—	—
Current Drawdown Current decline from peak	-93.03%	-0.96%	-92.07%
Average Drawdown Average peak-to-trough decline	-70.17%	-8.90%	-61.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.97%	2.95%	+3.02%

Volatility

HDGE vs. SQLV - Volatility Comparison

AdvisorShares Ranger Equity Bear ETF (HDGE) has a higher volatility of 5.85% compared to Royce Quant Small-Cap Quality Value ETF (SQLV) at 4.55%. This indicates that HDGE's price experiences larger fluctuations and is considered to be riskier than SQLV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	SQLV	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.85%	4.55%	+1.30%
Volatility (6M) Calculated over the trailing 6-month period	12.98%	11.56%	+1.42%
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	17.69%	+0.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.19%	20.98%	+3.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.50%	23.32%	+0.18%

HDGE vs. SQLV - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than SQLV's 0.60% expense ratio.

Dividends

HDGE vs. SQLV - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.29%, more than SQLV's 1.01% 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%
SQLV Royce Quant Small-Cap Quality Value ETF	1.01%	1.15%	1.11%	1.09%	1.24%	1.12%	1.22%	1.20%	1.08%	0.40%

Frequently Asked Questions

Can I hold both HDGE and SQLV in my portfolio?

HDGE and SQLV have a correlation of -0.84, 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 SQLV?

HDGE has higher volatility (5.85%) compared to SQLV (4.55%). In terms of maximum drawdown, HDGE dropped -93.88% vs SQLV's -48.34%.

Which ETF is better, HDGE or SQLV?

On 5-year performance, SQLV leads with 7.15% vs -1.94% for HDGE. On fees, SQLV is cheaper at 0.60% per year. On volatility, SQLV has been the lower-risk option at 4.55%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or SQLV?

Over the 5-year period, SQLV has performed better with a 7.15% return vs -1.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or SQLV?

SQLV is cheaper with a 0.60% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.29%, compared with 1.01% for SQLV.

What is the main difference between HDGE and SQLV?

HDGE is categorized as Inverse Equities, while SQLV is Small Cap Value Equities. They also come from different issuers: AdvisorShares and Franklin Templeton. Their fees differ too: 3.36% for HDGE and 0.60% for SQLV.

Which has better risk-adjusted returns?

SQLV currently has the higher Sharpe Ratio (1.64 vs 0.14), 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.