HDGE vs. YQQQ

Last updated Jul 14, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and YQQQ (YieldMax Short N100 Option Income Strategy ETF) are both exchange-traded funds - HDGE is a Inverse Equities fund actively managed by AdvisorShares, while YQQQ is a Derivative Income fund actively managed by YieldMax. Both are actively managed. Over the past year, HDGE returned -0.46% vs -7.93% for YQQQ. At a 0.48 correlation, their price movements are largely independent. HDGE charges 3.36%/yr vs 0.99%/yr for YQQQ.

Performance

HDGE vs. YQQQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE achieves a -0.94% return, which is significantly higher than YQQQ's -5.25% return.

HDGE

• 1D: -1.00%
• 1M: -3.41%
• 6M: 0.38%
• YTD: -0.94%
• 1Y: -0.46%
• 3Y*: -2.96%
• 5Y*: -4.27%
• 10Y*: -15.09%

YQQQ

• 1D: 1.42%
• 1M: 2.63%
• 6M: -4.11%
• YTD: -5.25%
• 1Y: -7.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDGE vs. YQQQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HDGE AdvisorShares Ranger Equity Bear ETF	-0.94%	1.50%	-10.80%
YQQQ YieldMax Short N100 Option Income Strategy ETF	-5.25%	-9.97%	-5.17%

Correlation

The correlation between HDGE and YQQQ is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 15, 2024	0.48

The correlation between HDGE and YQQQ shifts across timeframes, from 0.36 (1 year) to 0.48 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HDGE vs. YQQQ — Risk / Return Rank

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

HDGE

HDGE Risk / Return Rank: 9
HDGE Sharpe Ratio Rank: 9
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 9
HDGE Martin Ratio Rank: 9

YQQQ

YQQQ Risk / Return Rank: 5
YQQQ Sharpe Ratio Rank: 5
YQQQ Sortino Ratio Rank: 5
YQQQ Omega Ratio Rank: 4
YQQQ Calmar Ratio Rank: 6
YQQQ Martin Ratio Rank: 5

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. YQQQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and YieldMax Short N100 Option Income Strategy ETF (YQQQ). 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	YQQQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.03	-0.57	+0.55
Sortino ratio: Return per unit of downside risk	0.10	-0.72	+0.81
Omega ratio: Gain probability vs. loss probability	1.01	0.92	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.03	-0.37	+0.33
Martin ratio: Return relative to average drawdown	-0.07	-0.85	+0.78

HDGE vs. YQQQ - Sharpe Ratio Comparison

The current HDGE Sharpe Ratio is -0.03, which is higher than the YQQQ Sharpe Ratio of -0.57. The chart below compares the historical Sharpe Ratios of HDGE and YQQQ, 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. YQQQ - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than YQQQ's maximum drawdown of -29.10%. Use the drawdown chart below to compare losses from any high point for HDGE and YQQQ.

Drawdown Indicators

	HDGE	YQQQ	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	-29.10%	-64.78%
Max Drawdown (1Y) Largest decline over 1 year	-15.40%	-21.80%	+6.40%
Max Drawdown (3Y) Largest decline over 3 years	-29.46%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-42.97%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-81.95%	—	—
Current Drawdown Current decline from peak	-93.50%	-25.26%	-68.24%
Average Drawdown Average peak-to-trough decline	-70.25%	-14.89%	-55.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.50%	9.31%	-2.81%

Volatility

HDGE vs. YQQQ - Volatility Comparison

AdvisorShares Ranger Equity Bear ETF (HDGE) and YieldMax Short N100 Option Income Strategy ETF (YQQQ) have volatilities of 6.16% and 6.42%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE	YQQQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.16%	6.42%	-0.26%
Volatility (6M) Calculated over the trailing 6-month period	13.77%	11.66%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	18.49%	13.92%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.26%	16.58%	+7.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.45%	16.58%	+6.87%

HDGE vs. YQQQ - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than YQQQ's 0.99% expense ratio.

Dividends

HDGE vs. YQQQ - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.53%, less than YQQQ's 29.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.53%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
YQQQ YieldMax Short N100 Option Income Strategy ETF	29.17%	31.71%	7.88%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HDGE and YQQQ in my portfolio?

HDGE and YQQQ have a correlation of 0.36, 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 YQQQ?

YQQQ has higher volatility (6.42%) compared to HDGE (6.16%). In terms of maximum drawdown, HDGE dropped -93.88% vs YQQQ's -29.10%.

Which ETF is better, HDGE or YQQQ?

On 1-year performance, HDGE leads with -0.46% vs -7.93% for YQQQ. On fees, YQQQ is cheaper at 0.99% per year. On volatility, HDGE has been the lower-risk option at 6.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDGE or YQQQ?

Over the 1-year period, HDGE has performed better with a -0.46% return vs -7.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDGE or YQQQ?

YQQQ is cheaper with a 0.99% expense ratio, compared with 3.36% for HDGE.

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

YQQQ has the higher dividend yield at 29.17%, compared with 3.53% for HDGE.

What is the main difference between HDGE and YQQQ?

HDGE is categorized as Inverse Equities, while YQQQ is Derivative Income. They also come from different issuers: AdvisorShares and YieldMax. Their fees differ too: 3.36% for HDGE and 0.99% for YQQQ.

Which has better risk-adjusted returns?

HDGE currently has the higher Sharpe Ratio (-0.03 vs -0.57), 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.