HDGE vs. ZIVB

Last updated Jun 4, 2026

HDGE (AdvisorShares Ranger Equity Bear ETF) and ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) are both Inverse Equities funds. Both are actively managed. HDGE charges 3.36%/yr vs 1.35%/yr for ZIVB.

Performance

HDGE vs. ZIVB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Ranger Equity Bear ETF (HDGE) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

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%

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HDGE vs. ZIVB - Yearly Performance Comparison

	2026 (YTD)
HDGE AdvisorShares Ranger Equity Bear ETF	0.66%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%

Return for Risk

HDGE vs. ZIVB — Risk / Return Rank

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

HDGE

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

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. ZIVB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Ranger Equity Bear ETF (HDGE) and -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB). 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	ZIVB	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	—	—
Sortino ratio: Return per unit of downside risk	0.08	—	—
Omega ratio: Gain probability vs. loss probability	1.01	—	—
Calmar ratio: Return relative to maximum drawdown	-0.05	—	—
Martin ratio: Return relative to average drawdown	-0.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HDGE	ZIVB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.04	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.63	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.67	—	—

Drawdowns

HDGE vs. ZIVB - Drawdown Comparison

The maximum HDGE drawdown since its inception was -93.88%, which is greater than ZIVB's maximum drawdown of 0.00%. Use the drawdown chart below to compare losses from any high point for HDGE and ZIVB.

Drawdown Indicators

	HDGE	ZIVB	Difference
Max Drawdown Largest peak-to-trough decline	-93.88%	0.00%	-93.88%
Max Drawdown (1Y) Largest decline over 1 year	-12.26%	—	—
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	-83.69%	—	—
Current Drawdown Current decline from peak	-93.08%	0.00%	-93.08%
Average Drawdown Average peak-to-trough decline	-70.11%	0.00%	-70.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.16%	—	—

Volatility

Volatility by Period

	HDGE	ZIVB	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.41%	—	—
Volatility (6M) Calculated over the trailing 6-month period	12.81%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	18.33%	0.00%	+18.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.18%	0.00%	+24.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.56%	0.00%	+23.56%

HDGE vs. ZIVB - Expense Ratio Comparison

HDGE has a 3.36% expense ratio, which is higher than ZIVB's 1.35% expense ratio.

Dividends

HDGE vs. ZIVB - Dividend Comparison

HDGE's dividend yield for the trailing twelve months is around 3.32%, while ZIVB has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.32%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, HDGE or ZIVB?

On fees, ZIVB is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDGE or ZIVB?

ZIVB is cheaper with a 1.35% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.32%, compared with 0.00% for ZIVB.

What is the main difference between HDGE and ZIVB?

They also come from different issuers: AdvisorShares and Volatility Shares. Their fees differ too: 3.36% for HDGE and 1.35% for ZIVB.