HIBS vs. HDGE
HIBS (Direxion Daily S&P 500 High Beta Bear 3X Shares) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. HIBS is passively managed, while HDGE is actively managed. Over the past 5 years, HIBS returned -55.09%/yr vs -4.86%/yr for HDGE. A 0.79 correlation means they provide meaningful diversification when combined. HIBS charges 1.06%/yr vs 3.36%/yr for HDGE.
Performance
HIBS vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, HIBS achieves a -55.49% return, which is significantly lower than HDGE's -2.80% return.
HIBS
- 1D
- 8.09%
- 1M
- 15.31%
- 6M
- -47.46%
- YTD
- -55.49%
- 1Y
- -73.19%
- 3Y*
- -57.50%
- 5Y*
- -55.09%
- 10Y*
- —
HDGE
- 1D
- -2.07%
- 1M
- -5.75%
- 6M
- -2.07%
- YTD
- -2.80%
- 1Y
- -4.67%
- 3Y*
- -3.04%
- 5Y*
- -4.86%
- 10Y*
- -15.19%
HIBS vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | -55.49% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
HDGE AdvisorShares Ranger Equity Bear ETF | -2.80% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -11.50% |
Correlation
The correlation between HIBS and HDGE is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.48 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.79 |
Over the past year, the correlation between HIBS and HDGE has dropped to 0.48 - well below their long-term average of 0.79, suggesting their price drivers have been diverging.
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Return for Risk
HIBS vs. HDGE — Risk / Return Rank
HIBS
HDGE
HIBS vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) and AdvisorShares Ranger Equity Bear ETF (HDGE). 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.
| HIBS | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -1.59 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.97 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.30 | -0.63 |
| Martin ratioReturn relative to average drawdown | -1.55 | -0.70 | -0.85 |
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Drawdowns
HIBS vs. HDGE - Drawdown Comparison
The maximum HIBS drawdown since its inception was -99.98%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for HIBS and HDGE.
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Drawdown Indicators
| HIBS | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.98% | -93.88% | -6.10% |
Max Drawdown (1Y)Largest decline over 1 year | -79.06% | -15.56% | -63.50% |
Max Drawdown (3Y)Largest decline over 3 years | -96.91% | -29.46% | -67.45% |
Max Drawdown (5Y)Largest decline over 5 years | -98.70% | -42.97% | -55.73% |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.95% | — |
Current DrawdownCurrent decline from peak | -99.98% | -93.62% | -6.36% |
Average DrawdownAverage peak-to-trough decline | -93.20% | -70.27% | -22.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.30% | 6.68% | +40.62% |
Volatility
HIBS vs. HDGE - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 29.60% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.37%. This indicates that HIBS's price experiences larger fluctuations and is considered to be riskier than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIBS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.60% | 6.37% | +23.23% |
Volatility (6M)Calculated over the trailing 6-month period | 64.22% | 13.92% | +50.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 77.53% | 18.42% | +59.11% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.90% | 24.27% | +59.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.33% | 23.45% | +71.88% |
HIBS vs. HDGE - Expense Ratio Comparison
HIBS has a 1.06% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
HIBS vs. HDGE - Dividend Comparison
HIBS's dividend yield for the trailing twelve months is around 7.97%, more than HDGE's 3.60% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.60% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 7.97% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
HIBS and HDGE have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (29.60%) compared to HDGE (6.37%). In terms of maximum drawdown, HIBS dropped -99.98% vs HDGE's -93.88%.
On 5-year performance, HDGE leads with -4.86% vs -55.09% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HDGE has been the lower-risk option at 6.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HDGE has performed better with a -4.86% return vs -55.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBS is cheaper with a 1.06% expense ratio, compared with 3.36% for HDGE.
HIBS has the higher dividend yield at 7.97%, compared with 3.60% for HDGE.
They also come from different issuers: Direxion and AdvisorShares. Their fees differ too: 1.06% for HIBS and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (-0.25 vs -0.95), 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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