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 -54.87%/yr vs -1.96%/yr for HDGE. Their correlation of 0.81 suggests significant overlap in exposure. HIBS charges 1.06%/yr vs 3.36%/yr for HDGE.
Performance
HIBS vs. HDGE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HIBS achieves a -64.03% return, which is significantly lower than HDGE's 5.31% return.
HIBS
- 1D
- -6.71%
- 1M
- -21.41%
- YTD
- -64.03%
- 6M
- -61.26%
- 1Y
- -81.64%
- 3Y*
- -63.69%
- 5Y*
- -54.87%
- 10Y*
- —
HDGE
- 1D
- 0.42%
- 1M
- -0.71%
- YTD
- 5.31%
- 6M
- 6.30%
- 1Y
- 2.13%
- 3Y*
- -4.04%
- 5Y*
- -1.96%
- 10Y*
- -15.56%
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 | -64.03% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -17.80% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.31% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -11.50% |
Correlation
The correlation between HIBS and HDGE is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.56 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.80 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | 0.81 |
Over the past year, the correlation between HIBS and HDGE has dropped to 0.56 - well below their long-term average of 0.81, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
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 | -1.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.03 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.17 | -1.18 |
| Martin ratioReturn relative to average drawdown | -1.67 | 0.36 | -2.03 |
Loading charts...
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.
Loading charts...
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 | -81.45% | -12.26% | -69.19% |
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 | — | -83.33% | — |
Current DrawdownCurrent decline from peak | -99.98% | -93.09% | -6.89% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -70.18% | -22.96% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 50.79% | 6.00% | +44.79% |
Volatility
HIBS vs. HDGE - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 34.88% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.88%. 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.
Loading charts...
Volatility by Period
| HIBS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.88% | 5.88% | +29.00% |
Volatility (6M)Calculated over the trailing 6-month period | 60.84% | 13.03% | +47.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.23% | 18.22% | +56.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 83.58% | 24.19% | +59.39% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.26% | 23.49% | +71.77% |
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 9.87%, more than HDGE's 3.32% yield.
| 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% |
HIBS Direxion Daily S&P 500 High Beta Bear 3X Shares | 9.87% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
HIBS and HDGE have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (34.88%) compared to HDGE (5.88%). In terms of maximum drawdown, HIBS dropped -99.98% vs HDGE's -93.88%.
On 5-year performance, HDGE leads with -1.96% vs -54.87% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HDGE has been the lower-risk option at 5.88%. 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 -1.96% return vs -54.87%. 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 9.87%, compared with 3.32% 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 (0.12 vs -1.10), 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.
Find the right allocation for HIBS and HDGE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer