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 -53.41%/yr vs -3.24%/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
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Returns By Period
In the year-to-date period, HIBS achieves a -59.26% return, which is significantly lower than HDGE's 3.56% return.
HIBS
- 1D
- 0.59%
- 1M
- -26.80%
- YTD
- -59.26%
- 6M
- -59.84%
- 1Y
- -82.21%
- 3Y*
- -63.10%
- 5Y*
- -53.41%
- 10Y*
- —
HDGE
- 1D
- -1.78%
- 1M
- -3.55%
- YTD
- 3.56%
- 6M
- 3.40%
- 1Y
- -2.08%
- 3Y*
- -5.89%
- 5Y*
- -3.24%
- 10Y*
- -14.84%
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 | -59.26% | -72.44% | -26.60% | -62.94% | -7.59% | -75.27% | -91.59% | -19.45% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.56% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -10.17% |
Correlation
The correlation between HIBS and HDGE is 0.61, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.74 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 8, 2019 | 0.81 |
The correlation between HIBS and HDGE shifts across timeframes, from 0.61 (1 year) to 0.81 (all time), reflecting how their relationship changes across market environments.
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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.
| HIBS | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.70 | 1.00 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.99 | -0.17 | -0.82 |
| Martin ratioReturn relative to average drawdown | -1.50 | -0.34 | -1.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HIBS | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.22 | -0.11 | -1.11 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.65 | -0.13 | -0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.73 | -0.68 | -0.05 |
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 | -83.13% | -12.26% | -70.87% |
Max Drawdown (3Y)Largest decline over 3 years | -96.48% | -29.46% | -67.02% |
Max Drawdown (5Y)Largest decline over 5 years | -98.52% | -42.97% | -55.55% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -99.98% | -93.20% | -6.78% |
Average DrawdownAverage peak-to-trough decline | -93.14% | -70.12% | -23.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 54.63% | 6.13% | +48.50% |
Volatility
HIBS vs. HDGE - Volatility Comparison
Direxion Daily S&P 500 High Beta Bear 3X Shares (HIBS) has a higher volatility of 22.04% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.63%. 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 | 22.04% | 6.63% | +15.41% |
Volatility (6M)Calculated over the trailing 6-month period | 52.82% | 12.93% | +39.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 67.45% | 18.35% | +49.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 82.46% | 24.19% | +58.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.78% | 23.56% | +71.22% |
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 11.62%, more than HDGE's 3.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.38% | 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 | 11.62% | 8.42% | 5.34% | 6.49% | 0.04% | 0.00% | 0.92% | 0.13% |
Frequently Asked Questions
HIBS and HDGE have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBS has higher volatility (22.04%) compared to HDGE (6.63%). In terms of maximum drawdown, HIBS dropped -99.98% vs HDGE's -93.88%.
On 5-year performance, HDGE leads with -3.24% vs -53.41% for HIBS. On fees, HIBS is cheaper at 1.06% per year. On volatility, HDGE has been the lower-risk option at 6.63%. 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 -3.24% return vs -53.41%. 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 11.62%, compared with 3.38% 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 (-0.11 vs -1.22), 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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