HVAC vs. HDGE

Last updated Jul 14, 2026

HVAC (AdvisorShares HVAC and Industrials ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - HVAC is a Industrials Equities fund actively managed by AdvisorShares, while HDGE is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past year, HVAC returned 28.95% vs -0.46% for HDGE. At a correlation of -0.38, they often move in opposite directions. HVAC charges 1.00%/yr vs 3.36%/yr for HDGE.

Performance

HVAC vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares HVAC and Industrials ETF (HVAC) and AdvisorShares Ranger Equity Bear ETF (HDGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HVAC achieves a 19.43% return, which is significantly higher than HDGE's -0.94% return.

HVAC

• 1D: -2.51%
• 1M: -7.68%
• 6M: 11.79%
• YTD: 19.43%
• 1Y: 28.95%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

HVAC vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025
HVAC AdvisorShares HVAC and Industrials ETF	19.43%	23.15%
HDGE AdvisorShares Ranger Equity Bear ETF	-0.94%	2.76%

Correlation

The correlation between HVAC and HDGE is -0.24, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Feb 4, 2025	-0.38

The correlation between HVAC and HDGE shifts across timeframes, from -0.38 (all time) to -0.24 (1 year), reflecting how their relationship changes across market environments.

HVAC vs. HDGE - Sectors Allocation Comparison

Sectors	HVAC	HDGE
Industrials	69.4%	-14.8%
Technology	20.2%	-19.1%
Consumer Cyclical	4.6%	-24.0%
Utilities	3.0%	-
Real Estate	2.8%	-13.7%
Basic Materials	-	-1.4%
Communication Services	-	-3.8%
Consumer Defensive	-	-3.9%
Energy	-	-2.5%
Financial Services	-	-19.5%
Healthcare	-	-1.7%

Return for Risk

HVAC vs. HDGE — Risk / Return Rank

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

HVAC

HVAC Risk / Return Rank: 37
HVAC Sharpe Ratio Rank: 32
HVAC Sortino Ratio Rank: 30
HVAC Omega Ratio Rank: 31
HVAC Calmar Ratio Rank: 49
HVAC Martin Ratio Rank: 45

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

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.

HVAC vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares HVAC and Industrials ETF (HVAC) 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.

	HVAC	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	0.92	-0.03	+0.94
Sortino ratio: Return per unit of downside risk	1.34	0.10	+1.24
Omega ratio: Gain probability vs. loss probability	1.17	1.01	+0.16
Calmar ratio: Return relative to maximum drawdown	1.96	-0.03	+1.99
Martin ratio: Return relative to average drawdown	5.92	-0.07	+5.99

HVAC vs. HDGE - Sharpe Ratio Comparison

The current HVAC Sharpe Ratio is 0.92, which is higher than the HDGE Sharpe Ratio of -0.03. The chart below compares the historical Sharpe Ratios of HVAC and HDGE, 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

HVAC vs. HDGE - Drawdown Comparison

The maximum HVAC drawdown since its inception was -21.22%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for HVAC and HDGE.

Drawdown Indicators

	HVAC	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-21.22%	-93.88%	+72.66%
Max Drawdown (1Y) Largest decline over 1 year	-14.83%	-15.40%	+0.57%
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	-14.42%	-93.50%	+79.08%
Average Drawdown Average peak-to-trough decline	-4.15%	-70.25%	+66.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.91%	6.50%	-1.59%

Volatility

HVAC vs. HDGE - Volatility Comparison

AdvisorShares HVAC and Industrials ETF (HVAC) has a higher volatility of 15.35% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.16%. This indicates that HVAC'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.

Volatility by Period

	HVAC	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.35%	6.16%	+9.19%
Volatility (6M) Calculated over the trailing 6-month period	27.21%	13.77%	+13.44%
Volatility (1Y) Calculated over the trailing 1-year period	31.74%	18.49%	+13.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.52%	24.26%	+7.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.52%	23.45%	+8.07%

HVAC vs. HDGE - Expense Ratio Comparison

HVAC has a 1.00% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

HVAC vs. HDGE - Dividend Comparison

HVAC's dividend yield for the trailing twelve months is around 0.16%, less than HDGE's 3.53% 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%
HVAC AdvisorShares HVAC and Industrials ETF	0.16%	0.19%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HVAC and HDGE in my portfolio?

HVAC and HDGE have a correlation of -0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HVAC or HDGE?

HVAC has higher volatility (15.35%) compared to HDGE (6.16%). In terms of maximum drawdown, HVAC dropped -21.22% vs HDGE's -93.88%.

Which ETF is better, HVAC or HDGE?

On 1-year performance, HVAC leads with 28.95% vs -0.46% for HDGE. On fees, HVAC is cheaper at 1.00% 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, HVAC or HDGE?

Over the 1-year period, HVAC has performed better with a 28.95% return vs -0.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HVAC or HDGE?

HVAC is cheaper with a 1.00% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.53%, compared with 0.16% for HVAC.

What is the main difference between HVAC and HDGE?

HVAC is categorized as Industrials Equities, while HDGE is Inverse Equities. Their fees differ too: 1.00% for HVAC and 3.36% for HDGE.

Which has better risk-adjusted returns?

HVAC currently has the higher Sharpe Ratio (0.92 vs -0.03), 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.