MSOS vs. HDGE

Last updated Jun 24, 2026

MSOS (AdvisorShares Pure US Cannabis ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - MSOS is a Small Cap Blend Equities fund actively managed by AdvisorShares, while HDGE is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 5 years, MSOS returned -35.42%/yr vs -1.94%/yr for HDGE. At a correlation of -0.33, they often move in opposite directions. MSOS charges 0.74%/yr vs 3.36%/yr for HDGE.

Performance

MSOS vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Pure US Cannabis ETF (MSOS) 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, MSOS achieves a -4.66% return, which is significantly lower than HDGE's 6.12% return.

MSOS

• 1D: -3.85%
• 1M: 1.58%
• YTD: -4.66%
• 6M: -4.66%
• 1Y: 118.45%
• 3Y*: -6.53%
• 5Y*: -35.42%
• 10Y*: —

HDGE

• 1D: -0.47%
• 1M: 0.12%
• YTD: 6.12%
• 6M: 6.85%
• 1Y: 2.56%
• 3Y*: -4.06%
• 5Y*: -1.94%
• 10Y*: -15.19%

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

MSOS vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
MSOS AdvisorShares Pure US Cannabis ETF	-4.66%	23.88%	-45.65%	0.29%	-72.68%	-29.69%	44.84%
HDGE AdvisorShares Ranger Equity Bear ETF	6.12%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-30.50%

Correlation

The correlation between MSOS and HDGE is -0.30, 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	-0.30
Correlation (3Y) Calculated over the trailing 3-year period	-0.24
Correlation (5Y) Calculated over the trailing 5-year period	-0.32
Correlation (All Time) Calculated using the full available price history since Sep 2, 2020	-0.33

MSOS vs. HDGE - Sectors Allocation Comparison

Sectors	MSOS	HDGE
Real Estate	50.2%	-8.6%
Industrials	29.6%	-13.9%
Consumer Cyclical	17.8%	-18.1%
Healthcare	2.5%	-1.2%
Basic Materials	-	-1.3%
Communication Services	-	-6.1%
Consumer Defensive	-	-3.0%
Energy	-	-2.5%
Financial Services	-	-25.3%
Technology	-	-19.5%
Utilities	-	-

Return for Risk

MSOS vs. HDGE — Risk / Return Rank

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

MSOS

MSOS Risk / Return Rank: 39
MSOS Sharpe Ratio Rank: 31
MSOS Sortino Ratio Rank: 45
MSOS Omega Ratio Rank: 40
MSOS Calmar Ratio Rank: 47
MSOS Martin Ratio Rank: 30

HDGE

HDGE Risk / Return Rank: 10
HDGE Sharpe Ratio Rank: 10
HDGE Sortino Ratio Rank: 10
HDGE Omega Ratio Rank: 10
HDGE Calmar Ratio Rank: 11
HDGE Martin Ratio Rank: 11

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.

MSOS vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Pure US Cannabis ETF (MSOS) 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.

	MSOS	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	1.06	0.14	+0.92
Sortino ratio: Return per unit of downside risk	2.19	0.33	+1.85
Omega ratio: Gain probability vs. loss probability	1.26	1.04	+0.22
Calmar ratio: Return relative to maximum drawdown	2.25	0.21	+2.04
Martin ratio: Return relative to average drawdown	4.21	0.43	+3.77

MSOS vs. HDGE - Sharpe Ratio Comparison

The current MSOS Sharpe Ratio is 1.06, which is higher than the HDGE Sharpe Ratio of 0.14. The chart below compares the historical Sharpe Ratios of MSOS 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

MSOS vs. HDGE - Drawdown Comparison

The maximum MSOS drawdown since its inception was -96.25%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for MSOS and HDGE.

Drawdown Indicators

	MSOS	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-93.88%	-2.37%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-12.26%	-40.65%
Max Drawdown (3Y) Largest decline over 3 years	-81.71%	-29.46%	-52.25%
Max Drawdown (5Y) Largest decline over 5 years	-94.95%	-42.97%	-51.98%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	-91.80%	-93.03%	+1.23%
Average Drawdown Average peak-to-trough decline	-71.87%	-70.17%	-1.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.27%	5.97%	+22.30%

Volatility

MSOS vs. HDGE - Volatility Comparison

AdvisorShares Pure US Cannabis ETF (MSOS) has a higher volatility of 22.12% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.85%. This indicates that MSOS'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

	MSOS	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	22.12%	5.85%	+16.27%
Volatility (6M) Calculated over the trailing 6-month period	57.66%	12.98%	+44.68%
Volatility (1Y) Calculated over the trailing 1-year period	112.86%	18.33%	+94.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	78.15%	24.19%	+53.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.00%	23.50%	+50.50%

MSOS vs. HDGE - Expense Ratio Comparison

MSOS has a 0.74% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

MSOS vs. HDGE - Dividend Comparison

MSOS has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.29%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.29%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
MSOS AdvisorShares Pure US Cannabis ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.27%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MSOS and HDGE in my portfolio?

MSOS and HDGE have a correlation of -0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MSOS or HDGE?

MSOS has higher volatility (22.12%) compared to HDGE (5.85%). In terms of maximum drawdown, MSOS dropped -96.25% vs HDGE's -93.88%.

Which ETF is better, MSOS or HDGE?

On 5-year performance, HDGE leads with -1.94% vs -35.42% for MSOS. On fees, MSOS is cheaper at 0.74% per year. On volatility, HDGE has been the lower-risk option at 5.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MSOS or HDGE?

Over the 5-year period, HDGE has performed better with a -1.94% return vs -35.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MSOS or HDGE?

MSOS is cheaper with a 0.74% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.29%, compared with 0.00% for MSOS.

What is the main difference between MSOS and HDGE?

MSOS is categorized as Small Cap Blend Equities, while HDGE is Inverse Equities. Their fees differ too: 0.74% for MSOS and 3.36% for HDGE.

Which has better risk-adjusted returns?

MSOS currently has the higher Sharpe Ratio (1.06 vs 0.14), 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.