MYY vs. HDGE
MYY (ProShares Short S&P Mid Cap400) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. MYY is passively managed, while HDGE is actively managed. Over the past 10 years, MYY returned -11.12%/yr vs -14.77%/yr for HDGE. Their correlation of 0.85 suggests significant overlap in exposure. MYY charges 0.95%/yr vs 3.36%/yr for HDGE.
Performance
MYY vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, MYY achieves a -11.13% return, which is significantly lower than HDGE's 5.43% return. Over the past 10 years, MYY has outperformed HDGE with an annualized return of -11.12%, while HDGE has yielded a comparatively lower -14.77% annualized return.
MYY
- 1D
- 0.02%
- 1M
- -3.52%
- YTD
- -11.13%
- 6M
- -11.03%
- 1Y
- -16.67%
- 3Y*
- -9.90%
- 5Y*
- -5.92%
- 10Y*
- -11.12%
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
MYY vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MYY ProShares Short S&P Mid Cap400 | -11.13% | -4.05% | -7.08% | -9.46% | 10.23% | -23.04% | -25.94% | -19.98% | 12.79% | -14.63% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between MYY and HDGE is 0.74, 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 | 0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.82 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.84 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.84 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011 | 0.85 |
The correlation between MYY and HDGE shifts across timeframes, from 0.74 (1 year) to 0.85 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MYY vs. HDGE — Risk / Return Rank
MYY
HDGE
MYY vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P Mid Cap400 (MYY) 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.
| MYY | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.04 | ||
| Sortino ratioReturn per unit of downside risk | -1.53 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.01 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.05 | -0.90 |
| Martin ratioReturn relative to average drawdown | -1.75 | -0.11 | -1.64 |
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
| MYY | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.08 | -0.04 | -1.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.30 | -0.12 | -0.18 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.52 | -0.63 | +0.10 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.53 | -0.67 | +0.15 |
Drawdowns
MYY vs. HDGE - Drawdown Comparison
The maximum MYY drawdown since its inception was -95.08%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for MYY and HDGE.
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Drawdown Indicators
| MYY | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.08% | -93.88% | -1.20% |
Max Drawdown (1Y)Largest decline over 1 year | -17.58% | -12.26% | -5.32% |
Max Drawdown (3Y)Largest decline over 3 years | -33.48% | -29.46% | -4.02% |
Max Drawdown (5Y)Largest decline over 5 years | -36.20% | -42.97% | +6.77% |
Max Drawdown (10Y)Largest decline over 10 years | -71.22% | -83.69% | +12.47% |
Current DrawdownCurrent decline from peak | -95.07% | -93.08% | -1.99% |
Average DrawdownAverage peak-to-trough decline | -72.15% | -70.11% | -2.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.56% | 6.16% | +3.40% |
Volatility
MYY vs. HDGE - Volatility Comparison
The current volatility for ProShares Short S&P Mid Cap400 (MYY) is 4.41%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 6.41%. This indicates that MYY experiences smaller price fluctuations and is considered to be less risky 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
| MYY | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.41% | 6.41% | -2.00% |
Volatility (6M)Calculated over the trailing 6-month period | 11.40% | 12.81% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.59% | 18.33% | -2.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.62% | 24.18% | -4.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.25% | 23.56% | -2.31% |
MYY vs. HDGE - Expense Ratio Comparison
MYY has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
MYY vs. HDGE - Dividend Comparison
MYY's dividend yield for the trailing twelve months is around 4.45%, more than HDGE's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
MYY ProShares Short S&P Mid Cap400 | 4.45% | 4.20% | 4.92% | 5.08% | 0.40% | 0.00% | 0.05% | 1.52% | 0.34% |
Frequently Asked Questions
MYY and HDGE have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.41%) compared to MYY (4.41%). In terms of maximum drawdown, MYY dropped -95.08% vs HDGE's -93.88%.
On 10-year performance, MYY leads with -11.12% vs -14.77% for HDGE. On fees, MYY is cheaper at 0.95% per year. On volatility, MYY has been the lower-risk option at 4.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, MYY has performed better with a -11.12% return vs -14.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MYY is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.
MYY has the higher dividend yield at 4.45%, compared with 3.32% for HDGE.
They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for MYY and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (-0.04 vs -1.08), 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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