NBIZ vs. HDGE
NBIZ (Tradr 2X Short NBIS Daily ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. NBIZ is passively managed, while HDGE is actively managed. At a 0.08 correlation, their price movements are largely independent. NBIZ charges 1.49%/yr vs 3.36%/yr for HDGE.
Performance
NBIZ vs. HDGE - Performance Comparison
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Returns By Period
NBIZ
- 1D
- 2.58%
- 1M
- -54.39%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- 0.83%
- 1M
- 0.59%
- YTD
- 6.62%
- 6M
- 8.10%
- 1Y
- 1.33%
- 3Y*
- -3.91%
- 5Y*
- -2.09%
- 10Y*
- -15.15%
NBIZ vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
NBIZ Tradr 2X Short NBIS Daily ETF | -97.09% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.82% |
Correlation
The correlation between NBIZ and HDGE is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jan 22, 2026 | 0.08 |
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Return for Risk
NBIZ vs. HDGE — Risk / Return Rank
NBIZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HDGE
NBIZ vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr 2X Short NBIS Daily ETF (NBIZ) 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.
| NBIZ | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.03 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.11 | — |
| Martin ratioReturn relative to average drawdown | — | 0.22 | — |
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Drawdowns
NBIZ vs. HDGE - Drawdown Comparison
The maximum NBIZ drawdown since its inception was -98.35%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for NBIZ and HDGE.
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Drawdown Indicators
| NBIZ | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.35% | -93.88% | -4.47% |
Max Drawdown (1Y)Largest decline over 1 year | — | -12.26% | — |
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 | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -98.31% | -93.00% | -5.31% |
Average DrawdownAverage peak-to-trough decline | -71.75% | -70.17% | -1.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.20% | — |
Volatility
NBIZ vs. HDGE - Volatility Comparison
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Volatility by Period
| NBIZ | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.83% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 12.97% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 213.40% | 18.36% | +195.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 213.40% | 24.20% | +189.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 213.40% | 23.56% | +189.84% |
NBIZ vs. HDGE - Expense Ratio Comparison
NBIZ has a 1.49% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
NBIZ vs. HDGE - Dividend Comparison
NBIZ has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.28%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.28% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
NBIZ Tradr 2X Short NBIS Daily ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
NBIZ and HDGE have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NBIZ is cheaper at 1.49% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NBIZ is cheaper with a 1.49% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.28%, compared with 0.00% for NBIZ.
They also come from different issuers: Tradr and AdvisorShares. Their fees differ too: 1.49% for NBIZ and 3.36% for HDGE.
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