OILD vs. HDGE

Last updated Jun 5, 2026

OILD (MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. OILD is passively managed, while HDGE is actively managed. Over the past 3 years, OILD returned -48.52%/yr vs -5.89%/yr for HDGE. At a 0.33 correlation, their price movements are largely independent. OILD charges 0.95%/yr vs 3.36%/yr for HDGE.

Performance

OILD vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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, OILD achieves a -61.34% return, which is significantly lower than HDGE's 3.56% return.

OILD

• 1D: -0.10%
• 1M: 3.58%
• YTD: -61.34%
• 6M: -58.10%
• 1Y: -73.93%
• 3Y*: -48.52%
• 5Y*: —
• 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%

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

OILD vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	-61.34%	-41.67%	-14.58%	-19.58%	-90.32%	5.20%
HDGE AdvisorShares Ranger Equity Bear ETF	3.56%	1.50%	-8.01%	-26.98%	16.59%	3.40%

Correlation

The correlation between OILD and HDGE is 0.04, 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 (1Y) Calculated over the trailing 1-year period	0.04
Correlation (3Y) Calculated over the trailing 3-year period	0.29
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021	0.33

Over the past year, the correlation between OILD and HDGE has dropped to 0.04 - well below their long-term average of 0.33, suggesting their price drivers have been diverging.

OILD vs. HDGE - Sectors Allocation Comparison

Sectors	OILD	HDGE
Energy	100.0%	-2.5%
Basic Materials	-	-1.3%
Communication Services	-	-3.3%
Consumer Cyclical	-	-18.6%
Consumer Defensive	-	-4.9%
Financial Services	-	-23.5%
Healthcare	-	-3.5%
Industrials	-	-14.1%
Real Estate	-	-9.0%
Technology	-	-26.1%
Utilities	-	-

Return for Risk

OILD vs. HDGE — Risk / Return Rank

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

OILD

OILD Risk / Return Rank: 1
OILD Sharpe Ratio Rank: 1
OILD Sortino Ratio Rank: 0
OILD Omega Ratio Rank: 0
OILD Calmar Ratio Rank: 1
OILD Martin Ratio Rank: 1

HDGE

HDGE Risk / Return Rank: 8
HDGE Sharpe Ratio Rank: 8
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 8
HDGE Martin Ratio Rank: 8

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.

OILD vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) 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.

	OILD	HDGE	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-0.11	-1.10
Sortino ratio: Return per unit of downside risk	-2.57	-0.03	-2.54
Omega ratio: Gain probability vs. loss probability	0.74	1.00	-0.26
Calmar ratio: Return relative to maximum drawdown	-0.96	-0.17	-0.79
Martin ratio: Return relative to average drawdown	-1.58	-0.34	-1.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OILD vs. HDGE - Sharpe Ratio Comparison

The current OILD Sharpe Ratio is -1.22, which is lower than the HDGE Sharpe Ratio of -0.11. The chart below compares the historical Sharpe Ratios of OILD 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.

Sharpe Ratios by Period

	OILD	HDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.22	-0.11	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	-0.68	-0.08

Drawdowns

OILD vs. HDGE - Drawdown Comparison

The maximum OILD drawdown since its inception was -98.90%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for OILD and HDGE.

Drawdown Indicators

	OILD	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-98.90%	-93.88%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-77.40%	-12.26%	-65.14%
Max Drawdown (3Y) Largest decline over 3 years	-88.53%	-29.46%	-59.07%
Max Drawdown (5Y) Largest decline over 5 years	—	-42.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	-98.74%	-93.20%	-5.54%
Average Drawdown Average peak-to-trough decline	-88.65%	-70.12%	-18.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	46.83%	6.13%	+40.70%

Volatility

OILD vs. HDGE - Volatility Comparison

MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs (OILD) has a higher volatility of 24.24% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.63%. This indicates that OILD'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

	OILD	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.24%	6.63%	+17.61%
Volatility (6M) Calculated over the trailing 6-month period	48.36%	12.93%	+35.43%
Volatility (1Y) Calculated over the trailing 1-year period	61.04%	18.35%	+42.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	79.35%	24.19%	+55.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	79.35%	23.56%	+55.79%

OILD vs. HDGE - Expense Ratio Comparison

OILD has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

OILD vs. HDGE - Dividend Comparison

OILD has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.38%.

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%
OILD MicroSectorsTM Oil & Gas Exploration & Production -3X Inverse Leveraged ETNs	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both OILD and HDGE in my portfolio?

OILD and HDGE have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OILD or HDGE?

OILD has higher volatility (24.24%) compared to HDGE (6.63%). In terms of maximum drawdown, OILD dropped -98.90% vs HDGE's -93.88%.

Which ETF is better, OILD or HDGE?

On 3-year performance, HDGE leads with -5.89% vs -48.52% for OILD. On fees, OILD is cheaper at 0.95% 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.

Which ETF has performed better, OILD or HDGE?

Over the 3-year period, HDGE has performed better with a -5.89% return vs -48.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OILD or HDGE?

OILD is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.38%, compared with 0.00% for OILD.

What is the main difference between OILD and HDGE?

They also come from different issuers: REX and AdvisorShares. Their fees differ too: 0.95% for OILD and 3.36% for HDGE.

Which has better risk-adjusted returns?

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.