QPX vs. HDGE
QPX (AdvisorShares Q Dynamic Growth ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - QPX is a Large Cap Growth 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, QPX returned 11.26%/yr vs -4.36%/yr for HDGE. At a correlation of -0.69, they often move in opposite directions. QPX charges 1.46%/yr vs 3.36%/yr for HDGE.
Performance
QPX vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, QPX achieves a 8.53% return, which is significantly higher than HDGE's -0.44% return.
QPX
- 1D
- 0.79%
- 1M
- 0.44%
- 6M
- 5.65%
- YTD
- 8.53%
- 1Y
- 23.45%
- 3Y*
- 18.53%
- 5Y*
- 11.26%
- 10Y*
- —
HDGE
- 1D
- 0.50%
- 1M
- -2.92%
- 6M
- 0.13%
- YTD
- -0.44%
- 1Y
- -0.17%
- 3Y*
- -2.80%
- 5Y*
- -4.36%
- 10Y*
- -15.05%
QPX vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QPX AdvisorShares Q Dynamic Growth ETF | 8.53% | 24.12% | 17.28% | 44.63% | -30.90% | 22.29% | -0.31% |
HDGE AdvisorShares Ranger Equity Bear ETF | -0.44% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | 0.00% |
Correlation
The correlation between QPX and HDGE is -0.46, 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 | -0.46 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.59 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.70 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.69 |
Over the past year, the inverse relationship between QPX and HDGE has weakened: their correlation has moved from -0.69 to -0.46, meaning they move in opposite directions less often than they have historically.
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Return for Risk
QPX vs. HDGE — Risk / Return Rank
QPX
HDGE
QPX vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Q Dynamic Growth ETF (QPX) 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.
| QPX | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.01 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.04 | -0.01 | +2.05 |
| Martin ratioReturn relative to average drawdown | 7.65 | -0.03 | +7.68 |
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Drawdowns
QPX vs. HDGE - Drawdown Comparison
The maximum QPX drawdown since its inception was -34.74%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for QPX and HDGE.
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Drawdown Indicators
| QPX | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.74% | -93.88% | +59.14% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -15.40% | +3.84% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -29.46% | +11.57% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -42.97% | +8.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -81.95% | — |
Current DrawdownCurrent decline from peak | -2.76% | -93.46% | +90.70% |
Average DrawdownAverage peak-to-trough decline | -7.97% | -70.26% | +62.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.07% | 6.55% | -3.48% |
Volatility
QPX vs. HDGE - Volatility Comparison
The current volatility for AdvisorShares Q Dynamic Growth ETF (QPX) is 5.17%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 6.12%. This indicates that QPX 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
| QPX | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 6.12% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 12.63% | 13.78% | -1.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.38% | 18.46% | -3.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.13% | 24.25% | -4.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.02% | 23.45% | -3.43% |
QPX vs. HDGE - Expense Ratio Comparison
QPX has a 1.46% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
QPX vs. HDGE - Dividend Comparison
QPX has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.51%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.51% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
QPX AdvisorShares Q Dynamic Growth ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
QPX and HDGE have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.12%) compared to QPX (5.17%). In terms of maximum drawdown, QPX dropped -34.74% vs HDGE's -93.88%.
On 5-year performance, QPX leads with 11.26% vs -4.36% for HDGE. On fees, QPX is cheaper at 1.46% per year. On volatility, QPX has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, QPX has performed better with a 11.26% return vs -4.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
QPX is cheaper with a 1.46% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.51%, compared with 0.00% for QPX.
QPX is categorized as Large Cap Growth Equities, while HDGE is Inverse Equities. Their fees differ too: 1.46% for QPX and 3.36% for HDGE.
QPX currently has the higher Sharpe Ratio (1.53 vs -0.01), 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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