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 11.29%/yr vs -2.04%/yr for HDGE. At a correlation of -0.70, 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 6.75% return, which is significantly higher than HDGE's 4.86% return.
QPX
- 1D
- -0.50%
- 1M
- -1.16%
- YTD
- 6.75%
- 6M
- 4.72%
- 1Y
- 24.81%
- 3Y*
- 19.48%
- 5Y*
- 11.29%
- 10Y*
- —
HDGE
- 1D
- -1.18%
- 1M
- -1.07%
- YTD
- 4.86%
- 6M
- 5.85%
- 1Y
- 3.03%
- 3Y*
- -4.44%
- 5Y*
- -2.04%
- 10Y*
- -15.29%
QPX vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QPX AdvisorShares Q Dynamic Growth ETF | 6.75% | 24.12% | 17.28% | 44.63% | -30.90% | 22.29% | -0.31% |
HDGE AdvisorShares Ranger Equity Bear ETF | 4.86% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | 0.00% |
Correlation
The correlation between QPX and HDGE is -0.49, 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 | -0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.71 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.70 |
Over the past year, the inverse relationship between QPX and HDGE has weakened: their correlation has moved from -0.70 to -0.49, 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 | +1.49 | ||
| Sortino ratioReturn per unit of downside risk | +1.87 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.04 | +0.25 |
| Calmar ratioReturn relative to maximum drawdown | 2.16 | 0.25 | +1.91 |
| Martin ratioReturn relative to average drawdown | 8.29 | 0.51 | +7.78 |
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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% | -12.26% | +0.70% |
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 | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -4.35% | -93.12% | +88.77% |
Average DrawdownAverage peak-to-trough decline | -8.02% | -70.18% | +62.16% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.00% | 5.97% | -2.97% |
Volatility
QPX vs. HDGE - Volatility Comparison
AdvisorShares Q Dynamic Growth ETF (QPX) has a higher volatility of 6.59% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 5.86%. This indicates that QPX'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.
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Volatility by Period
| QPX | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.59% | 5.86% | +0.73% |
Volatility (6M)Calculated over the trailing 6-month period | 12.42% | 13.04% | -0.62% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.10% | 18.29% | -3.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.09% | 24.19% | -4.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.06% | 23.49% | -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 3.33%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.33% | 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 -0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
QPX has higher volatility (6.59%) compared to HDGE (5.86%). In terms of maximum drawdown, QPX dropped -34.74% vs HDGE's -93.88%.
On 5-year performance, QPX leads with 11.29% vs -2.04% for HDGE. On fees, QPX is cheaper at 1.46% per year. On volatility, HDGE has been the lower-risk option at 5.86%. 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 11.29% return vs -2.04%. 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 3.33%, 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 (1.65 vs 0.17), 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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