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 10.80%/yr vs -5.88%/yr for HDGE. Their -0.68 correlation means they have often moved in opposite directions in the past. 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 7.94% return, which is significantly higher than HDGE's -7.47% return.
QPX
- 1D
- 1.47%
- 1M
- -0.23%
- 6M
- 5.39%
- YTD
- 7.94%
- 1Y
- 23.19%
- 3Y*
- 18.77%
- 5Y*
- 10.80%
- 10Y*
- —
- ALL TIME*
- 12.31%
HDGE
- 1D
- -2.03%
- 1M
- -7.18%
- 6M
- -9.45%
- YTD
- -7.47%
- 1Y
- -11.50%
- 3Y*
- -4.40%
- 5Y*
- -5.88%
- 10Y*
- -15.33%
- ALL TIME*
- -15.58%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.39M | $1.04M | $1.07M | |
| $71.42K | $154.86K | $125.10K |
QPX vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
QPX AdvisorShares Q Dynamic Growth ETF | 7.94% | 24.12% | 17.28% | 44.63% | -30.90% | 22.29% | -0.31% |
HDGE AdvisorShares Ranger Equity Bear ETF | -7.47% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | 0.00% |
Correlation
The correlation between QPX and HDGE is -0.40, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.40 |
Correlation (3Y) Balances recent behavior with more history. | -0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.69 |
Correlation (All Time) Calculated using the full available price history since Dec 29, 2020 | -0.68 |
Over the past year, the inverse relationship between QPX and HDGE has weakened: their correlation has moved from -0.68 to -0.40, 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 | +2.06 | ||
| Sortino ratioReturn per unit of downside risk | +2.75 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 0.92 | +0.34 |
| Calmar ratioReturn relative to maximum drawdown | 2.02 | -0.57 | +2.58 |
| Martin ratioReturn relative to average drawdown | 7.07 | -1.56 | +8.63 |
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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 -93.98%. 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% | -93.98% | +59.24% |
Max Drawdown (1Y)Largest decline over 1 year | -11.56% | -20.34% | +8.78% |
Max Drawdown (3Y)Largest decline over 3 years | -17.89% | -30.63% | +12.74% |
Max Drawdown (5Y)Largest decline over 5 years | -34.74% | -43.92% | +9.18% |
Max Drawdown (10Y)Largest decline over 10 years | — | -82.25% | — |
Current DrawdownCurrent decline from peak | -3.29% | -93.92% | +90.63% |
Average DrawdownAverage peak-to-trough decline | -7.94% | -70.34% | +62.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.29% | 7.55% | -4.26% |
Volatility
QPX vs. HDGE - Volatility Comparison
The current volatility for AdvisorShares Q Dynamic Growth ETF (QPX) is 5.27%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 8.15%. 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 | 5.27% | 8.15% | -2.88% |
Volatility (6M)Calculated over the trailing 6-month period | 12.92% | 15.22% | -2.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.93% | 19.33% | -3.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 20.18% | 24.42% | -4.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.01% | 23.54% | -3.53% |
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 3.78%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.78% | 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 -0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (8.15%) compared to QPX (5.27%). In terms of maximum drawdown, QPX dropped -34.74% vs HDGE's -93.98%.
On 5-year performance, QPX leads with 10.80% vs -5.88% for HDGE. On fees, QPX is cheaper at 1.46% per year. On volatility, QPX has been the lower-risk option at 5.27%. 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 10.80% return vs -5.88%. 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 3.78%, 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 (1.47 vs -0.60), 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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