RKLZ vs. HDGE
RKLZ (Defiance Daily Target 2X Short RKLB ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Both are actively managed. At a 0.28 correlation, their price movements are largely independent. RKLZ charges 1.29%/yr vs 3.36%/yr for HDGE.
Performance
RKLZ vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, RKLZ achieves a -92.66% return, which is significantly lower than HDGE's 6.62% return.
RKLZ
- 1D
- 13.11%
- 1M
- 43.13%
- YTD
- -92.66%
- 6M
- -91.14%
- 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%
RKLZ vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
RKLZ Defiance Daily Target 2X Short RKLB ETF | -92.66% | -75.89% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.62% | -5.93% |
Correlation
The correlation between RKLZ and HDGE is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025 | 0.28 |
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Return for Risk
RKLZ vs. HDGE — Risk / Return Rank
RKLZ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HDGE
RKLZ vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Defiance Daily Target 2X Short RKLB ETF (RKLZ) 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.
| RKLZ | 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
RKLZ vs. HDGE - Drawdown Comparison
The maximum RKLZ drawdown since its inception was -99.10%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for RKLZ and HDGE.
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Drawdown Indicators
| RKLZ | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.10% | -93.88% | -5.22% |
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 | -98.39% | -93.00% | -5.39% |
Average DrawdownAverage peak-to-trough decline | -81.24% | -70.17% | -11.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 6.20% | — |
Volatility
RKLZ vs. HDGE - Volatility Comparison
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Volatility by Period
| RKLZ | 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 | 206.15% | 18.36% | +187.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 206.15% | 24.20% | +181.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 206.15% | 23.56% | +182.59% |
RKLZ vs. HDGE - Expense Ratio Comparison
RKLZ has a 1.29% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
RKLZ vs. HDGE - Dividend Comparison
RKLZ 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% |
RKLZ Defiance Daily Target 2X Short RKLB ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
RKLZ and HDGE have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, RKLZ is cheaper at 1.29% per year. The better choice depends on whether you care most about return, fees, risk, or income.
RKLZ is cheaper with a 1.29% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.28%, compared with 0.00% for RKLZ.
They also come from different issuers: Defiance and AdvisorShares. Their fees differ too: 1.29% for RKLZ and 3.36% for HDGE.
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