SARK vs. HDGE
SARK (Tradr Short Innovation Daily ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Both are actively managed. Over the past 3 years, SARK returned -30.74%/yr vs -5.06%/yr for HDGE. A 0.75 correlation means they provide meaningful diversification when combined. SARK charges 0.75%/yr vs 3.36%/yr for HDGE.
Performance
SARK vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, SARK achieves a -6.78% return, which is significantly lower than HDGE's 5.43% return.
SARK
- 1D
- 2.29%
- 1M
- -0.49%
- YTD
- -6.78%
- 6M
- -2.33%
- 1Y
- -33.81%
- 3Y*
- -30.74%
- 5Y*
- —
- 10Y*
- —
HDGE
- 1D
- 2.55%
- 1M
- -2.09%
- YTD
- 5.43%
- 6M
- 5.59%
- 1Y
- -0.65%
- 3Y*
- -5.06%
- 5Y*
- -2.89%
- 10Y*
- -14.77%
SARK vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SARK Tradr Short Innovation Daily ETF | -6.78% | -25.93% | -36.90% | -46.32% | 83.35% | 20.78% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | 3.40% |
Correlation
The correlation between SARK and HDGE is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 10, 2021 | 0.75 |
Over the past year, the correlation between SARK and HDGE has dropped to 0.52 - well below their long-term average of 0.75, suggesting their price drivers have been diverging.
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Return for Risk
SARK vs. HDGE — Risk / Return Rank
SARK
HDGE
SARK vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tradr Short Innovation Daily ETF (SARK) 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.
| SARK | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -1.38 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.01 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.05 | -0.78 |
| Martin ratioReturn relative to average drawdown | -1.11 | -0.11 | -1.00 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SARK | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.95 | -0.04 | -0.91 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.12 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.63 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.24 | -0.67 | +0.43 |
Drawdowns
SARK vs. HDGE - Drawdown Comparison
The maximum SARK drawdown since its inception was -81.07%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SARK and HDGE.
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Drawdown Indicators
| SARK | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.07% | -93.88% | +12.81% |
Max Drawdown (1Y)Largest decline over 1 year | -40.75% | -12.26% | -28.49% |
Max Drawdown (3Y)Largest decline over 3 years | -74.42% | -29.46% | -44.96% |
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 | -79.42% | -93.08% | +13.66% |
Average DrawdownAverage peak-to-trough decline | -46.46% | -70.11% | +23.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.47% | 6.16% | +24.31% |
Volatility
SARK vs. HDGE - Volatility Comparison
Tradr Short Innovation Daily ETF (SARK) has a higher volatility of 9.13% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.41%. This indicates that SARK'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
| SARK | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.13% | 6.41% | +2.72% |
Volatility (6M)Calculated over the trailing 6-month period | 25.05% | 12.81% | +12.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.91% | 18.33% | +17.58% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.24% | 24.18% | +32.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 56.24% | 23.56% | +32.68% |
SARK vs. HDGE - Expense Ratio Comparison
SARK has a 0.75% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
SARK vs. HDGE - Dividend Comparison
SARK's dividend yield for the trailing twelve months is around 3.02%, less than HDGE's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% |
SARK Tradr Short Innovation Daily ETF | 3.02% | 2.82% | 15.49% | 12.57% | 25.22% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SARK and HDGE have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SARK has higher volatility (9.13%) compared to HDGE (6.41%). In terms of maximum drawdown, SARK dropped -81.07% vs HDGE's -93.88%.
On 3-year performance, HDGE leads with -5.06% vs -30.74% for SARK. On fees, SARK is cheaper at 0.75% per year. On volatility, HDGE has been the lower-risk option at 6.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HDGE has performed better with a -5.06% return vs -30.74%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SARK is cheaper with a 0.75% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 3.02% for SARK.
They also come from different issuers: AXS and AdvisorShares. Their fees differ too: 0.75% for SARK and 3.36% for HDGE.
HDGE currently has the higher Sharpe Ratio (-0.04 vs -0.94), 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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