SEF vs. HDGE
Compare and contrast key facts about ProShares Short Financials (SEF) and AdvisorShares Ranger Equity Bear ETF (HDGE).
SEF and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SEF is a passively managed fund by ProShares that tracks the performance of the Dow Jones U.S. Financials Index (-100%). It was launched on Jun 12, 2008. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
SEF vs. HDGE - Performance Comparison
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SEF vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 11.27% | -9.82% | -17.81% | -8.81% | 11.85% | -27.02% | -16.93% | -23.51% | 10.34% | -17.12% |
HDGE AdvisorShares Ranger Equity Bear ETF | 12.05% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Returns By Period
In the year-to-date period, SEF achieves a 11.27% return, which is significantly lower than HDGE's 12.05% return. Over the past 10 years, SEF has outperformed HDGE with an annualized return of -11.67%, while HDGE has yielded a comparatively lower -14.57% annualized return.
SEF
- 1D
- -2.13%
- 1M
- 3.96%
- YTD
- 11.27%
- 6M
- 10.38%
- 1Y
- 2.76%
- 3Y*
- -10.01%
- 5Y*
- -6.70%
- 10Y*
- -11.67%
HDGE
- 1D
- -1.94%
- 1M
- 4.54%
- YTD
- 12.05%
- 6M
- 13.38%
- 1Y
- 4.28%
- 3Y*
- -4.77%
- 5Y*
- -2.67%
- 10Y*
- -14.57%
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SEF vs. HDGE - Expense Ratio Comparison
SEF has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Return for Risk
SEF vs. HDGE — Risk / Return Rank
SEF
HDGE
SEF vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short Financials (SEF) 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.
| SEF | HDGE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.14 | 0.22 | -0.07 |
Sortino ratioReturn per unit of downside risk | 0.36 | 0.45 | -0.09 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.06 | -0.01 |
Calmar ratioReturn relative to maximum drawdown | 0.08 | 0.21 | -0.13 |
Martin ratioReturn relative to average drawdown | 0.11 | 0.30 | -0.19 |
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
| SEF | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.14 | 0.22 | -0.07 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.37 | -0.11 | -0.26 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.57 | -0.62 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.49 | -0.66 | +0.18 |
Correlation
The correlation between SEF and HDGE is 0.74, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
SEF vs. HDGE - Dividend Comparison
SEF's dividend yield for the trailing twelve months is around 3.27%, more than HDGE's 3.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SEF ProShares Short Financials | 3.27% | 4.33% | 5.72% | 4.43% | 0.39% | 0.00% | 0.12% | 1.25% | 0.41% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.12% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
Drawdowns
SEF vs. HDGE - Drawdown Comparison
The maximum SEF drawdown since its inception was -96.51%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SEF and HDGE.
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Drawdown Indicators
| SEF | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.51% | -93.88% | -2.63% |
Max Drawdown (1Y)Largest decline over 1 year | -20.21% | -19.63% | -0.58% |
Max Drawdown (5Y)Largest decline over 5 years | -41.62% | -42.97% | +1.35% |
Max Drawdown (10Y)Largest decline over 10 years | -75.66% | -83.69% | +8.03% |
Current DrawdownCurrent decline from peak | -96.00% | -92.64% | -3.36% |
Average DrawdownAverage peak-to-trough decline | -82.58% | -69.85% | -12.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.44% | 13.53% | +0.91% |
Volatility
SEF vs. HDGE - Volatility Comparison
ProShares Short Financials (SEF) has a higher volatility of 4.86% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.48%. This indicates that SEF'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
| SEF | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.86% | 4.48% | +0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 11.37% | 12.17% | -0.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.28% | 19.95% | -0.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.99% | 23.96% | -5.97% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.55% | 23.51% | -2.96% |