SH vs. HDGE
Compare and contrast key facts about ProShares Short S&P500 (SH) and AdvisorShares Ranger Equity Bear ETF (HDGE).
SH and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SH is a passively managed fund by ProShares that tracks the performance of the S&P 500 (-100%). It was launched on Jun 19, 2006. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
SH vs. HDGE - Performance Comparison
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SH vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 4.94% | -11.35% | -13.52% | -14.80% | 18.98% | -24.21% | -25.09% | -22.12% | 4.93% | -17.36% |
HDGE AdvisorShares Ranger Equity Bear ETF | 11.86% | 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, SH achieves a 4.94% return, which is significantly lower than HDGE's 11.86% return. Over the past 10 years, SH has outperformed HDGE with an annualized return of -11.91%, while HDGE has yielded a comparatively lower -14.58% annualized return.
SH
- 1D
- -0.79%
- 1M
- 4.70%
- YTD
- 4.94%
- 6M
- 4.06%
- 1Y
- -11.88%
- 3Y*
- -10.10%
- 5Y*
- -7.71%
- 10Y*
- -11.91%
HDGE
- 1D
- -0.17%
- 1M
- 4.07%
- YTD
- 11.86%
- 6M
- 13.54%
- 1Y
- 4.31%
- 3Y*
- -4.82%
- 5Y*
- -2.70%
- 10Y*
- -14.58%
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SH vs. HDGE - Expense Ratio Comparison
SH has a 0.90% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Return for Risk
SH vs. HDGE — Risk / Return Rank
SH
HDGE
SH vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short S&P500 (SH) 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.
| SH | HDGE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.66 | 0.22 | -0.87 |
Sortino ratioReturn per unit of downside risk | -0.82 | 0.45 | -1.27 |
Omega ratioGain probability vs. loss probability | 0.88 | 1.06 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.46 | 0.21 | -0.67 |
Martin ratioReturn relative to average drawdown | -0.56 | 0.30 | -0.86 |
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
| SH | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.66 | 0.22 | -0.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.46 | -0.11 | -0.35 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.66 | -0.62 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.56 | -0.67 | +0.10 |
Correlation
The correlation between SH and HDGE is 0.78, 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
SH vs. HDGE - Dividend Comparison
SH's dividend yield for the trailing twelve months is around 3.95%, more than HDGE's 3.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SH ProShares Short S&P500 | 3.95% | 4.49% | 6.20% | 5.37% | 1.08% | 0.00% | 0.16% | 1.76% | 1.01% | 0.06% |
HDGE AdvisorShares Ranger Equity Bear ETF | 3.12% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% | 0.00% |
Drawdowns
SH vs. HDGE - Drawdown Comparison
The maximum SH drawdown since its inception was -94.26%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SH and HDGE.
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Drawdown Indicators
| SH | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.26% | -93.88% | -0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -26.61% | -19.63% | -6.98% |
Max Drawdown (5Y)Largest decline over 5 years | -40.35% | -42.97% | +2.62% |
Max Drawdown (10Y)Largest decline over 10 years | -74.31% | -83.69% | +9.38% |
Current DrawdownCurrent decline from peak | -93.87% | -92.66% | -1.21% |
Average DrawdownAverage peak-to-trough decline | -67.50% | -69.85% | +2.35% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.86% | 13.54% | +8.32% |
Volatility
SH vs. HDGE - Volatility Comparison
ProShares Short S&P500 (SH) has a higher volatility of 5.36% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.49%. This indicates that SH'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
| SH | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.36% | 4.49% | +0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 9.45% | 12.17% | -2.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.18% | 19.95% | -1.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.86% | 23.95% | -7.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.99% | 23.51% | -5.52% |