SPDN vs. HDGE
Compare and contrast key facts about Direxion Daily S&P 500 Bear 1x Shares (SPDN) and AdvisorShares Ranger Equity Bear ETF (HDGE).
SPDN and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPDN is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index. It was launched on Jun 8, 2016. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
SPDN vs. HDGE - Performance Comparison
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SPDN vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 5.09% | -11.09% | -12.88% | -15.04% | 18.63% | -23.72% | -24.56% | -21.94% | 5.41% | -17.16% |
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, SPDN achieves a 5.09% return, which is significantly lower than HDGE's 11.86% return.
SPDN
- 1D
- -0.90%
- 1M
- 4.76%
- YTD
- 5.09%
- 6M
- 4.27%
- 1Y
- -11.55%
- 3Y*
- -9.84%
- 5Y*
- -7.52%
- 10Y*
- —
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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SPDN vs. HDGE - Expense Ratio Comparison
SPDN has a 0.50% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Return for Risk
SPDN vs. HDGE — Risk / Return Rank
SPDN
HDGE
SPDN vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 1x Shares (SPDN) 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.
| SPDN | HDGE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.63 | 0.22 | -0.84 |
Sortino ratioReturn per unit of downside risk | -0.77 | 0.45 | -1.22 |
Omega ratioGain probability vs. loss probability | 0.89 | 1.06 | -0.17 |
Calmar ratioReturn relative to maximum drawdown | -0.45 | 0.21 | -0.66 |
Martin ratioReturn relative to average drawdown | -0.55 | 0.30 | -0.85 |
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
| SPDN | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.63 | 0.22 | -0.84 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.45 | -0.11 | -0.33 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.64 | -0.67 | +0.03 |
Correlation
The correlation between SPDN and HDGE is 0.73, 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
SPDN vs. HDGE - Dividend Comparison
SPDN's dividend yield for the trailing twelve months is around 3.59%, more than HDGE's 3.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPDN Direxion Daily S&P 500 Bear 1x Shares | 3.59% | 4.06% | 5.32% | 5.84% | 0.96% | 0.00% | 0.10% | 1.89% | 1.24% | 0.42% |
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
SPDN vs. HDGE - Drawdown Comparison
The maximum SPDN drawdown since its inception was -73.52%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SPDN and HDGE.
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Drawdown Indicators
| SPDN | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.52% | -93.88% | +20.36% |
Max Drawdown (1Y)Largest decline over 1 year | -26.44% | -19.63% | -6.81% |
Max Drawdown (5Y)Largest decline over 5 years | -39.78% | -42.97% | +3.19% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.69% | — |
Current DrawdownCurrent decline from peak | -71.70% | -92.66% | +20.96% |
Average DrawdownAverage peak-to-trough decline | -48.10% | -69.85% | +21.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.73% | 13.54% | +8.19% |
Volatility
SPDN vs. HDGE - Volatility Comparison
Direxion Daily S&P 500 Bear 1x Shares (SPDN) has a higher volatility of 5.54% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.49%. This indicates that SPDN'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
| SPDN | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.54% | 4.49% | +1.05% |
Volatility (6M)Calculated over the trailing 6-month period | 9.71% | 12.17% | -2.46% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.52% | 19.95% | -1.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.87% | 23.95% | -7.08% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.13% | 23.51% | -5.38% |