SPXS vs. HDGE
Compare and contrast key facts about Direxion Daily S&P 500 Bear 3X Shares (SPXS) and AdvisorShares Ranger Equity Bear ETF (HDGE).
SPXS and HDGE are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. SPXS is a passively managed fund by Direxion that tracks the performance of the S&P 500 Index (-300%). It was launched on Nov 5, 2008. HDGE is an actively managed fund by AdvisorShares. It was launched on Jan 26, 2011.
Performance
SPXS vs. HDGE - Performance Comparison
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SPXS vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 15.24% | -41.53% | -42.84% | -45.97% | 36.14% | -58.11% | -70.47% | -56.40% | 3.44% | -44.52% |
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, SPXS achieves a 15.24% return, which is significantly higher than HDGE's 12.05% return. Over the past 10 years, SPXS has underperformed HDGE with an annualized return of -39.79%, while HDGE has yielded a comparatively higher -14.57% annualized return.
SPXS
- 1D
- -8.58%
- 1M
- 16.13%
- YTD
- 15.24%
- 6M
- 8.20%
- 1Y
- -41.31%
- 3Y*
- -36.25%
- 5Y*
- -31.30%
- 10Y*
- -39.79%
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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SPXS vs. HDGE - Expense Ratio Comparison
SPXS has a 1.08% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Return for Risk
SPXS vs. HDGE — Risk / Return Rank
SPXS
HDGE
SPXS vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily S&P 500 Bear 3X Shares (SPXS) 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.
| SPXS | HDGE | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.76 | 0.22 | -0.97 |
Sortino ratioReturn per unit of downside risk | -0.93 | 0.45 | -1.38 |
Omega ratioGain probability vs. loss probability | 0.87 | 1.06 | -0.19 |
Calmar ratioReturn relative to maximum drawdown | -0.65 | 0.21 | -0.86 |
Martin ratioReturn relative to average drawdown | -0.76 | 0.30 | -1.06 |
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
| SPXS | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.76 | 0.22 | -0.97 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.62 | -0.11 | -0.51 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.75 | -0.62 | -0.12 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.81 | -0.66 | -0.15 |
Correlation
The correlation between SPXS 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
SPXS vs. HDGE - Dividend Comparison
SPXS's dividend yield for the trailing twelve months is around 3.17%, more than HDGE's 3.12% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPXS Direxion Daily S&P 500 Bear 3X Shares | 3.17% | 4.93% | 6.18% | 5.66% | 0.00% | 0.00% | 0.51% | 1.74% | 0.58% |
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
SPXS vs. HDGE - Drawdown Comparison
The maximum SPXS drawdown since its inception was -100.00%, which is greater than HDGE's maximum drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SPXS and HDGE.
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Drawdown Indicators
| SPXS | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -100.00% | -93.88% | -6.12% |
Max Drawdown (1Y)Largest decline over 1 year | -65.10% | -19.63% | -45.47% |
Max Drawdown (5Y)Largest decline over 5 years | -87.42% | -42.97% | -44.45% |
Max Drawdown (10Y)Largest decline over 10 years | -99.52% | -83.69% | -15.83% |
Current DrawdownCurrent decline from peak | -100.00% | -92.64% | -7.36% |
Average DrawdownAverage peak-to-trough decline | -96.27% | -69.85% | -26.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 55.70% | 13.53% | +42.17% |
Volatility
SPXS vs. HDGE - Volatility Comparison
Direxion Daily S&P 500 Bear 3X Shares (SPXS) has a higher volatility of 16.04% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 4.48%. This indicates that SPXS'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
| SPXS | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.04% | 4.48% | +11.56% |
Volatility (6M)Calculated over the trailing 6-month period | 28.28% | 12.17% | +16.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.62% | 19.95% | +34.67% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.42% | 23.96% | +26.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.50% | 23.51% | +29.99% |