SVIX vs. HDGE
SVIX (Volatility Shares -1x Short VIX Futures ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Over the past 3 years, SVIX returned -0.59%/yr vs -5.06%/yr for HDGE. At a correlation of -0.57, they often move in opposite directions. SVIX charges 1.47%/yr vs 3.36%/yr for HDGE.
Performance
SVIX vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, SVIX achieves a -8.17% return, which is significantly lower than HDGE's 5.43% return.
SVIX
- 1D
- -0.09%
- 1M
- 16.92%
- YTD
- -8.17%
- 6M
- 7.59%
- 1Y
- 51.46%
- 3Y*
- -0.59%
- 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%
SVIX vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
SVIX Volatility Shares -1x Short VIX Futures ETF | -8.17% | -4.49% | -32.76% | 157.37% | -0.88% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 19.20% |
Correlation
The correlation between SVIX and HDGE is -0.53, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.53 |
Correlation (All Time) Calculated using the full available price history since Mar 31, 2022 | -0.57 |
The correlation between SVIX and HDGE has been stable across timeframes, ranging from -0.57 to -0.53 - a consistent structural relationship.
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Return for Risk
SVIX vs. HDGE — Risk / Return Rank
SVIX
HDGE
SVIX vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Volatility Shares -1x Short VIX Futures ETF (SVIX) 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.
| SVIX | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.38 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.01 | +0.19 |
| Calmar ratioReturn relative to maximum drawdown | 1.21 | -0.05 | +1.26 |
| Martin ratioReturn relative to average drawdown | 3.50 | -0.11 | +3.61 |
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
| SVIX | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.95 | -0.04 | +0.98 |
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 | 0.16 | -0.67 | +0.83 |
Drawdowns
SVIX vs. HDGE - Drawdown Comparison
The maximum SVIX drawdown since its inception was -79.30%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for SVIX and HDGE.
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Drawdown Indicators
| SVIX | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.30% | -93.88% | +14.58% |
Max Drawdown (1Y)Largest decline over 1 year | -42.69% | -12.26% | -30.43% |
Max Drawdown (3Y)Largest decline over 3 years | -79.30% | -29.46% | -49.84% |
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 | -56.14% | -93.08% | +36.94% |
Average DrawdownAverage peak-to-trough decline | -31.60% | -70.11% | +38.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.75% | 6.16% | +8.59% |
Volatility
SVIX vs. HDGE - Volatility Comparison
Volatility Shares -1x Short VIX Futures ETF (SVIX) has a higher volatility of 7.38% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.41%. This indicates that SVIX'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
| SVIX | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.38% | 6.41% | +0.97% |
Volatility (6M)Calculated over the trailing 6-month period | 41.05% | 12.81% | +28.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 54.75% | 18.33% | +36.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 66.27% | 24.18% | +42.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.27% | 23.56% | +42.71% |
SVIX vs. HDGE - Expense Ratio Comparison
SVIX has a 1.47% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
SVIX vs. HDGE - Dividend Comparison
SVIX has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.32%.
| 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% |
SVIX Volatility Shares -1x Short VIX Futures ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SVIX and HDGE have a correlation of -0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SVIX has higher volatility (7.38%) compared to HDGE (6.41%). In terms of maximum drawdown, SVIX dropped -79.30% vs HDGE's -93.88%.
On 3-year performance, SVIX leads with -0.59% vs -5.06% for HDGE. On fees, SVIX is cheaper at 1.47% 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, SVIX has performed better with a -0.59% return vs -5.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SVIX is cheaper with a 1.47% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 0.00% for SVIX.
They also come from different issuers: Volatility Shares and AdvisorShares. Their fees differ too: 1.47% for SVIX and 3.36% for HDGE.
SVIX currently has the higher Sharpe Ratio (0.95 vs -0.04), 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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