VEGA vs. HDGE
VEGA (AdvisorShares STAR Global Buy-Write ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - VEGA is a Global Equities fund actively managed by AdvisorShares, while HDGE is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 10 years, VEGA returned 7.93%/yr vs -15.19%/yr for HDGE. At a correlation of -0.59, they often move in opposite directions. VEGA charges 2.02%/yr vs 3.36%/yr for HDGE.
Performance
VEGA vs. HDGE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, VEGA achieves a 5.66% return, which is significantly lower than HDGE's 6.12% return. Over the past 10 years, VEGA has outperformed HDGE with an annualized return of 7.93%, while HDGE has yielded a comparatively lower -15.19% annualized return.
VEGA
- 1D
- -1.18%
- 1M
- -0.24%
- YTD
- 5.66%
- 6M
- 4.89%
- 1Y
- 16.81%
- 3Y*
- 13.24%
- 5Y*
- 6.73%
- 10Y*
- 7.93%
HDGE
- 1D
- -0.47%
- 1M
- 0.12%
- YTD
- 6.12%
- 6M
- 6.85%
- 1Y
- 2.56%
- 3Y*
- -4.06%
- 5Y*
- -1.94%
- 10Y*
- -15.19%
VEGA vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEGA AdvisorShares STAR Global Buy-Write ETF | 5.66% | 15.83% | 11.20% | 15.12% | -15.02% | 12.36% | 8.37% | 19.29% | -6.58% | 11.50% |
HDGE AdvisorShares Ranger Equity Bear ETF | 6.12% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between VEGA and HDGE is -0.55, 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 | -0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.69 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.61 |
Correlation (All Time) Calculated using the full available price history since Sep 18, 2012 | -0.59 |
The correlation between VEGA and HDGE shifts across timeframes, from -0.69 (5 years) to -0.55 (1 year), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
VEGA vs. HDGE — Risk / Return Rank
VEGA
HDGE
VEGA vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares STAR Global Buy-Write ETF (VEGA) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| VEGA | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.62 | ||
| Sortino ratioReturn per unit of downside risk | +2.13 | ||
| Omega ratioGain probability vs. loss probability | 1.33 | 1.04 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 2.46 | 0.21 | +2.25 |
| Martin ratioReturn relative to average drawdown | 10.76 | 0.43 | +10.33 |
Loading charts...
Drawdowns
VEGA vs. HDGE - Drawdown Comparison
The maximum VEGA drawdown since its inception was -28.37%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for VEGA and HDGE.
Loading charts...
Drawdown Indicators
| VEGA | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -28.37% | -93.88% | +65.51% |
Max Drawdown (1Y)Largest decline over 1 year | -6.86% | -12.26% | +5.40% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -29.46% | +17.84% |
Max Drawdown (5Y)Largest decline over 5 years | -22.78% | -42.97% | +20.19% |
Max Drawdown (10Y)Largest decline over 10 years | -28.37% | -83.69% | +55.32% |
Current DrawdownCurrent decline from peak | -1.85% | -93.03% | +91.18% |
Average DrawdownAverage peak-to-trough decline | -3.78% | -70.17% | +66.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.57% | 5.97% | -4.40% |
Volatility
VEGA vs. HDGE - Volatility Comparison
The current volatility for AdvisorShares STAR Global Buy-Write ETF (VEGA) is 3.86%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 5.85%. This indicates that VEGA experiences smaller price fluctuations and is considered to be less risky than HDGE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| VEGA | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.86% | 5.85% | -1.99% |
Volatility (6M)Calculated over the trailing 6-month period | 8.10% | 12.98% | -4.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.61% | 18.33% | -8.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.36% | 24.19% | -11.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.74% | 23.50% | -10.76% |
VEGA vs. HDGE - Expense Ratio Comparison
VEGA has a 2.02% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
VEGA vs. HDGE - Dividend Comparison
VEGA's dividend yield for the trailing twelve months is around 1.27%, less than HDGE's 3.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.29% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% | 0.00% | 0.00% |
VEGA AdvisorShares STAR Global Buy-Write ETF | 1.27% | 1.34% | 1.05% | 1.12% | 1.89% | 0.55% | 0.28% | 0.44% | 0.45% | 0.00% | 0.81% |
Frequently Asked Questions
VEGA and HDGE have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (5.85%) compared to VEGA (3.86%). In terms of maximum drawdown, VEGA dropped -28.37% vs HDGE's -93.88%.
On 10-year performance, VEGA leads with 7.93% vs -15.19% for HDGE. On fees, VEGA is cheaper at 2.02% per year. On volatility, VEGA has been the lower-risk option at 3.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VEGA has performed better with a 7.93% return vs -15.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VEGA is cheaper with a 2.02% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.29%, compared with 1.27% for VEGA.
VEGA is categorized as Global Equities, while HDGE is Inverse Equities. Their fees differ too: 2.02% for VEGA and 3.36% for HDGE.
VEGA currently has the higher Sharpe Ratio (1.76 vs 0.14), 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.
Find the right allocation for VEGA and HDGE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer