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 7.66%/yr vs -15.05%/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
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Returns By Period
In the year-to-date period, VEGA achieves a 6.73% return, which is significantly higher than HDGE's -0.44% return. Over the past 10 years, VEGA has outperformed HDGE with an annualized return of 7.66%, while HDGE has yielded a comparatively lower -15.05% annualized return.
VEGA
- 1D
- 0.50%
- 1M
- 0.65%
- 6M
- 4.46%
- YTD
- 6.73%
- 1Y
- 14.93%
- 3Y*
- 12.53%
- 5Y*
- 6.93%
- 10Y*
- 7.66%
HDGE
- 1D
- 0.50%
- 1M
- -2.92%
- 6M
- 0.13%
- YTD
- -0.44%
- 1Y
- -0.17%
- 3Y*
- -2.80%
- 5Y*
- -4.36%
- 10Y*
- -15.05%
VEGA vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEGA AdvisorShares STAR Global Buy-Write ETF | 6.73% | 15.83% | 11.20% | 15.12% | -15.02% | 12.36% | 8.37% | 19.29% | -6.58% | 11.50% |
HDGE AdvisorShares Ranger Equity Bear ETF | -0.44% | 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 -0.51, 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 | -0.51 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
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 -0.51 (1 year), reflecting how their relationship changes across market environments.
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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 | +1.57 | ||
| Sortino ratioReturn per unit of downside risk | +2.07 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 1.01 | +0.27 |
| Calmar ratioReturn relative to maximum drawdown | 2.19 | -0.01 | +2.20 |
| Martin ratioReturn relative to average drawdown | 9.42 | -0.03 | +9.44 |
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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.
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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% | -15.40% | +8.54% |
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% | -81.95% | +53.58% |
Current DrawdownCurrent decline from peak | -0.86% | -93.46% | +92.60% |
Average DrawdownAverage peak-to-trough decline | -3.77% | -70.26% | +66.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.59% | 6.55% | -4.96% |
Volatility
VEGA vs. HDGE - Volatility Comparison
The current volatility for AdvisorShares STAR Global Buy-Write ETF (VEGA) is 2.84%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 6.12%. 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.
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Volatility by Period
| VEGA | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.84% | 6.12% | -3.28% |
Volatility (6M)Calculated over the trailing 6-month period | 7.97% | 13.78% | -5.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.62% | 18.46% | -8.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.35% | 24.25% | -11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.72% | 23.45% | -10.73% |
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 1.26%, less than HDGE's 3.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.51% | 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 | 1.26% | 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 -0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (6.12%) compared to VEGA (2.84%). In terms of maximum drawdown, VEGA dropped -28.37% vs HDGE's -93.88%.
On 10-year performance, VEGA leads with 7.66% vs -15.05% for HDGE. On fees, VEGA is cheaper at 2.02% per year. On volatility, VEGA has been the lower-risk option at 2.84%. 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 7.66% return vs -15.05%. 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 3.51%, compared with 1.26% 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 (1.56 vs -0.01), 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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