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 7.65%/yr vs -15.54%/yr for HDGE. Their -0.59 correlation means they have often moved in opposite directions in the past. 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 8.26% return, which is significantly higher than HDGE's -9.74% return. Over the past 10 years, VEGA has outperformed HDGE with an annualized return of 7.65%, while HDGE has yielded a comparatively lower -15.54% annualized return.
VEGA
- 1D
- 1.23%
- 1M
- 1.59%
- 6M
- 5.92%
- YTD
- 8.26%
- 1Y
- 15.47%
- 3Y*
- 13.55%
- 5Y*
- 7.00%
- 10Y*
- 7.65%
- ALL TIME*
- 6.24%
HDGE
- 1D
- -2.45%
- 1M
- -9.46%
- 6M
- -13.93%
- YTD
- -9.74%
- 1Y
- -12.05%
- 3Y*
- -5.19%
- 5Y*
- -6.08%
- 10Y*
- -15.54%
- ALL TIME*
- -15.72%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.72M | $1.17M | $1.12M | |
| $257.33K | $224.28K | $298.61K |
VEGA vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
VEGA AdvisorShares STAR Global Buy-Write ETF | 8.26% | 15.83% | 11.20% | 15.12% | -15.02% | 12.36% | 8.37% | 19.29% | -6.58% | 11.50% |
HDGE AdvisorShares Ranger Equity Bear ETF | -9.74% | 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 -0.46, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.46 |
Correlation (3Y) Balances recent behavior with more history. | -0.59 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.68 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.60 |
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 -0.68 (5 years) to -0.46 (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 | +2.19 | ||
| Sortino ratioReturn per unit of downside risk | +2.99 | ||
| Omega ratioGain probability vs. loss probability | 1.29 | 0.91 | +0.38 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | -0.56 | +2.83 |
| Martin ratioReturn relative to average drawdown | 9.44 | -1.60 | +11.05 |
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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 -94.07%. 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% | -94.07% | +65.70% |
Max Drawdown (1Y)Largest decline over 1 year | -6.86% | -21.58% | +14.72% |
Max Drawdown (3Y)Largest decline over 3 years | -11.62% | -31.72% | +20.10% |
Max Drawdown (5Y)Largest decline over 5 years | -22.78% | -44.80% | +22.02% |
Max Drawdown (10Y)Largest decline over 10 years | -28.37% | -82.53% | +54.16% |
Current DrawdownCurrent decline from peak | 0.00% | -94.07% | +94.07% |
Average DrawdownAverage peak-to-trough decline | -3.76% | -70.35% | +66.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.64% | 7.53% | -5.89% |
Volatility
VEGA vs. HDGE - Volatility Comparison
The current volatility for AdvisorShares STAR Global Buy-Write ETF (VEGA) is 3.18%, while AdvisorShares Ranger Equity Bear ETF (HDGE) has a volatility of 8.19%. 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 | 3.18% | 8.19% | -5.01% |
Volatility (6M)Calculated over the trailing 6-month period | 8.15% | 15.41% | -7.26% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.94% | 19.45% | -9.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.31% | 24.44% | -12.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 12.74% | 23.55% | -10.81% |
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 1.24%, less than HDGE's 3.87% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.87% | 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 | 1.24% | 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 -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HDGE has higher volatility (8.19%) compared to VEGA (3.18%). In terms of maximum drawdown, VEGA dropped -28.37% vs HDGE's -94.07%.
On 10-year performance, VEGA leads with 7.65% vs -15.54% for HDGE. On fees, VEGA is cheaper at 2.02% per year. On volatility, VEGA has been the lower-risk option at 3.18%. 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 7.65% return vs -15.54%. 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 3.87%, compared with 1.24% 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 (1.57 vs -0.62), 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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