YOLO vs. HDGE

Last updated Jun 3, 2026

YOLO (AdvisorShares Pure Cannabis ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both exchange-traded funds - YOLO is a Cannabis fund actively managed by AdvisorShares, while HDGE is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 5 years, YOLO returned -30.84%/yr vs -3.57%/yr for HDGE. At a correlation of -0.48, they often move in opposite directions. YOLO charges 0.75%/yr vs 3.36%/yr for HDGE.

Performance

YOLO vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Pure Cannabis ETF (YOLO) and AdvisorShares Ranger Equity Bear ETF (HDGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, YOLO achieves a -6.36% return, which is significantly lower than HDGE's 2.81% return.

YOLO

• 1D: -0.64%
• 1M: -2.94%
• YTD: -6.36%
• 6M: 6.55%
• 1Y: 60.94%
• 3Y*: 7.40%
• 5Y*: -30.84%
• 10Y*: —

HDGE

• 1D: 1.35%
• 1M: -2.26%
• YTD: 2.81%
• 6M: 1.13%
• 1Y: -4.58%
• 3Y*: -5.86%
• 5Y*: -3.57%
• 10Y*: -14.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

YOLO vs. HDGE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
YOLO AdvisorShares Pure Cannabis ETF	-6.36%	36.36%	-17.81%	-15.10%	-72.21%	-20.48%	47.17%	-50.02%
HDGE AdvisorShares Ranger Equity Bear ETF	2.81%	1.50%	-8.01%	-26.98%	16.59%	-18.61%	-43.47%	-17.73%

Correlation

The correlation between YOLO and HDGE is -0.34, 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	-0.34
Correlation (3Y) Calculated over the trailing 3-year period	-0.34
Correlation (5Y) Calculated over the trailing 5-year period	-0.47
Correlation (All Time) Calculated using the full available price history since Apr 22, 2019	-0.48

The correlation between YOLO and HDGE shifts across timeframes, from -0.48 (all time) to -0.34 (1 year), reflecting how their relationship changes across market environments.

YOLO vs. HDGE - Sectors Allocation Comparison

Sectors	YOLO	HDGE
Financial Services	61.5%	-23.5%
Healthcare	24.3%	-3.5%
Consumer Defensive	13.4%	-4.9%
Consumer Cyclical	0.9%	-18.6%
Real Estate	0.7%	-9.0%
Basic Materials	-	-1.3%
Communication Services	-	-3.3%
Energy	-	-2.5%
Industrials	-	-14.1%
Technology	-	-26.1%
Utilities	-	-

Return for Risk

YOLO vs. HDGE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

YOLO

YOLO Risk / Return Rank: 28
YOLO Sharpe Ratio Rank: 24
YOLO Sortino Ratio Rank: 34
YOLO Omega Ratio Rank: 32
YOLO Calmar Ratio Rank: 29
YOLO Martin Ratio Rank: 21

HDGE

HDGE Risk / Return Rank: 6
HDGE Sharpe Ratio Rank: 6
HDGE Sortino Ratio Rank: 6
HDGE Omega Ratio Rank: 6
HDGE Calmar Ratio Rank: 6
HDGE Martin Ratio Rank: 6

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

YOLO vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Pure Cannabis ETF (YOLO) 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.

	YOLO	HDGE	Difference
Sharpe ratio Return per unit of total volatility	0.82	-0.25	+1.08
Sortino ratio Return per unit of downside risk	1.81	-0.24	+2.05
Omega ratio Gain probability vs. loss probability	1.22	0.97	+0.24
Calmar ratio Return relative to maximum drawdown	1.42	-0.33	+1.75
Martin ratio Return relative to average drawdown	2.69	-0.60	+3.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

YOLO vs. HDGE - Sharpe Ratio Comparison

The current YOLO Sharpe Ratio is 0.82, which is higher than the HDGE Sharpe Ratio of -0.25. The chart below compares the historical Sharpe Ratios of YOLO and HDGE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	YOLO	HDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	-0.25	+1.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.58	-0.15	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.64	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.46	-0.68	+0.22

Drawdowns

YOLO vs. HDGE - Drawdown Comparison

The maximum YOLO drawdown since its inception was -94.68%, roughly equal to the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for YOLO and HDGE.

Drawdown Indicators

	YOLO	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	-94.68%	-93.88%	-0.80%
Max Drawdown (1Y) Largest decline over 1 year	-41.09%	-12.26%	-28.83%
Max Drawdown (3Y) Largest decline over 3 years	-66.45%	-29.46%	-36.99%
Max Drawdown (5Y) Largest decline over 5 years	-92.47%	-42.97%	-49.50%
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	-89.05%	-93.25%	+4.20%
Average Drawdown Average peak-to-trough decline	-68.93%	-70.11%	+1.18%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.75%	6.77%	+14.98%

Volatility

YOLO vs. HDGE - Volatility Comparison

AdvisorShares Pure Cannabis ETF (YOLO) has a higher volatility of 11.95% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.34%. This indicates that YOLO'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.

Volatility by Period

	YOLO	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.95%	6.34%	+5.61%
Volatility (6M) Calculated over the trailing 6-month period	52.24%	12.56%	+39.68%
Volatility (1Y) Calculated over the trailing 1-year period	74.34%	18.16%	+56.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.58%	24.16%	+29.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.33%	23.55%	+27.78%

YOLO vs. HDGE - Expense Ratio Comparison

YOLO has a 0.75% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

YOLO vs. HDGE - Dividend Comparison

YOLO has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.40%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.40%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
YOLO AdvisorShares Pure Cannabis ETF	0.00%	0.00%	3.57%	1.17%	0.55%	3.93%	2.03%	4.52%

Frequently Asked Questions

Can I hold both YOLO and HDGE in my portfolio?

YOLO and HDGE have a correlation of -0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YOLO or HDGE?

YOLO has higher volatility (11.95%) compared to HDGE (6.34%). In terms of maximum drawdown, YOLO dropped -94.68% vs HDGE's -93.88%.

Which ETF is better, YOLO or HDGE?

On 5-year performance, HDGE leads with -3.57% vs -30.84% for YOLO. On fees, YOLO is cheaper at 0.75% per year. On volatility, HDGE has been the lower-risk option at 6.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YOLO or HDGE?

Over the 5-year period, HDGE has performed better with a -3.57% return vs -30.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YOLO or HDGE?

YOLO is cheaper with a 0.75% expense ratio, compared with 3.36% for HDGE.

Which ETF pays a higher dividend yield, YOLO or HDGE?

HDGE has the higher dividend yield at 3.40%, compared with 0.00% for YOLO.

What is the main difference between YOLO and HDGE?

YOLO is categorized as Cannabis, while HDGE is Inverse Equities. Their fees differ too: 0.75% for YOLO and 3.36% for HDGE.

Which has better risk-adjusted returns?

YOLO currently has the higher Sharpe Ratio (0.82 vs -0.25), 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.