YXI vs. HDGE
YXI (ProShares Short FTSE China 50) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. YXI is passively managed, while HDGE is actively managed. Over the past 10 years, YXI returned -8.25%/yr vs -14.77%/yr for HDGE. At a 0.49 correlation, their price movements are largely independent. YXI charges 0.95%/yr vs 3.36%/yr for HDGE.
Performance
YXI vs. HDGE - Performance Comparison
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Returns By Period
In the year-to-date period, YXI achieves a 8.21% return, which is significantly higher than HDGE's 5.43% return. Over the past 10 years, YXI has outperformed HDGE with an annualized return of -8.25%, while HDGE has yielded a comparatively lower -14.77% annualized return.
YXI
- 1D
- 1.95%
- 1M
- 2.80%
- YTD
- 8.21%
- 6M
- 9.88%
- 1Y
- 0.05%
- 3Y*
- -11.68%
- 5Y*
- -2.65%
- 10Y*
- -8.25%
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%
YXI vs. HDGE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
YXI ProShares Short FTSE China 50 | 8.21% | -22.87% | -25.36% | 12.40% | 4.78% | 13.94% | -17.95% | -14.35% | 9.63% | -28.43% |
HDGE AdvisorShares Ranger Equity Bear ETF | 5.43% | 1.50% | -8.01% | -26.98% | 16.59% | -18.61% | -43.47% | -36.27% | 7.53% | -15.24% |
Correlation
The correlation between YXI and HDGE is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.29 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.40 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.45 |
Correlation (All Time) Calculated using the full available price history since Jan 28, 2011 | 0.49 |
Over the past year, the correlation between YXI and HDGE has dropped to 0.29 - well below their long-term average of 0.49, suggesting their price drivers have been diverging.
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Return for Risk
YXI vs. HDGE — Risk / Return Rank
YXI
HDGE
YXI vs. HDGE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short FTSE China 50 (YXI) 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.
| YXI | HDGE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | +0.07 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.01 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.00 | -0.05 | +0.06 |
| Martin ratioReturn relative to average drawdown | 0.01 | -0.11 | +0.11 |
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
| YXI | HDGE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.00 | -0.04 | +0.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.08 | -0.12 | +0.04 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.30 | -0.63 | +0.33 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.30 | -0.67 | +0.37 |
Drawdowns
YXI vs. HDGE - Drawdown Comparison
The maximum YXI drawdown since its inception was -81.15%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for YXI and HDGE.
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Drawdown Indicators
| YXI | HDGE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.15% | -93.88% | +12.73% |
Max Drawdown (1Y)Largest decline over 1 year | -14.21% | -12.26% | -1.95% |
Max Drawdown (3Y)Largest decline over 3 years | -53.12% | -29.46% | -23.66% |
Max Drawdown (5Y)Largest decline over 5 years | -57.65% | -42.97% | -14.68% |
Max Drawdown (10Y)Largest decline over 10 years | -64.92% | -83.69% | +18.77% |
Current DrawdownCurrent decline from peak | -77.90% | -93.08% | +15.18% |
Average DrawdownAverage peak-to-trough decline | -54.31% | -70.11% | +15.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.18% | 6.16% | +2.02% |
Volatility
YXI vs. HDGE - Volatility Comparison
ProShares Short FTSE China 50 (YXI) has a higher volatility of 7.21% compared to AdvisorShares Ranger Equity Bear ETF (HDGE) at 6.41%. This indicates that YXI'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
| YXI | HDGE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.21% | 6.41% | +0.80% |
Volatility (6M)Calculated over the trailing 6-month period | 14.86% | 12.81% | +2.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.97% | 18.33% | +1.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.40% | 24.18% | +7.22% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.42% | 23.56% | +3.86% |
YXI vs. HDGE - Expense Ratio Comparison
YXI has a 0.95% expense ratio, which is lower than HDGE's 3.36% expense ratio.
Dividends
YXI vs. HDGE - Dividend Comparison
YXI's dividend yield for the trailing twelve months is around 2.84%, less than HDGE's 3.32% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
HDGE AdvisorShares Ranger Equity Bear ETF | 3.32% | 3.50% | 7.83% | 9.58% | 0.00% | 0.00% | 0.00% | 0.22% | 0.00% |
YXI ProShares Short FTSE China 50 | 2.84% | 3.60% | 4.35% | 2.66% | 0.27% | 0.00% | 0.08% | 1.01% | 0.25% |
Frequently Asked Questions
YXI and HDGE have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
YXI has higher volatility (7.21%) compared to HDGE (6.41%). In terms of maximum drawdown, YXI dropped -81.15% vs HDGE's -93.88%.
On 10-year performance, YXI leads with -8.25% vs -14.77% for HDGE. On fees, YXI is cheaper at 0.95% 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 10-year period, YXI has performed better with a -8.25% return vs -14.77%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
YXI is cheaper with a 0.95% expense ratio, compared with 3.36% for HDGE.
HDGE has the higher dividend yield at 3.32%, compared with 2.84% for YXI.
They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for YXI and 3.36% for HDGE.
YXI currently has the higher Sharpe Ratio (0.00 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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