ZIVB vs. HDGE

Last updated Jun 5, 2026

ZIVB (-1x Short VIX Mid-Term Futures Strategy ETF) and HDGE (AdvisorShares Ranger Equity Bear ETF) are both Inverse Equities funds. Both are actively managed. ZIVB charges 1.35%/yr vs 3.36%/yr for HDGE.

Performance

ZIVB vs. HDGE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) and AdvisorShares Ranger Equity Bear ETF (HDGE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

ZIVB

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDGE

• 1D: -1.78%
• 1M: -3.55%
• YTD: 3.56%
• 6M: 3.40%
• 1Y: -2.08%
• 3Y*: -5.89%
• 5Y*: -3.24%
• 10Y*: -14.84%

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

ZIVB vs. HDGE - Yearly Performance Comparison

	2026 (YTD)
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%
HDGE AdvisorShares Ranger Equity Bear ETF	-1.13%

Return for Risk

ZIVB vs. HDGE — Risk / Return Rank

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

HDGE

HDGE Risk / Return Rank: 8
HDGE Sharpe Ratio Rank: 8
HDGE Sortino Ratio Rank: 8
HDGE Omega Ratio Rank: 8
HDGE Calmar Ratio Rank: 8
HDGE Martin Ratio Rank: 8

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.

ZIVB vs. HDGE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for -1x Short VIX Mid-Term Futures Strategy ETF (ZIVB) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	ZIVB	HDGE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.11	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.13	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.63	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	-0.68	—

Drawdowns

ZIVB vs. HDGE - Drawdown Comparison

The maximum ZIVB drawdown since its inception was 0.00%, smaller than the maximum HDGE drawdown of -93.88%. Use the drawdown chart below to compare losses from any high point for ZIVB and HDGE.

Drawdown Indicators

	ZIVB	HDGE	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-93.88%	+93.88%
Max Drawdown (1Y) Largest decline over 1 year	—	-12.26%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-29.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-42.97%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.69%	—
Current Drawdown Current decline from peak	0.00%	-93.20%	+93.20%
Average Drawdown Average peak-to-trough decline	0.00%	-70.12%	+70.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.13%	—

Volatility

Volatility by Period

	ZIVB	HDGE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	6.63%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.93%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	18.35%	-18.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	24.19%	-24.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	23.56%	-23.56%

ZIVB vs. HDGE - Expense Ratio Comparison

ZIVB has a 1.35% expense ratio, which is lower than HDGE's 3.36% expense ratio.

Dividends

ZIVB vs. HDGE - Dividend Comparison

ZIVB has not paid dividends to shareholders, while HDGE's dividend yield for the trailing twelve months is around 3.38%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE AdvisorShares Ranger Equity Bear ETF	3.38%	3.50%	7.83%	9.58%	0.00%	0.00%	0.00%	0.22%
ZIVB -1x Short VIX Mid-Term Futures Strategy ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, ZIVB or HDGE?

On fees, ZIVB is cheaper at 1.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ZIVB or HDGE?

ZIVB is cheaper with a 1.35% expense ratio, compared with 3.36% for HDGE.

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

HDGE has the higher dividend yield at 3.38%, compared with 0.00% for ZIVB.

What is the main difference between ZIVB and HDGE?

They also come from different issuers: Volatility Shares and AdvisorShares. Their fees differ too: 1.35% for ZIVB and 3.36% for HDGE.