AdvisorShares Ranger Equity Bear ETF (HDGE) Performance
HDGE total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −6.3% since Dec 31, 2025
- 1 year
- −4.5% total return
- 5 years
- −6.0% a year
- 10 years
- −15.3% a year
- Since first price
- −15.2% a year since 2011
HDGE trailing returns vs SPY, QQQ, AGG
| Period | HDGE total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.4% | −1.4% | −1.0% | −5.0% | +0.9% |
| 3 months | −8.3% | −8.3% | +3.2% | +1.9% | −0.4% |
| 6 months | −11.4% | −11.4% | +7.8% | +8.4% | −1.5% |
| YTD | −6.3% | −6.3% | +12.3% | +15.1% | −1.0% |
| 1 year | −4.5% | −7.8% | +14.4% | +15.9% | −1.1% |
| 3 years | −27.8%−10.3%/yr | −41.0% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | −26.7%−6.0%/yr | −40.1% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | −81.1%−15.3%/yr | −84.6% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | −93.0%−16.2%/yr | −94.3% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJan 27, 2011 | −92.6%−15.2%/yr | −93.9% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HDGE vs SPY
From Jan 27, 2011: HDGE grew to $742, SPY to $77,021.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HDGE returns by calendar year
3 of 14 full years positive. Best 2022 (+16.6%), worst 2020 (−43.5%). 2026 is year to date.
HDGE annual returns table
| Year | HDGE | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −6.3% | −24.3% | +12.3% | +15.1% | −1.0% |
| 2025 | +1.5% | −19.6% | +17.7% | +20.8% | +7.2% |
| 2024 | −8.0% | −22.1% | +24.9% | +25.6% | +1.3% |
| 2023 | −27.0% | −30.1% | +26.2% | +54.9% | +5.7% |
| 2022 | +16.6% | −22.4% | −18.2% | −32.6% | −13.0% |
| 2021 | −18.6% | −26.2% | +28.7% | +27.4% | −1.8% |
| 2020 | −43.5% | −59.9% | +18.3% | +48.6% | +7.5% |
| 2019 | −36.3% | −37.7% | +31.2% | +39.0% | +8.5% |
| 2018 | +7.5% | −15.0% | −4.6% | −0.1% | +0.1% |
| 2017 | −15.2% | −15.0% | +21.7% | +32.7% | +3.6% |
| 2016 | −14.0% | −30.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −5.9% | −17.1% | +1.2% | +9.4% | +0.5% |
| 2014 | −10.4% | −17.2% | +13.5% | +19.2% | +6.0% |
| 2013 | −30.3% | −30.1% | +32.3% | +36.6% | −2.0% |
| 2012 | −26.8% | −27.8% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HDGE largest drawdowns
Now 93.8% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Oct 3, 2011 | −94.3% | Aug 28, 2026 | not yet | 14.9 years | 15.1 years so far |
| Jan 28, 2011 | −14.9% | May 12, 2011 | Aug 4, 2011 | 3 months | 6 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HDGE risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | −6.4% | −5.7% | −14.9% | −15.1% |
| Volatility (annualized) | 20.4% | 22.4% | 23.0% | 21.1% |
| Sharpe ratio | -0.44 | -0.31 | -0.68 | -0.73 |
| Sortino ratio | -0.56 | -0.40 | -0.83 | -0.90 |
| Best month | +11.9% | +13.5% | +22.0% | +22.0% |
| Worst month | −11.1% | −16.2% | −25.5% | −25.5% |
| Best 12 months | +8.0% | +17.7% | +39.5% | +39.5% |
| Worst 12 months | −21.7% | −29.5% | −63.4% | −63.4% |
| Positive months | 47% | 48% | 40% | 39% |
| Beta vs S&P 500 | -1.08 | -1.03 | -1.17 | — |
| Correlation with S&P 500 | -0.65 | -0.72 | -0.78 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HDGE rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 178 | −63.4% | −13.0% | +39.5% | 13% |
| 3-year (a year) | 154 | −33.9% | −14.2% | −0.6% | 0% |
| 5-year (a year) | 130 | −26.3% | −16.7% | −2.6% | 0% |
| 10-year (a year) | 70 | −21.5% | −16.5% | −14.6% | 0% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
HDGE performance overview
AdvisorShares Ranger Equity Bear ETF (HDGE) returned −4.5% over the past year and −15.3% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned −15.2% a year, turning $10,000 into about $742. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −94.3%, from Oct 3, 2011 to Aug 28, 2026; the fund has not yet regained that high. HDGE finished 3 of its 14 full calendar years with a gain; the best year was 2022 (+16.6%) and the worst 2020 (−43.5%). Volatility has been 21.1% a year.
Related: HDGE chart, HDGE dividends. See the HDGE overview for the latest quote and fund facts.
HDGE performance FAQ
What is the HDGE return over the past year?
HDGE returned −4.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 7.8%.
What is the average annual return of HDGE?
HDGE has returned −6.0% a year over 5 years, −15.3% a year over 10 years, −15.2% a year since January 27, 2011 (total return, distributions reinvested).
How much would $10,000 invested in HDGE be worth?
$10,000 invested in HDGE at its first recorded close on January 27, 2011 would be worth about $742 on October 23, 2026 with distributions reinvested.
What was the worst year for HDGE?
The worst calendar year was 2020, with a total return of −43.5%. The best was 2022 at +16.6%.
What is the biggest drawdown of HDGE?
The largest peak-to-trough decline was −94.3% between October 3, 2011 and August 28, 2026. It has not yet recovered to that high; it is 93.8% below its peak.
How volatile is HDGE?
Over the past 3 years HDGE had an annualized volatility of 20.4% and a Sharpe ratio of -0.44 (excess return over 1–3 month T-bills per unit of risk).