HDGE vs SPY
AdvisorShares Ranger Equity Bear ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | HDGE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.62% | 0.09% | |
| AUM | $51M | $821.1B | |
| Dividend Yield | 3.70% | 1.01% | |
| Holdings | 64 | 505 | |
| YTD Return | -13.31% | +13.47% | |
| 1Y Return | -9.13% | +20.57% | |
| 3Y Return (annualized) | -10.30% | +21.83% | |
| 5Y Return (annualized) | -8.41% | +12.88% | |
| Volatility (annualized) | 20.9% | 15.3% | |
| Max Drawdown | -94.7% | -56.5% | |
| Fund Family | Advisor Shares | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Jan 26, 2011 | Jan 22, 1993 |
HDGE vs SPY Performance
AdvisorShares Ranger Equity Bear ETF (HDGE) is a ETF from Advisor Shares and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year HDGE returned -9.13% while SPY returned +20.57%. Year to date, HDGE is down 13.31% versus a gain of 13.47% for SPY.
Over three years, HDGE compounded at -10.30% per year against +21.83% for SPY; over five years the annualized figures are -8.41% and +12.88% respectively. Across the full 16-year window we track, SPY has the edge at +8.83% annualized vs -16.16%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HDGE has been the more volatile fund, with annualized monthly volatility of 20.9% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -94.7% for HDGE and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.79. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
HDGE charges 3.62% per year while SPY charges 0.09%. On a $10,000 position that is $362 vs $9 annually, a gap of $353 per year that compounds over a long holding period. On income, HDGE currently yields 3.70% against 1.01% for SPY.
Holdings Overlap
HDGE and SPY share 20 holdings out of 546 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, HDGE or SPY?
HDGE has an expense ratio of 3.62% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $353 per year of difference.
Which performed better, HDGE or SPY?
Over the past year HDGE returned -9.13% vs +20.57% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), HDGE annualized -16.16% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, HDGE or SPY?
HDGE has been the more volatile fund at 20.9% annualized versus 15.3% for SPY. Worst drawdown: HDGE -94.7% vs SPY -56.5%.
Should I hold both HDGE and SPY?
HDGE and SPY have a monthly-return correlation of -0.79, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between HDGE and SPY?
HDGE and SPY share 20 common holdings with a 0.0% weight overlap. Combined, they hold 546 unique securities.
Which pays a higher dividend, HDGE or SPY?
HDGE yields 3.70% while SPY yields 1.01%, so HDGE currently pays the higher dividend yield.
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