HDGE vs SPY
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 503 holdings.
Side-by-Side Comparison
| Metric | HDGE | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 3.62% | 0.09% | |
| AUM | $59M | $789.1B | |
| Dividend Yield | 3.39% | 1.01% | |
| Holdings | 50 | 505 | |
| YTD Return | -8.21% | +11.49% | |
| 1Y Return | -9.83% | +21.37% | |
| 3Y Return (annualized) | -6.79% | +20.76% | |
| 5Y Return (annualized) | -7.10% | +12.94% | |
| Volatility (annualized) | 20.8% | 15.3% | |
| Max Drawdown | -94.4% | -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 -9.83% while SPY returned +21.37%. Year to date, HDGE is down 8.21% versus a gain of 11.49% for SPY.
Over three years, HDGE compounded at -6.79% per year against +20.76% for SPY; over five years the annualized figures are -7.10% and +12.94% respectively. Across the full 16-year window we track, SPY has the edge at +8.78% annualized vs -15.91%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
HDGE has been the more volatile fund, with annualized monthly volatility of 20.8% 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 -94.4% 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 3.39% against 1.01% for SPY.
Holdings Overlap
HDGE and SPY share 20 holdings out of 545 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Top Shared Holdings
| Stock | Weight in HDGE | Weight in SPY | Difference |
|---|---|---|---|
| APP | -0.93% | 0.23% | 1.16% |
| WFC | -1.36% | 0.41% | 1.77% |
| DASH | -1.09% | 0.11% | 1.20% |
| CRM | Pro | Pro | Pro |
| SYF | Pro | Pro | Pro |
| BLDR | Pro | Pro | Pro |
| ARE | Pro | Pro | Pro |
| ORLY | Pro | Pro | Pro |
| CTSH | Pro | Pro | Pro |
| ARES | Pro | Pro | Pro |
See all 10 holdings HDGE shares with SPY Exact weights in each fund and the difference, for every overlapping position. Get FundXLS Pro: $29/moFirst 500 subscribers, then $49/mo. Cancel anytime. | |||
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 -9.83% vs +21.37% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (16 years), HDGE annualized -15.91% vs +8.78% for SPY. Past performance does not guarantee future results.
Which is riskier, HDGE or SPY?
HDGE has been the more volatile fund at 20.8% annualized versus 15.3% for SPY. Worst drawdown: HDGE -94.4% 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 545 unique securities.
Which pays a higher dividend, HDGE or SPY?
HDGE yields 3.39% while SPY yields 1.01%, so HDGE currently pays the higher dividend yield.
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