At a glance
HDGE charges 3.41% a year. It has $65.9M in assets; it paid 3.74% of its price in distributions over the past 12 months, annual. Over the past year it returned −4.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned −10.9% a year. At its worst it fell 5.9% in the 2020 crash (S&P 500: 33.7%) and 22.4% in the 2022 bear market (S&P 500: 24.5%). Its ten largest positions make up 11.2% of the fund, out of 54 in all.
The short version
AdvisorShares Ranger Equity Bear ETF (HDGE) is an actively managed fund that bets against U.S. stocks. It short sells mid- and large-cap companies chosen for weak earnings quality or aggressive accounting, and it held 54 such companies as of June 30, 2026. It has tended to gain in sharp sell-offs and lose in rallies. Its 3.41% expense ratio is steep, and its price fell 82% over the 10 years to October 27, 2026.
Price history
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HDGE -4.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| HDGE official prospectus, to Dec 31, 2025 | — | +2.10% | — | -8.23% | -15.56% | — |
| S&P 500 Index (reflects no deduction for fees, expenses, or taxes) [Default Label] index, same period | — | +17.88% | — | +14.42% | +14.82% | — |
| HDGE price data to Oct 27, 2026 | -6.6% | -4.1% | -10.9% | -6.5% | -15.5% | -15.2% |
- Over the year to Oct 27, 2026, HDGE returned -4.1%.
- Its 5-year annualized return was -6.5% and its 10-year -15.5%.
- In the 2020 COVID crash, while stocks fell, it gained 47.3%.
- Its worst full calendar year was 2020 (-43.5%); its best was 2022 (+16.6%).
- The deepest fall in its price history was 94.3% (Oct 3, 2011 to Aug 28, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -6.5% | — |
| 2025 | +1.5% | +2.10% |
| 2024 | -8.0% | -7.75% |
| 2023 | -26.9% | -27.07% |
| 2022 | +16.6% | +16.56% |
| 2021 | -18.6% | -18.68% |
| 2020 | -43.5% | -43.48% |
| 2019 | -36.3% | -36.11% |
| 2018 | +7.5% | +7.12% |
| 2017 | -15.2% | -15.10% |
| 2016 | -14.0% | -13.82% |
| 2015 | -5.9% | — |
| 2014 | -10.4% | — |
| 2013 | -30.3% | — |
| 2012 | -26.8% | — |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Gained 47.3% over that stretch · deepest drop along the way 5.9%, back to its old high 0.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 24.2% over that stretch · deepest drop along the way 22.4%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $0.5600 | -56.3% |
| 2024 | $1.2800 | -30.1% |
| 2023 | $1.8300 | +1730.0% |
| 2019 | $0.1000 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (64.36% of net assets), with its inverse exposure coming from 0 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| PROCORE TECHNOLOGIES INC | -0.62% | |
| ACI WORLDWIDE INC | -0.76% | |
| INTERNATIONAL PAPER COMPANY | -1.16% | |
| WPP PLC | -1.18% | |
| PTC INC | -1.21% | |
| ADT INC | -1.23% | |
| THOMSON REUTERS CORP | -1.24% | |
| BOOT BARN HOLDINGS INC | -1.25% | |
| WELLS FARGO & COMPANY | -1.25% | |
| MONRO INC | -1.30% | |
| UNIVERSAL DISPLAY CORP | -1.31% | |
| EXPONENT INC | -1.34% | |
| ARES MANAGEMENT CORP | -1.35% | |
| BUILDERS FIRSTSOURCE INC | -1.36% | |
| FACTSET RESEARCH SYSTEMS INC | -1.40% |
By country
Jersey -1.18%Canada -1.24%United Kingdom -1.63%Israel -1.85%Bermuda -1.96%By asset type
Stocks -94.34%What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $9.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -6.36%, -1.33%, -0.51%.
How it works
HDGE does not track an index. It aims to profit when stocks fall by using short sales. The fund borrows shares, sells them, and later repurchases them to return to the lender. If the price drops in between, the fund gains. If the price rises, it loses. AdvisorShares runs the portfolio with a model owned by John Del Vecchio, CFA, and Brad H. Lamensdorf. The model looks for companies whose accounting may hide a weakening business, and for triggers such as cuts to earnings forecasts. The managers also weigh management quality and governance, and they can override the model.
As of June 30, 2026, the fund held 56 short positions in 54 companies. Together they equaled about 94% of its $65.9 million in net assets. Each position was small. The largest, including FactSet, Builders FirstSource, Ares Management and Exponent, were each about 1.3% to 1.4%. About 64% of assets sat in cash and short-term, high-quality holdings that back the shorts. Positions are reviewed often and dropped when they go wrong, so portfolio turnover was 812%.
Unlike many inverse ETFs, the fund's prospectus (filed October 28, 2026, under the name AdvisorShares Active Bear ETF) does not set a fixed daily multiple of an index. Results depend on the managers' picks. Losses on a short have no ceiling, because a stock's price can keep rising.
What it really costs
- HDGE charges 3.41% a year.
- Of that, 1.5% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $344 in the first year and $3,695 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| HDGE | $344 | $1,048 | $1,775 | $3,695 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
HDGE has gained in sharp sell-offs, but it has fallen 94.3% from its 2011 peak and charges 3.41% a year, which makes it a poor fit as a long-term holding.
HDGE has sometimes gained when stocks fell. From the market's February 19, 2020 peak to its March 23 low, it rose 47.3%. It also gained 24.2% during the 2022 bear market. It launched in 2011, so it has no 2008 record. Those gains faded, though. It lost 43.5% in 2020, its worst calendar year, as stocks rebounded. By August 28, 2026, it was 94.3% below its October 2011 peak, with no recovery. Someone who needs to withdraw cash after a market rally could be locking in deep losses. The fund pays income once a year, and the trailing yield was 3.74% as of October 27, 2026. Under the SEC's standard example, it costs $344 in the first year on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want short-term bets against individual U.S. mid- and large-cap stocks picked for aggressive accounting, not against a whole index.
- Investors who want a possible crash hedge, after gains of 47.3% in the 2020 COVID crash and 24.2% in the 2022 bear market.
- Those comfortable with a model-driven stock-picking process from John Del Vecchio and Brad Lamensdorf, plus 812% portfolio turnover.
Look elsewhere if
- Long-term savers: HDGE lost 15.56% a year over the 10 years to December 31, 2025, while the S&P 500 gained 14.82% a year.
- Cost-conscious investors: its 3.41% expense ratio adds up to $3,695 over 10 years on $10,000 in the SEC's standard example.
- Anyone who needs steady income: it pays once a year, and its 3.74% trailing yield as of October 27, 2026 is small next to its price swings.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is HDGE good for retirement?
HDGE's record makes it a hard fit for long-term retirement savings. Over the 10 years to December 31, 2025, it lost 15.56% a year on average. The S&P 500 gained 14.82% a year over the same period. By August 28, 2026, the fund was 94.3% below its October 2011 peak. It has gained in sharp sell-offs, but those gains faded as markets recovered. Its 3.41% expense ratio adds to the drag.
How does HDGE compare with the S&P 500?
HDGE tends to move opposite to the S&P 500, but not exactly. Its one-year beta was -0.7 as of October 27, 2026. That means it has typically moved about 0.7% the other way for each 1% market move. It doesn't mirror the index. In the year to December 31, 2025, HDGE returned 2.10% while the S&P 500 returned 17.88%. Its strongest quarter was a 30.33% gain in the quarter ended June 30, 2022.
Does HDGE pay dividends?
Yes, but only once a year. Over the 12 months to October 27, 2026, HDGE paid $0.56 per share, a trailing yield of 3.74%. The fund doesn't hold a portfolio of dividend stocks. Most of its assets sit in cash and short-term, high-quality securities that back its short positions. That income is small next to the fund's price swings: it lost 43.5% in 2020 alone.
Why is HDGE's expense ratio so high?
HDGE's expense ratio was 3.41% in the prospectus filed October 28, 2026. That is more than double its 1.5% management fee. Funds that short stocks often carry extra costs, such as dividends owed to the lenders of borrowed shares. Its 812% turnover also brings trading costs that aren't in the expense ratio. In the SEC's standard example, $10,000 earning 5% a year would cost $344 in the first year and $3,695 over 10 years.
Is HDGE the same as an inverse S&P 500 ETF?
No. Many inverse ETFs aim to deliver the opposite of an index's daily return. HDGE is actively managed and shorts individual companies picked for weak earnings quality or aggressive accounting. As of June 30, 2026, its shorts included FactSet, Wells Fargo, Thomson Reuters and International Paper. As a result, it can lose money in a falling market if its picks rise, or gain in a rising market if they fall.