HDGE vs SPXL
AdvisorShares Active Bear ETF vs Direxion Daily S&P 500 Bull 3X ETF
Which is better, HDGE or SPXL?
Opposite sides of the same exposure.
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.80, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | HDGE | SPXL |
|---|---|---|
| Expense Ratio | 3.62% | 0.87%Best |
| AUM | $56M | $7.4B |
| Dividend Yield | 3.56% | 0.52% |
| Holdings | 64 | 1,030 |
| YTD Return | -3.65% | +30.47%Best |
| 1Y Return | -2.84% | +39.94%Best |
| 3Y Return (annualized) | -9.93% | +52.99%Best |
| 5Y Return (annualized) | -6.86% | +20.66%Best |
| Volatility (annualized) | 21.0%Best | 43.8% |
| Max Drawdown | -94.7% | -76.9%Best |
| $10,000 over 5 years | $7,009 | $25,575Best |
| Fund Family | Advisor Shares | Direxion Shares ETF Trust |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jan 26, 2011 | Nov 5, 2008 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Jan 27, 2011 to Oct 14, 2026 (15.7 years).
HDGE vs SPXL growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
HDGE vs SPXL Performance
AdvisorShares Active Bear ETF (HDGE) is an ETF from Advisor Shares and Direxion Daily S&P 500 Bull 3X ETF (SPXL) is an ETF from Direxion Shares ETF Trust. Over the past year HDGE returned -2.84% while SPXL returned +39.94%. Year to date, HDGE is down 3.65% versus a gain of 30.47% for SPXL.
Over three years, HDGE compounded at -9.93% per year against +52.99% for SPXL; over five years the annualized figures are -6.86% and +20.66% respectively. Across the full 16-year window we track, SPXL has the edge at +27.99% annualized vs -15.47%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPXL has been the more volatile fund, with annualized monthly volatility of 43.8% compared with 21.0% for HDGE. 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 -76.9% for SPXL. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.80. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
Fees and Cost Over Time
HDGE charges 3.62% per year while SPXL charges 0.87%. On a $10,000 position that is $362 vs $87 annually, a gap of $275 per year that compounds over a long holding period. On income, HDGE currently yields 3.56% against 0.52% for SPXL.
Holdings Overlap
At least 1.2% of SPXL's money is in holdings HDGE also owns.
Stated as a floor: for HDGE, our book for it covers 62.3% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
They hold the same names on opposite sides, so owning both offsets the exposure rather than doubling it.
22 positions in common, counted across the 67 positions we hold weights for in HDGE and 506 in SPXL, against full books of 64 and 1,030.
Top Shared Holdings
| Stock | Weight in HDGE | Weight in SPXL | Difference |
|---|---|---|---|
| ARESAres Management Corp A | -0.82% | 0.03% | 0.85% |
| BLDRBuilders Firstsource Inc | -0.95% | 0.01% | 0.96% |
| CCICrown Castle Inc | -0.98% | 0.04% | 1.02% |
| AIGAmerican International Group | -1.07% | 0.05% | 1.12% |
| PAYXPaychex Inc | -1.08% | 0.04% | 1.12% |
| NCLHNorwegian Cruise Line Holdin | -1.07% | 0.01% | 1.08% |
| TMUST MOBILE US INC | -1.19% | 0.09% | 1.28% |
| WFCWells Fargo & Co. | -1.42% | 0.30% | 1.72% |
| INVHInvitation Homes Inc | -1.15% | 0.02% | 1.17% |
| VRSKVerisk Analytics Inc | -1.20% | 0.03% | 1.23% |
You are not choosing between two funds in isolation.
Whichever of HDGE and SPXL you pick has to sit alongside everything else you own. Add the rest and see what the combination actually holds.
Free for up to 10 holdings. No account needed.
Frequently Asked Questions
Which is cheaper, HDGE or SPXL?
HDGE has an expense ratio of 3.62% while SPXL charges 0.87%. SPXL is the cheaper option, by $275 a year on a $10,000 investment.
Which performed better, HDGE or SPXL?
Over the past year HDGE returned -2.84% vs +39.94% for SPXL, so SPXL leads on 1-year performance. Over the longest common window we track (16 years), HDGE annualized -15.47% vs +27.99% for SPXL. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HDGE or SPXL?
SPXL has been the more volatile fund at 43.8% annualized versus 21.0% for HDGE. Worst drawdown: HDGE -94.7% vs SPXL -76.9%.
Should I hold both HDGE and SPXL?
HDGE and SPXL have a monthly-return correlation of -0.80, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
What is the holdings overlap between HDGE and SPXL?
At least 1.2% of SPXL's money is in holdings HDGE also owns. Our book for HDGE is partial, so the real figure is this or higher. They hold 22 positions in common, counted across the 67 positions we hold weights for in HDGE and 506 in SPXL.
Which pays a higher dividend, HDGE or SPXL?
HDGE yields 3.56% while SPXL yields 0.52%, so HDGE currently pays the higher dividend yield.
Is SPXL better than HDGE?
SPXL has a lower expense ratio. SPXL led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.80, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.