HDGE vs SSO
AdvisorShares Active Bear ETF vs ProShares Ultra S&P500
Which is better, HDGE or SSO?
Opposite sides of the same exposure.
SSO has a lower expense ratio. SSO 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 | SSO |
|---|---|---|
| Expense Ratio | 3.62% | 0.84%Best |
| AUM | $56M | $9.2B |
| Dividend Yield | 3.56% | 0.69% |
| Holdings | 64 | 521 |
| YTD Return | -3.65% | +21.98%Best |
| 1Y Return | -2.84% | +28.56%Best |
| 3Y Return (annualized) | -9.93% | +37.60%Best |
| 5Y Return (annualized) | -6.86% | +17.88%Best |
| Volatility (annualized) | 21.0%Best | 28.7% |
| Max Drawdown | -94.7% | -59.3%Best |
| $10,000 over 5 years | $7,009 | $22,761Best |
| Fund Family | Advisor Shares | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jan 26, 2011 | Jun 19, 2006 |
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 SSO 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 SSO Performance
AdvisorShares Active Bear ETF (HDGE) is an ETF from Advisor Shares and ProShares Ultra S&P500 (SSO) is an ETF from ProShares. Over the past year HDGE returned -2.84% while SSO returned +28.56%. Year to date, HDGE is down 3.65% versus a gain of 21.98% for SSO.
Over three years, HDGE compounded at -9.93% per year against +37.60% for SSO; over five years the annualized figures are -6.86% and +17.88% respectively. Across the full 16-year window we track, SSO has the edge at +21.96% annualized vs -15.47%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SSO has been the more volatile fund, with annualized monthly volatility of 28.7% 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 -59.3% for SSO. 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 SSO charges 0.84%. On a $10,000 position that is $362 vs $84 annually, a gap of $278 per year that compounds over a long holding period. On income, HDGE currently yields 3.56% against 0.69% for SSO.
Holdings Overlap
We hold position weights for 67 holdings in HDGE and 504 in SSO, totalling 62.3% and 82.2% of the two funds. Neither is a share of a fund we can divide by, so no overlap percentage is shown here. Within what we can see, 22 positions appear in both.
22 positions in common, counted across the 67 positions we hold weights for in HDGE and 504 in SSO, against full books of 64 and 521.
Top Shared Holdings
| Stock | Weight in HDGE | Weight in SSO | Difference |
|---|---|---|---|
| ARESAres Management Corp A | -0.82% | 0.03% | 0.85% |
| CCICrown Castle Inc | -0.98% | 0.03% | 1.01% |
| AIGAmerican International Group | -1.07% | 0.04% | 1.11% |
| PAYXPaychex Inc | -1.08% | 0.03% | 1.11% |
| NCLHNorwegian Cruise Line Holdin | -1.07% | 0.01% | 1.08% |
| TMUST MOBILE US INC | -1.19% | 0.08% | 1.27% |
| INVHInvitation Homes Inc | -1.15% | 0.01% | 1.16% |
| VICIVici Properties Inc | -1.20% | 0.03% | 1.23% |
| WFCWells Fargo & Co. | -1.42% | 0.25% | 1.67% |
| VRSKVerisk Analytics Inc | -1.20% | 0.02% | 1.22% |
You are not choosing between two funds in isolation.
Whichever of HDGE and SSO 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 SSO?
HDGE has an expense ratio of 3.62% while SSO charges 0.84%. SSO is the cheaper option, by $278 a year on a $10,000 investment.
Which performed better, HDGE or SSO?
Over the past year HDGE returned -2.84% vs +28.56% for SSO, so SSO leads on 1-year performance. Over the longest common window we track (16 years), HDGE annualized -15.47% vs +21.96% for SSO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HDGE or SSO?
SSO has been the more volatile fund at 28.7% annualized versus 21.0% for HDGE. Worst drawdown: HDGE -94.7% vs SSO -59.3%.
Should I hold both HDGE and SSO?
HDGE and SSO 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.
Which pays a higher dividend, HDGE or SSO?
HDGE yields 3.56% while SSO yields 0.69%, so HDGE currently pays the higher dividend yield.
Is SSO better than HDGE?
SSO has a lower expense ratio. SSO 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.