HDGE vs UPRO
AdvisorShares Active Bear ETF vs ProShares UltraPro S&P 500
Which is better, HDGE or UPRO?
Opposite sides of the same exposure.
UPRO has a lower expense ratio. UPRO 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 | UPRO |
|---|---|---|
| Expense Ratio | 3.62% | 0.88%Best |
| AUM | $56M | $5.7B |
| Dividend Yield | 3.56% | 0.77% |
| Holdings | 64 | 520 |
| YTD Return | -3.65% | +29.25%Best |
| 1Y Return | -2.84% | +38.25%Best |
| 3Y Return (annualized) | -9.93% | +51.43%Best |
| 5Y Return (annualized) | -6.86% | +19.36%Best |
| Volatility (annualized) | 21.0%Best | 43.6% |
| Max Drawdown | -94.7% | -76.8%Best |
| $10,000 over 5 years | $7,009 | $24,227Best |
| Fund Family | Advisor Shares | ProShares |
| Category | Alternative | Alternative |
| Style | Multi Alternative | Multi Alternative |
| Inception | Jan 26, 2011 | Jun 23, 2009 |
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 UPRO 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 UPRO Performance
AdvisorShares Active Bear ETF (HDGE) is an ETF from Advisor Shares and ProShares UltraPro S&P 500 (UPRO) is an ETF from ProShares. Over the past year HDGE returned -2.84% while UPRO returned +38.25%. Year to date, HDGE is down 3.65% versus a gain of 29.25% for UPRO.
Over three years, HDGE compounded at -9.93% per year against +51.43% for UPRO; over five years the annualized figures are -6.86% and +19.36% respectively. Across the full 16-year window we track, UPRO has the edge at +28.04% annualized vs -15.47%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
UPRO has been the more volatile fund, with annualized monthly volatility of 43.6% 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 -76.8% for UPRO. 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 UPRO charges 0.88%. On a $10,000 position that is $362 vs $88 annually, a gap of $274 per year that compounds over a long holding period. On income, HDGE currently yields 3.56% against 0.77% for UPRO.
Holdings Overlap
We hold position weights for 67 holdings in HDGE and 502 in UPRO, totalling 62.3% and 72.5% 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, 21 positions appear in both.
21 positions in common, counted across the 67 positions we hold weights for in HDGE and 502 in UPRO, against full books of 64 and 520.
Top Shared Holdings
| Stock | Weight in HDGE | Weight in UPRO | Difference |
|---|---|---|---|
| ARESAres Management Corp A | -0.82% | 0.02% | 0.84% |
| BLDRBuilders Firstsource Inc | -0.95% | 0.01% | 0.96% |
| AIGAmerican International Group | -1.07% | 0.03% | 1.10% |
| PAYXPaychex Inc | -1.08% | 0.03% | 1.11% |
| NCLHNorwegian Cruise Line Holdin | -1.07% | 0.01% | 1.08% |
| TMUST MOBILE US INC | -1.19% | 0.07% | 1.26% |
| INVHInvitation Homes Inc | -1.15% | 0.01% | 1.16% |
| VRSKVerisk Analytics Inc | -1.20% | 0.02% | 1.22% |
| VICIVici Properties Inc | -1.20% | 0.02% | 1.22% |
| DOWDow Inc | -1.23% | 0.02% | 1.25% |
You are not choosing between two funds in isolation.
Whichever of HDGE and UPRO 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 UPRO?
HDGE has an expense ratio of 3.62% while UPRO charges 0.88%. UPRO is the cheaper option, by $274 a year on a $10,000 investment.
Which performed better, HDGE or UPRO?
Over the past year HDGE returned -2.84% vs +38.25% for UPRO, so UPRO leads on 1-year performance. Over the longest common window we track (16 years), HDGE annualized -15.47% vs +28.04% for UPRO. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, HDGE or UPRO?
UPRO has been the more volatile fund at 43.6% annualized versus 21.0% for HDGE. Worst drawdown: HDGE -94.7% vs UPRO -76.8%.
Should I hold both HDGE and UPRO?
HDGE and UPRO 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 UPRO?
HDGE yields 3.56% while UPRO yields 0.77%, so HDGE currently pays the higher dividend yield.
Is UPRO better than HDGE?
UPRO has a lower expense ratio. UPRO 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.