ETF Evaluator:
AdvisorShares Active Bear ETF (HDGE)
Follow This ETF
(as of Sep 17)
Best Performing in Trading--Inverse Equity Over the Last Year
| 46.8% | ProShares Ultra Cloud Computing (SKYU) |
| 43.3% | -1x Short VIX Futures ETF (SVIX) |
| 40.2% | Direxion Daily NFLX Bear 1X Shares (NFXS) |
| 21.1% | Volatility Premium Plus ETF (ZVOL) |
| 18.3% | Direxion Daily META Bear 1X ETF (METD) |
Risk
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Risk
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ETF Details
AdvisorShares Active Bear ETF Overview
AdvisorShares Active Bear ETF (HDGE) is an actively managed Miscellaneous Trading--Inverse Equity exchange-traded fund (ETF). AdvisorShares launched the ETF in 2011.
The investment seeks capital appreciation through short sales of domestically traded equity securities.
The Sub-Advisor seeks to achieve the fund's investment objective by short selling a portfolio of liquid mid- and large-cap U.S. exchange-traded equity securities, ETFs, ETNs and other exchange-traded products. The fund invests at least 80% of its net assets, plus any borrowings for investment purposes, in short positions in equity securities. The Sub-Advisor implements a bottom-up, fundamental, research driven security selection process.
About AdvisorShares Active Bear ETF (HDGE)
There are 2 members of the management team with an average tenure of 15.61 years: John Del Vecchio (2011) and Brad Lamensdorf (2011). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of -100%. AdvisorShares Active Bear ETF has 57 securities in its portfolio. The top 10 holdings constitute 27.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a diversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
AdvisorShares Active Bear ETF is part of the Other global asset class and is within the Miscellaneous ETF group. AdvisorShares Active Bear ETF has -10.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -84.5% There is -10.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 66.2% (66.2% domestic bond, 0.0% foreign bond and 0.0% convertible bond). AdvisorShares Active Bear ETF has 128.5% of the portfolio in cash.
Assets Under Management
The fund has $50 million in total assets, which is below the $68 million average for the Trading--Inverse Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
HDGE Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The AdvisorShares Active Bear ETF expense ratio is high compared to funds in the Trading--Inverse Equity category. AdvisorShares Active Bear ETF has an expense ratio of 3.62%, which is 217% higher than its category average, making the fund expense ratio grade a F. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. AdvisorShares Active Bear ETF has a portfolio turnover rate of 624%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 17% for the Trading--Inverse Equity category.
Recently, in the month of August 2026, AdvisorShares Active Bear ETF returned -7.2%, which earned it a grade of C, as the Trading--Inverse Equity category had an average return of -14.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
AdvisorShares Active Bear ETF has a trailing yield of 3.99%, which is below the 6.04% category average.
The fund normally distributes its income annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
AdvisorShares Active Bear ETF Grades
Year to date, the ETF has returned -12.9%, 20.5 percentage points better than the category, which translates into a grade of B. The fund has returned -9.0% over the past year (grade of A), -7.3% over the past three years (grade of A) and -7.0% per year over the past five years (grade of B) and -15.7% per year over the past 10 years (grade of B).
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HDGE Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| HDGE Return (NAV) | -7.2% | -15.4% | -9.0% | -7.3% | -7.0% | -15.7% |
| HDGE Return (Price) | -7.2% | -15.6% | -9.2% | -7.3% | -7.0% | -15.7% |
| NAV +/- Price Return | 0.017% | 0.170% | 0.271% | -0.016% | 0.041% | 0.018% |
| Trading--Inverse Equity Avg | -14.4% | -8.4% | -34.7% | -31.6% | -23.6% | -29.9% |
| HDGE Grade (NAV) | C | D | A | A | B | B |
| +/- Category (NAV) | 7.2% | -7.0% | 25.7% | 24.3% | 16.7% | 14.2% |
| HDGE Tax-Cost Ratio | na | na | 1.4% | 2.7% | 1.6% | 0.8% |
HDGE Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| HDGE Return (NAV) | -12.9% | 2.1% | -7.8% | -27.1% | 16.6% | -18.7% | -43.5% | -36.1% | 7.1% | -15.0% | -13.9% |
| HDGE Return (Price) | -12.4% | 1.5% | -8.0% | -26.9% | 16.6% | -18.6% | -43.5% | -36.3% | 7.5% | -15.2% | -14.0% |
| NAV +/- Price Ret | -0.037% | -0.265% | 0.028% | -0.006% | 0.002% | -0.004% | -0.000% | 0.4% | 5.8% | 1.6% | 1.3% |
| Trading--Inverse Equity Avg | -33.4% | -35.3% | -26.4% | -26.2% | 15.2% | -33.5% | -52.3% | -39.8% | 9.5% | -34.8% | -33.2% |
| HDGE Grade (NAV) | B | A | B | C | C | B | B | C | C | A | A |
| +/- Category | 20.5% | 37.3% | 18.7% | -0.8% | 1.3% | 14.8% | 8.8% | 3.7% | -2.3% | 19.7% | 19.4% |
| Risk Measures | |
| Beta: | -1.07 |
| R-Squared: | 48% |
| Standard Deviation: | 19.9% |
| Category Risk Index: | 0.50 |
| Category Risk Rating: | Low |
| Total Risk Index: | 1.63 |
| Total Risk Rating: | Above Average |
| Portfolio Characteristics | |
| Yield: | 4.0% |
| Total Assets: | $ 51 Mil |
| Share Class Assets: | $ 51 Mil |
| Turnover: | 624.0% |
| Expense Ratio: | 3.62% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | -100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 15.6 years | |||
| Average Tenure: 15.6 years | |||
| Managers (Year): Del Vecchio John (2011), Lamensdorf Brad (2011) | |||
Portfolio Composition (as of 8/31/26)
| # of Holdings: | 57 |
| % in Top 10 Holdings: | 27.8% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -10.2% |
Portfolio Allocation |
|
| Domestic Stock: | -84.5% |
| Foreign Stock: | -10.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 66.2% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 128.5% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | AdvisorShares |
| Phone Number: | 877-843-3831 |
| Website: | www.advisorshares.com |
| Inception Date: | January 26, 2011 |
Expenses and Fees
| Expense Ratio (%): | 3.62% (Rating: High) |
| Category Average Expense Ratio (%): | 1.14% |
