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HDGE vs QALT

AdvisorShares Active Bear ETF

HDGEFNYSE Arca

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

71.1%by weight

Expense ratio

QALT −2.61pt a year

HDGE3.41%QALT0.80%

Avg volume · 30D

HDGE 4.6×the volume

HDGE82.1KQALT17.7K

HDGE vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

−8.9%HDGE+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. HDGE −8.9%. QALT +6.6%. Use the arrow keys to read each point.−15%−5%0%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
HDGE 3.41%
QALT 0.80%, better
Fund size
HDGE $43M
QALT $195M
1Y total return
HDGE −8.9%
QALT +6.6%, better
Yield (12M)
HDGE 3.84%
QALT No data
Holdings
HDGE 2
QALT 26
Avg volume (30D)
HDGE 82.1K sh, better
QALT 17.7K sh
NAV per share
HDGE $14.73
QALT $25.87
52W range

ETF.net Grade

HDGE: Cost 7, Risk 9, Mission not scored, Tradability 60, Holdings not scored, Durability 58. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for HDGE, QALT, with each pillar’s weight
PillarHDGEQALT
Cost30% weightF7A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightF9B65Higher
Tradability15% weightB60HigherB57
Holdings10% weightNot scoredNot scored
Durability5% weightB58B65Higher

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HDGE and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and HDGE 28th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 27DEHLSEven Herd Long Short ETFScore 26
  7. Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
  8. HYINNot yet graded

Our read on each fund

ETF.net Research

HDGEFAdvisorShares Active Bear ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

HDGE No data

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

HDGE No data

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

HDGE No data

  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

HDGE No data

  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full HDGE profile⁠

Full QALT profile⁠

HDGE vs QALT Holdings

How HDGE and QALT differ

Overlap by weight

71.1%

Shared holdings make up 100% of HDGE and 71.1% of QALT.

Level by level

  • Asset classLeveraged/Inverse, Alternatives0.0%
  • Holdings0 in both71.1%
  • Countryby domicile75.9%

Sector

No Sector split for HDGE and QALT.

Country, concentration and asset class

Country by domicile

Country weights in HDGE and QALT, widest gap first
CountryMore in HDGEMore in QALT
United StatesHDGE +11.3 points
TaiwanQALT +5.1 points
IrelandHDGE +4.2 points
South KoreaQALT +3.8 points
ChinaQALT +3.4 points
BermudaHDGE +3.2 points
JapanQALT +2.5 points
United KingdomQALT +2.1 points
Other countries (32)QALT +1.8 points

Outside the US: QALT 39% developed, 61% emerging.

Concentration

Weight in the 10 largest Holdings

  • HDGE208.8%
  • QALT83.4%

Securities held

  • HDGE1
  • QALT25

Asset class

HDGE
Leveraged/Inverse
QALT
Alternatives

Holdings

  • Only in HDGE1
  • In both0
  • Only in QALT25

Only in HDGE

1 security, 63.1% of HDGE by weight

  • BlackRock Federal Fd 30 Instl63.08%

Only in QALT

25 securities, 28.9% of QALT by weight

  • Coca-Cola Co 0CP 11/20/261.45%
  • Sanofi 0 % Cp 12/14/20261.45%
  • Roche Holdings 0 11/12/261.44%

Weight gaps

HDGE and QALT share no securities.

All 64 HDGE holdings⁠All 41 QALT holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HDGE vs QALT Cost

Overpaying HDGE vs QALT

$31,967

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HDGE 3.41%

    $47,313

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • HDGE 3.41%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K$50K051015202530HDGE $47,313QALT $15,346

Year by year

YearHDGEQALTOverpaying
10$5,442$1,422$4,020
20$18,450$5,393$13,057
30$47,313$15,346$31,967

Expense ratio

  • 3.41%HDGE
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

HDGE 27th cheapest of 29 funds

HDGE vs QALT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HDGE 3.84%
QALT No data
Payout (12M)
HDGE $0.56
QALT No data
Last payment
HDGE $0.56
QALT $0.17
Ex-dividend
HDGE Dec 22, 2025
QALT Oct 5, 2026
Paid on
HDGE Dec 29, 2025
QALT Oct 6, 2026
Frequency
HDGE Annual
QALT Quarterly

Distribution history

Per share, 2019 to 2026, same scale for both

HDGEAnnual · 4 paymentsAll HDGE payments⁠
One bar per payment. 4 payments from 2019 to 2026 YTD. Dec 27, 2019 $0.12; Dec 26, 2023 $1.83; Dec 23, 2024 $1.28; Dec 22, 2025 $0.56. Use the arrow keys to read each point.$0$2202020232026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2019 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$2202020232026YTD

HDGE vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HDGE 19.9%QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
HDGE −0.72QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
HDGE −46.6%QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
HDGE −1.03QALT 0.24

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