- ISIN
- US74347X2945
- CUSIP
- 74347X294
- Issuer
- ProShares
- Inception Date
- Jul 12, 2011
- Region
- North America (U.S.)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- Merrill Lynch Factor Model - Exchange Series
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $22M
Share Price Chart
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Performance
HDG Performance Chart
ProShares Hedge Replication (HDG) is up 7.5% since the beginning of the year. HDG is currently trading at $55 per share. Investors who bought $1,000 worth of HDG shares 5 years ago would now be looking at an investment worth $1,174.
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Returns By Period
ProShares Hedge Replication (HDG) has returned 7.54% so far this year and 14.55% over the past 12 months. Over the last ten years, HDG has returned 4.21% per year, falling short of the S&P 500 Index benchmark, which averaged 13.88% annually.
ProShares Hedge Replication
- 1D
- 0.23%
- 1M
- 2.01%
- YTD
- 7.54%
- 6M
- 7.40%
- 1Y
- 14.55%
- 3Y*
- 7.99%
- 5Y*
- 3.26%
- 10Y*
- 4.21%
Benchmark (S&P 500 Index)
- 1D
- -0.37%
- 1M
- -0.01%
- YTD
- 9.16%
- 6M
- 8.64%
- 1Y
- 25.22%
- 3Y*
- 19.78%
- 5Y*
- 11.99%
- 10Y*
- 13.88%
HDG Monthly Returns History
Based on dividend-adjusted daily data since Jul 14, 2011, HDG's average daily return is +0.01%, while the average monthly return is +0.26%. At this rate, an investment would double in approximately 22.2 years.
Historically, 59% of months were positive and 41% were negative. The best month was Nov 2020 with a return of +5.8%, while the worst month was Mar 2020 at -5.9%. The longest winning streak lasted 10 consecutive months, and the longest losing streak was 4 months.
On a daily basis, HDG closed higher 51% of trading days. The best single day was Aug 22, 2011 with a return of +3.0%, while the worst single day was Mar 16, 2020 at -4.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 1.54% | 0.92% | -1.94% | 3.77% | 1.95% | 1.16% | 7.54% | ||||||
| 2025 | 1.11% | -0.08% | -1.67% | -0.78% | 1.90% | 1.06% | 0.91% | 1.39% | 1.50% | 1.15% | 0.07% | 0.45% | 7.18% |
| 2024 | -0.61% | 1.49% | 1.11% | -0.85% | 1.12% | -0.20% | 2.44% | -0.24% | 0.74% | -0.66% | 1.82% | -1.08% | 5.12% |
| 2023 | 3.52% | -0.24% | -0.70% | -0.04% | -0.14% | 1.67% | 1.37% | -1.25% | -0.69% | -1.22% | 2.17% | 2.62% | 7.14% |
| 2022 | -3.27% | -0.13% | -0.39% | -3.78% | 0.49% | -3.21% | 2.02% | -0.90% | -4.29% | 1.99% | 3.59% | -0.61% | -8.48% |
| 2021 | 1.41% | 1.91% | -0.02% | 1.06% | -0.08% | 0.11% | -1.25% | 0.71% | -1.35% | 1.32% | -1.55% | 0.74% | 2.97% |
Benchmark Metrics
ProShares Hedge Replication has an annualized alpha of -0.89%, beta of 0.31, and R2 of 0.61 versus S&P 500 Index. Calculated based on daily prices since July 14, 2011.
- This ETF participated in 40.50% of S&P 500 Index downside but only 26.97% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.31 indicates this ETF moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- -0.89%
- Beta
- 0.31
- R²
- 0.61
- Upside Capture
- 26.97%
- Downside Capture
- 40.50%
Expense Ratio
HDG has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HDG ranks 79 for risk / return — better than 79% of ETFs on our site. You're getting solid returns for the risk taken. A good sign, especially for investors who want growth without excessive volatility.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HDG | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.69 | ||
| Omega ratioGain probability vs. loss probability | 1.47 | 1.37 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.68 | 2.78 | +0.90 |
| Martin ratioReturn relative to average drawdown | 14.92 | 12.44 | +2.48 |
Dividends
Dividend History
ProShares Hedge Replication provided a 2.33% dividend yield over the last twelve months, with an annual payout of $1.28 per share.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $1.28 | $1.31 | $1.73 | $1.69 | $0.18 | $0.00 | $0.04 | $0.51 | $0.22 | $0.00 | $0.00 | $0.00 |
Dividend yield | 2.33% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Monthly Dividends
The table displays the monthly dividend distributions for ProShares Hedge Replication. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.27 | $0.00 | $0.00 | $0.00 | $0.27 | ||||||
| 2025 | $0.00 | $0.00 | $0.30 | $0.00 | $0.00 | $0.29 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.37 | $1.31 |
| 2024 | $0.00 | $0.00 | $0.36 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.43 | $0.00 | $0.00 | $0.50 | $1.73 |
| 2023 | $0.00 | $0.00 | $0.26 | $0.00 | $0.00 | $0.32 | $0.00 | $0.00 | $0.60 | $0.00 | $0.00 | $0.52 | $1.69 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the ProShares Hedge Replication. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the ProShares Hedge Replication was 15.31%, occurring on Sep 29, 2022. Recovery took 498 trading sessions.
The current ProShares Hedge Replication drawdown is 0.26%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
Bear market2022 | -15.31%Sep 2022 | 10mo 24d | 1y 12mo | 2y 10moNov 2021 - Sep 2024 |
COVID crash2020 | -13.76%Mar 2020 | 1mo 4d | 7mo 17d | 8mo 21dFeb 2020 - Nov 2020 |
2011 pullback2011 | -7.83%Oct 2011 | 2mo 14d | 1y 3mo | 1y 5moJul 2011 - Jan 2013 |
2016 pullback2016 | -7.82%Feb 2016 | 8mo 25d | 1y 5d | 1y 9moMay 2015 - Feb 2017 |
Rate-hike selloffLate 2018 | -7.43%Dec 2018 | 10mo 29d | 10mo 1d | 1y 8moJan 2018 - Oct 2019 |
Drawdown Indicators
| HDG | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -56.78% | +41.47% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -9.10% | +5.13% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -18.90% | +11.70% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -25.43% | +10.12% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -33.92% | +18.61% |
Current DrawdownCurrent decline from peak | -0.26% | -1.80% | +1.54% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -10.71% | +7.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.98% | 2.03% | -1.05% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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