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ProShares Hedge Replication (HDG)
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility

ETF Info

ISIN

US74347X2945

CUSIP

74347X294

Issuer

ProShares

Inception Date

Jul 12, 2011

Region

North America (U.S.)

Category

Long-Short

Leveraged

1x

Index Tracked

Merrill Lynch Factor Model - Exchange Series

Home Page

proshares.com

Asset Class

Alternatives

Expense Ratio

HDG has a high expense ratio of 0.95%, indicating higher-than-average management fees.


Expense ratio chart for HDG: current value at 0.95% compared with the broader market ranging from 0.00% to 2.12%.0.50%1.00%1.50%2.00%0.95%

Share Price Chart


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Compare to other instruments

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.


Popular comparisons:
HDG vs. DGRO HDG vs. QAI HDG vs. VOO HDG vs. CLSE HDG vs. SPY HDG vs. MNA HDG vs. BTAL HDG vs. FTLS HDG vs. QQQ HDG vs. GLD
Popular comparisons:
HDG vs. DGRO HDG vs. QAI HDG vs. VOO HDG vs. CLSE HDG vs. SPY HDG vs. MNA HDG vs. BTAL HDG vs. FTLS HDG vs. QQQ HDG vs. GLD

Performance

Performance Chart

The chart shows the growth of an initial investment of $10,000 in ProShares Hedge Replication, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.


-5.00%0.00%5.00%10.00%AugustSeptemberOctoberNovemberDecember2025
0.92%
3.64%
HDG (ProShares Hedge Replication)
Benchmark (^GSPC)

Returns By Period

ProShares Hedge Replication had a return of -0.44% year-to-date (YTD) and 5.55% in the last 12 months. Over the past 10 years, ProShares Hedge Replication had an annualized return of 2.53%, while the S&P 500 had an annualized return of 11.23%, indicating that ProShares Hedge Replication did not perform as well as the benchmark.


HDG

YTD

-0.44%

1M

-1.16%

6M

0.93%

1Y

5.55%

5Y*

2.47%

10Y*

2.53%

^GSPC (Benchmark)

YTD

-0.77%

1M

-3.55%

6M

3.64%

1Y

22.00%

5Y*

12.20%

10Y*

11.23%

*Annualized

Monthly Returns

The table below presents the monthly returns of HDG, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
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%
20233.52%-0.24%-0.70%-0.04%-0.14%1.67%1.37%-1.26%-0.69%-1.22%2.17%2.62%7.13%
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%
20211.41%1.91%-0.02%1.06%-0.08%0.11%-1.25%0.71%-1.35%1.32%-1.55%0.74%2.97%
20200.04%-3.09%-5.92%4.23%1.42%1.79%0.17%1.28%-1.38%0.46%5.83%2.90%7.44%
20193.48%1.29%-0.15%1.44%-2.27%2.43%-0.21%-1.20%1.34%1.16%0.91%1.10%9.58%
20181.30%-1.44%-0.21%0.33%0.51%-1.00%1.13%0.09%-0.13%-3.24%1.03%-2.87%-4.52%
20170.89%0.52%0.70%0.46%-0.07%0.43%0.36%0.04%0.94%0.63%0.39%0.16%5.59%
2016-2.40%-0.35%2.00%0.57%0.18%-0.48%1.36%0.16%0.50%-0.64%0.53%0.63%2.00%
2015-0.15%2.13%-0.00%0.23%0.32%-0.83%0.40%-2.70%-1.33%2.61%-0.07%-0.98%-0.48%
2014-1.81%1.33%0.37%0.17%0.54%0.85%-0.54%0.98%-1.44%0.88%0.62%-0.55%1.37%

Risk-Adjusted Performance

Risk-Adjusted Performance Rank

The current rank of HDG is 56, indicating average performance compared to other ETFs on our website. Here’s a breakdown of how it compares using common performance measures.


The Risk-Adjusted Performance Rank of HDG is 5656
Overall Rank
The Sharpe Ratio Rank of HDG is 5656
Sharpe Ratio Rank
The Sortino Ratio Rank of HDG is 5454
Sortino Ratio Rank
The Omega Ratio Rank of HDG is 5656
Omega Ratio Rank
The Calmar Ratio Rank of HDG is 4949
Calmar Ratio Rank
The Martin Ratio Rank of HDG is 6767
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.

Risk-Adjusted Performance Indicators

The charts below present risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and compare them to a chosen benchmark (^GSPC). These indicators evaluate an investment's returns against its associated risks.


Sharpe ratio
The chart of Sharpe ratio for HDG, currently valued at 1.09, compared to the broader market-1.000.001.002.003.004.005.001.091.73
The chart of Sortino ratio for HDG, currently valued at 1.54, compared to the broader market-2.000.002.004.006.008.0010.0012.001.542.33
The chart of Omega ratio for HDG, currently valued at 1.20, compared to the broader market0.501.001.502.002.503.001.201.32
The chart of Calmar ratio for HDG, currently valued at 0.96, compared to the broader market0.005.0010.0015.000.962.59
The chart of Martin ratio for HDG, currently valued at 7.28, compared to the broader market0.0020.0040.0060.0080.00100.007.2810.80
HDG
^GSPC

The current ProShares Hedge Replication Sharpe ratio is 1.09. This value is calculated based on the past 1 year of trading data and takes into account price changes and dividends.

Use the chart below to compare the Sharpe ratio of ProShares Hedge Replication with the selected benchmark, providing insights into the investment's historical performance in terms of risk-adjusted returns. Go to the Sharpe ratio tool for more fine-grained control over the calculation options.


Rolling 12-month Sharpe Ratio1.001.502.002.503.003.50AugustSeptemberOctoberNovemberDecember2025
1.09
1.73
HDG (ProShares Hedge Replication)
Benchmark (^GSPC)

Dividends

Dividend History

ProShares Hedge Replication provided a 3.52% dividend yield over the last twelve months, with an annual payout of $1.73 per share. The fund has been increasing its distributions for 2 consecutive years.


0.00%1.00%2.00%3.00%4.00%$0.00$0.50$1.00$1.502015201620172018201920202021202220232024
Dividends
Dividend Yield
PeriodTTM2024202320222021202020192018201720162015
Dividend$1.73$1.73$1.69$0.19$0.00$0.04$0.51$0.22$0.00$0.00$0.00

Dividend yield

3.52%3.50%3.48%0.39%0.00%0.08%1.09%0.52%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.


JanFebMarAprMayJunJulAugSepOctNovDecTotal
2025$0.00$0.00
2024$0.00$0.00$0.36$0.00$0.00$0.44$0.00$0.00$0.43$0.00$0.00$0.51$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$0.19$0.19
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
2020$0.00$0.00$0.04$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.00$0.04
2019$0.00$0.00$0.14$0.00$0.00$0.15$0.00$0.00$0.13$0.00$0.00$0.09$0.51
2018$0.00$0.00$0.00$0.00$0.00$0.06$0.00$0.00$0.08$0.00$0.00$0.08$0.22
2017$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
2016$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
2015$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.


-8.00%-6.00%-4.00%-2.00%0.00%AugustSeptemberOctoberNovemberDecember2025
-1.73%
-4.17%
HDG (ProShares Hedge Replication)
Benchmark (^GSPC)

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 1.73%.


Depth

Start

To Bottom

Bottom

To Recover

End

Total

-15.31%Nov 9, 2021224Sep 29, 2022498Sep 24, 2024722
-13.76%Feb 18, 202025Mar 23, 2020158Nov 5, 2020183
-7.83%Jul 22, 201147Oct 4, 2011274Jan 2, 2013321
-7.82%May 22, 2015180Feb 11, 2016236Feb 15, 2017416
-7.42%Jan 29, 2018228Dec 24, 2018207Oct 21, 2019435

Volatility

Volatility Chart

The current ProShares Hedge Replication volatility is 1.25%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.


1.00%2.00%3.00%4.00%5.00%6.00%AugustSeptemberOctoberNovemberDecember2025
1.25%
4.67%
HDG (ProShares Hedge Replication)
Benchmark (^GSPC)
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Disclaimer

The information contained herein does not constitute investment advice and made available for educational purposes only. Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling.

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