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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.
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Returns By Period
ProShares Hedge Replication (HDG) has returned 0.49% so far this year and 8.41% over the past 12 months. Over the last ten years, HDG has returned 3.41% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.
ProShares Hedge Replication
- 1D
- 1.28%
- 1M
- -1.94%
- YTD
- 0.49%
- 6M
- 2.17%
- 1Y
- 8.41%
- 3Y*
- 5.75%
- 5Y*
- 1.97%
- 10Y*
- 3.41%
Benchmark (S&P 500 Index)
- 1D
- 2.91%
- 1M
- -5.09%
- YTD
- -4.63%
- 6M
- -2.39%
- 1Y
- 16.33%
- 3Y*
- 16.69%
- 5Y*
- 10.18%
- 10Y*
- 12.16%
Monthly Returns
Based on dividend-adjusted daily data since Jul 14, 2011, HDG's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, your investment would double in approximately 25.1 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% | 0.49% | |||||||||
| 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 -1.05%, beta of 0.31, and R² of 0.61 versus S&P 500 Index. Calculated based on daily prices since July 15, 2011.
- This ETF participated in 41.36% of S&P 500 Index downside but only 26.81% 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
- -1.05%
- Beta
- 0.31
- R²
- 0.61
- Upside Capture
- 26.81%
- Downside Capture
- 41.36%
Expense Ratio
HDG has a high expense ratio of 0.95%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HDG ranks 67 for risk / return — better than 67% 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 a chosen benchmark (S&P 500 Index).
| HDG | Benchmark | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 0.90 | +0.33 |
Sortino ratioReturn per unit of downside risk | 1.77 | 1.39 | +0.38 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.21 | +0.04 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.40 | +0.30 |
Martin ratioReturn relative to average drawdown | 6.95 | 6.61 | +0.34 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Explore HDG risk-adjusted metrics in detail
Dive deeper into individual metrics with historical trends, benchmark comparisons, and performance across different time periods.
Dividends
Dividend History
ProShares Hedge Replication provided a 2.49% 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 | 2.49% | 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 | $0.27 | |||||||||
| 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 2.74%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -15.31% | Nov 9, 2021 | 224 | Sep 29, 2022 | 498 | Sep 24, 2024 | 722 |
| -13.76% | Feb 18, 2020 | 25 | Mar 23, 2020 | 159 | Nov 5, 2020 | 184 |
| -7.83% | Jul 22, 2011 | 52 | Oct 4, 2011 | 312 | Jan 2, 2013 | 364 |
| -7.82% | May 22, 2015 | 183 | Feb 11, 2016 | 255 | Feb 15, 2017 | 438 |
| -7.43% | Jan 29, 2018 | 229 | Dec 24, 2018 | 207 | Oct 21, 2019 | 436 |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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