ProShares Hedge Replication (HDG) belongs to the Long-Short category. Below you'll find alternative ETFs from the same category, ranked by key criteria, plus funds that investors commonly compare with HDG. Use the tables to find lower-cost options, better risk-adjusted returns, or a closer substitute for your current allocation.
Cheapest Alternatives to HDG
HDG charges 0.95% annually. There are 9 ETFs in the Long-Short category with lower expense ratios, going as low as 0.45%.
| Symbol | Name | Expense Ratio | AUM | Inception | |
|---|---|---|---|---|---|
| Aptus International Enhanced Yield ETF | 0.45% | 372.15M | Jul 2021 | HDG vs IDUB | |
| Proshares Large Cap Core Plus | 0.45% | 524.02M | Jul 2009 | HDG vs CSM | |
| Arin Tactical Tail Risk ETF | 0.63% | — | Oct 2025 | HDG vs ATTR | |
| Franklin Liberty Systematic Style Premia ETF | 0.65% | 908.01M | Dec 2019 | HDG vs FLSP | |
| ProShares Long Online/Short Stores ETF | 0.65% | 7.28M | Nov 2017 | HDG vs CLIX |
Best Risk-Adjusted Alternatives to HDG
HDG has a PortfoliosLab risk / return rank of 73. There are 3 ETFs in the Long-Short category with higher risk-adjusted ranks, going as high as 95.
| Symbol | Name | Risk / Return Rank | AUM | Inception | |
|---|---|---|---|---|---|
| Convergence Long/Short Equity ETF | 95 | 447.61M | Feb 2022 | HDG vs CLSE | |
| IQ Hedge Multi-Strategy Tracker ETF | 85 | 762.37M | Mar 2009 | HDG vs QAI | |
| Hull Tactical US ETF | 78 | 137.43M | Jun 2015 | HDG vs HTUS | |
| Proshares Large Cap Core Plus | 69 | 524.02M | Jul 2009 | HDG vs CSM | |
| Aptus International Enhanced Yield ETF | 65 | 372.15M | Jul 2021 | HDG vs IDUB |
Top Performing HDG Alternatives (YTD)
HDG is at 6.40% YTD. There are 15 ETFs in the Long-Short category with higher YTD returns, going as high as 27.40%.
| Symbol | Name | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|
| Harbor Long-Short Equity ETF | 27.40% | 15.30M | Dec 2023 | HDG vs LSEQ | |
| Convergence Long/Short Equity ETF | 25.76% | 447.61M | Feb 2022 | HDG vs CLSE | |
| Changebridge Capital Long/Short Equity ETF | 24.21% | 55.44M | Nov 2020 | HDG vs CBLS | |
| Aptus International Enhanced Yield ETF | 16.05% | 372.15M | Jul 2021 | HDG vs IDUB | |
| Rareview Systematic Equity ETF | 15.92% | 59.01M | Jan 2022 | HDG vs RSEE |
Lowest Volatility Alternatives to HDG
HDG has 5.64% 1-year volatility. There are 3 ETFs in the Long-Short category with lower 1-year volatility, going as low as 0.00%.
| Symbol | Name | Volatility 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | HDG vs SENT | |
| Arin Tactical Tail Risk ETF | 2.97% | — | Oct 2025 | HDG vs ATTR | |
| First Trust Merger Arbitrage ETF | 5.31% | 19.86M | Feb 2020 | HDG vs MARB | |
| IQ Hedge Multi-Strategy Tracker ETF | 5.99% | 762.37M | Mar 2009 | HDG vs QAI | |
| Federated Hermes MDT Market Neutral ETF | 6.81% | 82.10M | Sep 2025 | HDG vs MKTN |
Lowest Drawdown Alternatives to HDG
HDG has a 1-year max drawdown of -3.97%. There are 5 ETFs in the Long-Short category with shallower 1-year drawdowns, going as shallow as 0.00%.
| Symbol | Name | Max Drawdown 1Y | AUM | Inception | |
|---|---|---|---|---|---|
| AdvisorShares Alpha DNA Equity Sentiment ETF | 0.00% | 3.55M | Feb 2021 | HDG vs SENT | |
| First Trust Merger Arbitrage ETF | -2.43% | 19.86M | Feb 2020 | HDG vs MARB | |
| AltShares Event-Driven ETF | -3.35% | 8.62M | Dec 2014 | HDG vs EVNT | |
| IQ Hedge Multi-Strategy Tracker ETF | -3.71% | 762.37M | Mar 2009 | HDG vs QAI | |
| First Trust Long/Short Equity ETF | -3.79% | 2.35B | Sep 2014 | HDG vs FTLS |
Other ETFs from ProShares
The 10 most viewed ProShares ETFs shown here include TQQQ, BITO, QLD and span 10 categories. AUM among these funds goes as high as $40B.
| Symbol | Name | Category | Risk / Return Rank | YTD Return | AUM | Inception | |
|---|---|---|---|---|---|---|---|
| ProShares UltraPro QQQ | Leveraged Equities | 71 | 64.46% | 39.77B | Feb 2010 | HDG vs TQQQ | |
| ProShares Bitcoin Strategy ETF | Cryptocurrency | 2 | -26.37% | 1.70B | Oct 2021 | HDG vs BITO | |
| ProShares Ultra QQQ | Leveraged Equities | 69 | 42.06% | 14.46B | Jun 2006 | HDG vs QLD | |
| ProShares UltraPro S&P 500 | Leveraged Equities, S&P 500 | 62 | 27.90% | 5.55B | Jun 2009 | HDG vs UPRO | |
| ProShares Ultra S&P500 | Leveraged Equities, S&P 500 | 62 | 19.37% | 8.38B | Jun 2006 | HDG vs SSO | |
| ProShares S&P 500 Dividend Aristocrats ETF | Dividend, S&P 500, Large Cap Value Equities | 22 | 3.51% | 11.07B | Oct 2013 | HDG vs NOBL | |
| ProShares Ultra Semiconductors | Leveraged Equities, Semiconductors | 90 | 114.00% | 3.05B | Jan 2007 | HDG vs USD | |
| ProShares UltraPro Short QQQ | Leveraged Equities, Inverse Equities, Nasdaq-100 | 0 | -45.27% | 2.23B | Feb 2010 | HDG vs SQQQ | |
| ProShares Ultra VIX Short-Term Futures ETF | Volatility | 1 | -19.06% | 398.99M | Oct 2011 | HDG vs UVXY | |
| Proshares Ultra Bitcoin ETF | Cryptocurrency, Leveraged Cryptocurrency | 2 | -52.92% | 446.55M | Apr 2024 | HDG vs BITU |
Often Compared With HDG
Investors most often compare HDG with SPY, MNA, VOO. These 20 comparison targets span 10 categories, based on PortfoliosLab usage data.
Compare HDG with Any Fund or Stock
Compare HDG with any ETF, mutual fund, or stock using PortfoliosLab's comparison tool.
Pair HDG with funds that move differently
ProShares Hedge Replication alternatives help with substitution. Diversifiers are the next step when you want funds with lower historical correlation to HDG.
Explore HDG Diversifiers