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CLIX vs. HDG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CLIX vs. HDG

Last updated Jun 4, 2026

CLIX (ProShares Long Online/Short Stores ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds from ProShares - CLIX tracks the ProShares Long Online/Short Stores Index while HDG tracks the Merrill Lynch Factor Model - Exchange Series. Both are passively managed. Over the past 5 years, CLIX returned -6.40%/yr vs 3.02%/yr for HDG. At a 0.49 correlation, their price movements are largely independent. CLIX charges 0.65%/yr vs 0.95%/yr for HDG.

Performance

CLIX vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Long Online/Short Stores ETF (CLIX) and ProShares Hedge Replication (HDG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CLIX achieves a -6.21% return, which is significantly lower than HDG's 6.40% return.

CLIX

1D
-2.35%
1M
-6.73%
YTD
-6.21%
6M
-6.37%
1Y
12.94%
3Y*
18.92%
5Y*
-6.40%
10Y*
—

HDG

1D
-0.37%
1M
2.07%
YTD
6.40%
6M
7.00%
1Y
13.22%
3Y*
7.56%
5Y*
3.02%
10Y*
3.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CLIX vs. HDG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
CLIX
ProShares Long Online/Short Stores ETF		-6.21%32.81%20.73%28.97%-46.73%-39.96%90.91%17.32%6.34%-2.09%
HDG
ProShares Hedge Replication		6.40%7.18%5.12%7.14%-8.48%2.97%7.45%9.58%-4.52%0.73%

Correlation

The correlation between CLIX and HDG is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.53

Correlation (3Y)
Calculated over the trailing 3-year period

0.54

Correlation (5Y)
Calculated over the trailing 5-year period

0.58

Correlation (All Time)
Calculated using the full available price history since Nov 17, 2017

0.49

The correlation between CLIX and HDG has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.

CLIX vs. HDG - Sectors Allocation Comparison

Sectors
CLIX
HDG

Consumer Cyclical

94.8%
8.4%

Technology

3.6%
17.0%

Consumer Defensive

1.6%
2.4%

Basic Materials

-

4.8%

Communication Services

-

2.4%

Energy

-

6.1%

Financial Services

-

15.8%

Healthcare

-

16.5%

Industrials

-

17.7%

Real Estate

-

6.1%

Utilities

-

2.9%

Consumer Cyclical

CLIX
94.8%
HDG
8.4%

Technology

CLIX
3.6%
HDG
17.0%

Consumer Defensive

CLIX
1.6%
HDG
2.4%

Basic Materials

CLIX

-

HDG
4.8%

Communication Services

CLIX

-

HDG
2.4%

Energy

CLIX

-

HDG
6.1%

Financial Services

CLIX

-

HDG
15.8%

Healthcare

CLIX

-

HDG
16.5%

Industrials

CLIX

-

HDG
17.7%

Real Estate

CLIX

-

HDG
6.1%

Utilities

CLIX

-

HDG
2.9%

Compare stocks, funds, or ETFs

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ProShares Long Online/Short Stores ETF

ProShares Hedge Replication

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Often compared with HDG:
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Return for Risk

CLIX vs. HDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CLIX
CLIX Risk / Return Rank: 1818
Overall Rank
CLIX Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
CLIX Sortino Ratio Rank: 1818
Sortino Ratio Rank
CLIX Omega Ratio Rank: 1818
Omega Ratio Rank
CLIX Calmar Ratio Rank: 1717
Calmar Ratio Rank
CLIX Martin Ratio Rank: 1818
Martin Ratio Rank
HDG
HDG Risk / Return Rank: 7373
Overall Rank
HDG Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
HDG Sortino Ratio Rank: 7777
Sortino Ratio Rank
HDG Omega Ratio Rank: 7676
Omega Ratio Rank
HDG Calmar Ratio Rank: 6767
Calmar Ratio Rank
HDG Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CLIX vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Long Online/Short Stores ETF (CLIX) and ProShares Hedge Replication (HDG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

CLIXHDGDifference
Sharpe ratioReturn per unit of total volatility
0.62
2.36

-1.74

Sortino ratioReturn per unit of downside risk
0.97
3.50

-2.53

Omega ratioGain probability vs. loss probability

1.12

1.46

-0.34

Calmar ratioReturn relative to maximum drawdown

0.66

3.35

-2.68

Martin ratioReturn relative to average drawdown

1.81

13.81

-12.00

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CLIX vs. HDG - Sharpe Ratio Comparison

The current CLIX Sharpe Ratio is 0.62, which is lower than the HDG Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of CLIX and HDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CLIXHDGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.62

2.36

-1.74

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.42

-0.66

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.55

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.17

0.43

-0.26

Drawdowns

CLIX vs. HDG - Drawdown Comparison

The maximum CLIX drawdown since its inception was -73.21%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for CLIX and HDG.

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Drawdown Indicators

CLIXHDGDifference

Max Drawdown

Largest peak-to-trough decline

-73.21%

-15.31%

-57.90%

Max Drawdown (1Y)

Largest decline over 1 year

-19.57%

-3.97%

-15.60%

Max Drawdown (3Y)

Largest decline over 3 years

-21.18%

-7.20%

-13.98%

Max Drawdown (5Y)

Largest decline over 5 years

-68.22%

-15.31%

-52.91%

Max Drawdown (10Y)

Largest decline over 10 years

—

-15.31%

—

Current Drawdown

Current decline from peak

-44.59%

-0.37%

-44.22%

Average Drawdown

Average peak-to-trough decline

-34.70%

-2.77%

-31.93%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.15%

0.96%

+6.19%

Volatility

CLIX vs. HDG - Volatility Comparison

ProShares Long Online/Short Stores ETF (CLIX) has a higher volatility of 5.08% compared to ProShares Hedge Replication (HDG) at 2.06%. This indicates that CLIX's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CLIXHDGDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.08%

2.06%

+3.02%

Volatility (6M)

Calculated over the trailing 6-month period

15.59%

4.58%

+11.01%

Volatility (1Y)

Calculated over the trailing 1-year period

20.89%

5.64%

+15.25%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

26.94%

7.15%

+19.79%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

25.92%

7.11%

+18.81%

CLIX vs. HDG - Expense Ratio Comparison

CLIX has a 0.65% expense ratio, which is lower than HDG's 0.95% expense ratio.

Dividends

CLIX vs. HDG - Dividend Comparison

CLIX's dividend yield for the trailing twelve months is around 0.57%, less than HDG's 2.35% yield.

PositionTTM20252024202320222021202020192018201720162015
CLIX
ProShares Long Online/Short Stores ETF		0.57%0.46%0.46%0.00%0.00%0.00%1.33%0.00%0.00%0.00%0.00%0.00%
HDG
ProShares Hedge Replication		2.35%2.55%3.50%3.48%0.39%0.00%0.08%1.09%0.51%0.00%0.00%0.00%

Frequently Asked Questions

CLIX and HDG have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CLIX has higher volatility (5.08%) compared to HDG (2.06%). In terms of maximum drawdown, CLIX dropped -73.21% vs HDG's -15.31%.

On 5-year performance, HDG leads with 3.02% vs -6.40% for CLIX. On fees, CLIX is cheaper at 0.65% per year. On volatility, HDG has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HDG has performed better with a 3.02% return vs -6.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

CLIX is cheaper with a 0.65% expense ratio, compared with 0.95% for HDG.

HDG has the higher dividend yield at 2.35%, compared with 0.57% for CLIX.

CLIX tracks ProShares Long Online/Short Stores Index, while HDG tracks Merrill Lynch Factor Model - Exchange Series. Their fees differ too: 0.65% for CLIX and 0.95% for HDG.

HDG currently has the higher Sharpe Ratio (2.36 vs 0.62), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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