FFLS vs. HDG

Last updated Apr 2, 2026

Compare and contrast key facts about The Future Fund Long/Short ETF (FFLS) and ProShares Hedge Replication (HDG).

FFLS and HDG are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FFLS is an actively managed fund by The Future Fund. It was launched on Jun 20, 2023. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011.

Performance

FFLS vs. HDG - Performance Comparison

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

FFLS vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FFLS The Future Fund Long/Short ETF	-5.02%	7.49%	17.71%	2.03%
HDG ProShares Hedge Replication	0.79%	7.18%	5.12%	3.09%

Returns By Period

In the year-to-date period, FFLS achieves a -5.02% return, which is significantly lower than HDG's 0.79% return.

FFLS

• 1D: 0.67%
• 1M: -1.80%
• YTD: -5.02%
• 6M: -7.49%
• 1Y: 0.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDG

• 1D: 0.31%
• 1M: -1.59%
• YTD: 0.79%
• 6M: 2.49%
• 1Y: 8.76%
• 3Y*: 5.86%
• 5Y*: 2.03%
• 10Y*: 3.45%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FFLS vs. HDG - Expense Ratio Comparison

FFLS has a 1.75% expense ratio, which is higher than HDG's 0.95% expense ratio.

FFLS

The Future Fund Long/Short ETF

HDG

ProShares Hedge Replication

Return for Risk

FFLS vs. HDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FFLS

FFLS Risk / Return Rank: 13
FFLS Sharpe Ratio Rank: 13
FFLS Sortino Ratio Rank: 12
FFLS Omega Ratio Rank: 12
FFLS Calmar Ratio Rank: 13
FFLS Martin Ratio Rank: 13

HDG

HDG Risk / Return Rank: 69
HDG Sharpe Ratio Rank: 69
HDG Sortino Ratio Rank: 71
HDG Omega Ratio Rank: 68
HDG Calmar Ratio Rank: 67
HDG Martin Ratio Rank: 68

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.

FFLS vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Future Fund Long/Short ETF (FFLS) 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.

	FFLS	HDG	Difference
Sharpe ratio Return per unit of total volatility	0.09	1.27	-1.19
Sortino ratio Return per unit of downside risk	0.18	1.83	-1.65
Omega ratio Gain probability vs. loss probability	1.02	1.27	-0.24
Calmar ratio Return relative to maximum drawdown	0.06	1.80	-1.74
Martin ratio Return relative to average drawdown	0.16	7.31	-7.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FFLS vs. HDG - Sharpe Ratio Comparison

The current FFLS Sharpe Ratio is 0.09, which is lower than the HDG Sharpe Ratio of 1.27. The chart below compares the historical Sharpe Ratios of FFLS and HDG, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FFLS	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.09	1.27	-1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.29	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.68	0.38	+0.30

Correlation

The correlation between FFLS and HDG is 0.46, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FFLS vs. HDG - Dividend Comparison

FFLS's dividend yield for the trailing twelve months is around 6.92%, more than HDG's 2.48% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FFLS The Future Fund Long/Short ETF	6.92%	6.58%	3.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HDG ProShares Hedge Replication	2.48%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%

Drawdowns

FFLS vs. HDG - Drawdown Comparison

The maximum FFLS drawdown since its inception was -11.05%, smaller than the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for FFLS and HDG.

Drawdown Indicators

	FFLS	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-11.05%	-15.31%	+4.26%
Max Drawdown (1Y) Largest decline over 1 year	-11.05%	-4.85%	-6.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.31%	—
Current Drawdown Current decline from peak	-9.49%	-2.44%	-7.05%
Average Drawdown Average peak-to-trough decline	-2.87%	-2.80%	-0.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.22%	1.20%	+3.02%

Volatility

FFLS vs. HDG - Volatility Comparison

The Future Fund Long/Short ETF (FFLS) has a higher volatility of 3.13% compared to ProShares Hedge Replication (HDG) at 2.50%. This indicates that FFLS'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.

Volatility by Period

	FFLS	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.13%	2.50%	+0.63%
Volatility (6M) Calculated over the trailing 6-month period	6.29%	4.44%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.26%	6.90%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.19%	7.15%	+4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.19%	7.08%	+4.11%