GURU vs. HDG

Last updated Jun 4, 2026

GURU (Global X Guru Index ETF) and HDG (ProShares Hedge Replication) are both exchange-traded funds - GURU is a Large Cap Blend Equities fund tracking the Solactive Guru Index, while HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series. Both are passively managed. Over the past 10 years, GURU returned 12.16%/yr vs 3.91%/yr for HDG. A 0.74 correlation means they provide meaningful diversification when combined. GURU charges 0.75%/yr vs 0.95%/yr for HDG.

Performance

GURU vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Global X Guru Index ETF (GURU) and ProShares Hedge Replication (HDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GURU achieves a 7.06% return, which is significantly higher than HDG's 6.40% return. Over the past 10 years, GURU has outperformed HDG with an annualized return of 12.16%, while HDG has yielded a comparatively lower 3.91% annualized return.

GURU

• 1D: -0.12%
• 1M: 3.20%
• YTD: 7.06%
• 6M: 6.09%
• 1Y: 27.98%
• 3Y*: 23.93%
• 5Y*: 7.41%
• 10Y*: 12.16%

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)

GURU vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GURU Global X Guru Index ETF	7.06%	25.43%	23.76%	19.28%	-27.94%	8.19%	25.27%	30.99%	-6.56%	24.26%
HDG ProShares Hedge Replication	6.40%	7.18%	5.12%	7.14%	-8.48%	2.97%	7.45%	9.58%	-4.52%	5.59%

Correlation

The correlation between GURU and HDG is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.78
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.76
Correlation (All Time) Calculated using the full available price history since Jun 6, 2012	0.74

The correlation between GURU and HDG has been stable across timeframes, ranging from 0.74 to 0.81 - a consistent structural relationship.

GURU vs. HDG - Sectors Allocation Comparison

Sectors	GURU	HDG
Technology	25.2%	17.0%
Healthcare	23.5%	16.5%
Consumer Cyclical	11.0%	8.4%
Industrials	10.6%	17.7%
Financial Services	9.4%	15.8%
Utilities	5.4%	2.9%
Communication Services	5.3%	2.4%
Energy	4.3%	6.1%
Basic Materials	2.1%	4.8%
Consumer Defensive	1.9%	2.4%
Real Estate	1.2%	6.1%

Return for Risk

GURU vs. HDG — Risk / Return Rank

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

GURU

GURU Risk / Return Rank: 52
GURU Sharpe Ratio Rank: 53
GURU Sortino Ratio Rank: 52
GURU Omega Ratio Rank: 50
GURU Calmar Ratio Rank: 51
GURU Martin Ratio Rank: 54

HDG

HDG Risk / Return Rank: 73
HDG Sharpe Ratio Rank: 72
HDG Sortino Ratio Rank: 77
HDG Omega Ratio Rank: 76
HDG Calmar Ratio Rank: 67
HDG Martin Ratio Rank: 73

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.

GURU vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Global X Guru Index ETF (GURU) 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.

	GURU	HDG	Difference
Sharpe ratio Return per unit of total volatility	1.81	2.36	-0.55
Sortino ratio Return per unit of downside risk	2.57	3.50	-0.93
Omega ratio Gain probability vs. loss probability	1.31	1.46	-0.15
Calmar ratio Return relative to maximum drawdown	2.50	3.35	-0.84
Martin ratio Return relative to average drawdown	9.12	13.81	-4.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GURU vs. HDG - Sharpe Ratio Comparison

The current GURU Sharpe Ratio is 1.81, which is comparable to the HDG Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of GURU 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.

Sharpe Ratios by Period

	GURU	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.81	2.36	-0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.42	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.55	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.43	+0.21

Drawdowns

GURU vs. HDG - Drawdown Comparison

The maximum GURU drawdown since its inception was -38.50%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for GURU and HDG.

Drawdown Indicators

	GURU	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-38.50%	-15.31%	-23.19%
Max Drawdown (1Y) Largest decline over 1 year	-11.22%	-3.97%	-7.25%
Max Drawdown (3Y) Largest decline over 3 years	-20.73%	-7.20%	-13.53%
Max Drawdown (5Y) Largest decline over 5 years	-38.50%	-15.31%	-23.19%
Max Drawdown (10Y) Largest decline over 10 years	-38.50%	-15.31%	-23.19%
Current Drawdown Current decline from peak	-1.06%	-0.37%	-0.69%
Average Drawdown Average peak-to-trough decline	-8.67%	-2.77%	-5.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.07%	0.96%	+2.11%

Volatility

GURU vs. HDG - Volatility Comparison

Global X Guru Index ETF (GURU) has a higher volatility of 4.33% compared to ProShares Hedge Replication (HDG) at 2.06%. This indicates that GURU'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

	GURU	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.33%	2.06%	+2.27%
Volatility (6M) Calculated over the trailing 6-month period	12.20%	4.58%	+7.62%
Volatility (1Y) Calculated over the trailing 1-year period	15.56%	5.64%	+9.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.43%	7.15%	+13.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	20.16%	7.11%	+13.05%

GURU vs. HDG - Expense Ratio Comparison

GURU has a 0.75% expense ratio, which is lower than HDG's 0.95% expense ratio.

Dividends

GURU vs. HDG - Dividend Comparison

GURU's dividend yield for the trailing twelve months is around 0.11%, less than HDG's 2.35% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GURU Global X Guru Index ETF	0.11%	0.11%	0.17%	0.57%	0.22%	0.09%	2.75%	0.35%	0.54%	0.54%	0.22%	0.47%
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

Can I hold both GURU and HDG in my portfolio?

GURU and HDG have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GURU or HDG?

GURU has higher volatility (4.33%) compared to HDG (2.06%). In terms of maximum drawdown, GURU dropped -38.50% vs HDG's -15.31%.

Which ETF is better, GURU or HDG?

On 10-year performance, GURU leads with 12.16% vs 3.91% for HDG. On fees, GURU is cheaper at 0.75% 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.

Which ETF has performed better, GURU or HDG?

Over the 10-year period, GURU has performed better with a 12.16% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GURU or HDG?

GURU is cheaper with a 0.75% expense ratio, compared with 0.95% for HDG.

Which ETF pays a higher dividend yield, GURU or HDG?

HDG has the higher dividend yield at 2.35%, compared with 0.11% for GURU.

What is the main difference between GURU and HDG?

GURU is categorized as Large Cap Blend Equities, while HDG is Long-Short. GURU tracks Solactive Guru Index, while HDG tracks Merrill Lynch Factor Model - Exchange Series. They also come from different issuers: Global X and ProShares. Their fees differ too: 0.75% for GURU and 0.95% for HDG.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.36 vs 1.81), 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.