HDG vs. ACWI
HDG (ProShares Hedge Replication) and ACWI (iShares MSCI ACWI ETF) are both exchange-traded funds - HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series, while ACWI is a Global Equities fund tracking the MSCI All Country World Index. Both are passively managed. Over the past 10 years, HDG returned 4.06%/yr vs 13.07%/yr for ACWI. A 0.78 correlation means they provide meaningful diversification when combined. HDG charges 0.95%/yr vs 0.32%/yr for ACWI.
Performance
HDG vs. ACWI - Performance Comparison
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Returns By Period
In the year-to-date period, HDG achieves a 6.05% return, which is significantly lower than ACWI's 9.71% return. Over the past 10 years, HDG has underperformed ACWI with an annualized return of 4.06%, while ACWI has yielded a comparatively higher 13.07% annualized return.
HDG
- 1D
- -0.51%
- 1M
- 0.60%
- YTD
- 6.05%
- 6M
- 5.81%
- 1Y
- 12.20%
- 3Y*
- 7.49%
- 5Y*
- 2.84%
- 10Y*
- 4.06%
ACWI
- 1D
- -0.14%
- 1M
- -0.49%
- YTD
- 9.71%
- 6M
- 8.77%
- 1Y
- 23.79%
- 3Y*
- 19.95%
- 5Y*
- 10.62%
- 10Y*
- 13.07%
HDG vs. ACWI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 6.05% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
ACWI iShares MSCI ACWI ETF | 9.71% | 22.41% | 17.45% | 22.27% | -18.39% | 18.66% | 16.34% | 26.59% | -9.19% | 24.33% |
Correlation
The correlation between HDG and ACWI is 0.87, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.87 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.82 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.79 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.78 |
The correlation between HDG and ACWI has been stable across timeframes, ranging from 0.78 to 0.87 - a consistent structural relationship.
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Return for Risk
HDG vs. ACWI — Risk / Return Rank
HDG
ACWI
HDG vs. ACWI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and iShares MSCI ACWI ETF (ACWI). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HDG | ACWI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.20 | ||
| Sortino ratioReturn per unit of downside risk | +0.40 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 2.46 | +0.63 |
| Martin ratioReturn relative to average drawdown | 12.41 | 10.66 | +1.75 |
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Drawdowns
HDG vs. ACWI - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum ACWI drawdown of -56.00%. Use the drawdown chart below to compare losses from any high point for HDG and ACWI.
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Drawdown Indicators
| HDG | ACWI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -56.00% | +40.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -9.73% | +5.76% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -16.55% | +9.35% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -26.42% | +11.11% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -33.53% | +18.22% |
Current DrawdownCurrent decline from peak | -1.63% | -2.96% | +1.33% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -8.59% | +5.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 2.24% | -1.25% |
Volatility
HDG vs. ACWI - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 3.06%, while iShares MSCI ACWI ETF (ACWI) has a volatility of 5.57%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than ACWI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDG | ACWI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 5.57% | -2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 11.35% | -6.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 13.62% | -7.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 16.19% | -8.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 17.07% | -9.95% |
HDG vs. ACWI - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than ACWI's 0.32% expense ratio.
Dividends
HDG vs. ACWI - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.36%, more than ACWI's 1.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ACWI iShares MSCI ACWI ETF | 1.46% | 1.55% | 1.70% | 1.88% | 1.79% | 1.71% | 1.43% | 2.33% | 2.18% | 1.94% | 2.19% | 2.56% |
HDG ProShares Hedge Replication | 2.36% | 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
HDG and ACWI have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ACWI has higher volatility (5.57%) compared to HDG (3.06%). In terms of maximum drawdown, HDG dropped -15.31% vs ACWI's -56.00%.
On 10-year performance, ACWI leads with 13.07% vs 4.06% for HDG. On fees, ACWI is cheaper at 0.32% per year. On volatility, HDG has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ACWI has performed better with a 13.07% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ACWI is cheaper with a 0.32% expense ratio, compared with 0.95% for HDG.
HDG has the higher dividend yield at 2.36%, compared with 1.46% for ACWI.
HDG is categorized as Long-Short, while ACWI is Global Equities. HDG tracks Merrill Lynch Factor Model - Exchange Series, while ACWI tracks MSCI All Country World Index. They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for HDG and 0.32% for ACWI.
HDG currently has the higher Sharpe Ratio (1.96 vs 1.76), 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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