HDG vs. BFLX
HDG (ProShares Hedge Replication) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. HDG is passively managed, while BFLX is actively managed. Their correlation of 0.81 suggests significant overlap in exposure. HDG charges 0.95%/yr vs 0.40%/yr for BFLX.
Performance
HDG vs. BFLX - Performance Comparison
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Returns By Period
HDG
- 1D
- -0.66%
- 1M
- -0.28%
- 6M
- 4.61%
- YTD
- 6.42%
- 1Y
- 11.62%
- 3Y*
- 7.10%
- 5Y*
- 3.33%
- 10Y*
- 3.85%
BFLX
- 1D
- -0.43%
- 1M
- -1.16%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HDG vs. BFLX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
HDG ProShares Hedge Replication | 2.13% |
BFLX iShares Flexible Equity Active ETF | 0.50% |
Correlation
The correlation between HDG and BFLX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 20, 2026 | 0.81 |
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Return for Risk
HDG vs. BFLX — Risk / Return Rank
HDG
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
HDG vs. BFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and iShares Flexible Equity Active ETF (BFLX). 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 | BFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.35 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | — | — |
| Martin ratioReturn relative to average drawdown | 11.54 | — | — |
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Drawdowns
HDG vs. BFLX - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, which is greater than BFLX's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for HDG and BFLX.
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Drawdown Indicators
| HDG | BFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -3.85% | -11.46% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -1.29% | -2.25% | +0.96% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -1.37% | -1.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | — | — |
Volatility
HDG vs. BFLX - Volatility Comparison
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Volatility by Period
| HDG | BFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.10% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 6.34% | 14.09% | -7.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 14.09% | -6.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 14.09% | -6.98% |
HDG vs. BFLX - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than BFLX's 0.40% expense ratio.
Dividends
HDG vs. BFLX - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.38%, while BFLX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BFLX iShares Flexible Equity Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDG ProShares Hedge Replication | 2.38% | 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 BFLX have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BFLX is cheaper with a 0.40% expense ratio, compared with 0.95% for HDG.
HDG has the higher dividend yield at 2.38%, compared with 0.00% for BFLX.
They also come from different issuers: ProShares and iShares. Their fees differ too: 0.95% for HDG and 0.40% for BFLX.
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