HDG vs. CLIX
HDG (ProShares Hedge Replication) and CLIX (ProShares Long Online/Short Stores ETF) are both Long-Short funds from ProShares - HDG tracks the Merrill Lynch Factor Model - Exchange Series while CLIX tracks the ProShares Long Online/Short Stores Index. Both are passively managed. Over the past 5 years, HDG returned 2.84%/yr vs -7.81%/yr for CLIX. At a 0.49 correlation, their price movements are largely independent. HDG charges 0.95%/yr vs 0.65%/yr for CLIX.
Performance
HDG vs. CLIX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HDG achieves a 6.05% return, which is significantly higher than CLIX's -8.42% 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%
CLIX
- 1D
- 0.17%
- 1M
- -5.35%
- YTD
- -8.42%
- 6M
- -8.25%
- 1Y
- 7.98%
- 3Y*
- 17.69%
- 5Y*
- -7.81%
- 10Y*
- —
HDG vs. CLIX - 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% | 0.96% |
CLIX ProShares Long Online/Short Stores ETF | -8.42% | 32.81% | 20.73% | 28.97% | -46.73% | -39.96% | 90.91% | 17.32% | 6.34% | -2.43% |
Correlation
The correlation between HDG and CLIX is 0.52, 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 | 0.52 |
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 16, 2017 | 0.49 |
The correlation between HDG and CLIX has been stable across timeframes, ranging from 0.49 to 0.58 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HDG vs. CLIX — Risk / Return Rank
HDG
CLIX
HDG vs. CLIX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and ProShares Long Online/Short Stores ETF (CLIX). 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 | CLIX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.59 | ||
| Sortino ratioReturn per unit of downside risk | +2.19 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.08 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 0.41 | +2.68 |
| Martin ratioReturn relative to average drawdown | 12.41 | 1.05 | +11.36 |
Loading charts...
Drawdowns
HDG vs. CLIX - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum CLIX drawdown of -73.21%. Use the drawdown chart below to compare losses from any high point for HDG and CLIX.
Loading charts...
Drawdown Indicators
| HDG | CLIX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -73.21% | +57.90% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -19.57% | +15.60% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -21.18% | +13.98% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -68.22% | +52.91% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -1.63% | -45.90% | +44.27% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -34.76% | +32.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 7.65% | -6.66% |
Volatility
HDG vs. CLIX - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 3.06%, while ProShares Long Online/Short Stores ETF (CLIX) has a volatility of 6.66%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than CLIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| HDG | CLIX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 6.66% | -3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 16.29% | -10.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 21.45% | -15.19% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 27.04% | -19.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 25.91% | -18.79% |
HDG vs. CLIX - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than CLIX's 0.65% expense ratio.
Dividends
HDG vs. CLIX - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.36%, more than CLIX's 0.58% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | 0.58% | 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 | 2.36% | 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 CLIX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLIX has higher volatility (6.66%) compared to HDG (3.06%). In terms of maximum drawdown, HDG dropped -15.31% vs CLIX's -73.21%.
On 5-year performance, HDG leads with 2.84% vs -7.81% for CLIX. On fees, CLIX is cheaper at 0.65% 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 5-year period, HDG has performed better with a 2.84% return vs -7.81%. 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 2.36%, compared with 0.58% for CLIX.
HDG tracks Merrill Lynch Factor Model - Exchange Series, while CLIX tracks ProShares Long Online/Short Stores Index. Their fees differ too: 0.95% for HDG and 0.65% for CLIX.
HDG currently has the higher Sharpe Ratio (1.96 vs 0.37), 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.
Find the right allocation for HDG and CLIX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer