HDG vs. CSM
HDG (ProShares Hedge Replication) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds from ProShares - HDG tracks the Merrill Lynch Factor Model - Exchange Series while CSM tracks the Credit Suisse 130/30 Large-Cap Index. Both are passively managed. Over the past 10 years, HDG returned 4.06%/yr vs 14.40%/yr for CSM. A 0.73 correlation means they provide meaningful diversification when combined. HDG charges 0.95%/yr vs 0.45%/yr for CSM.
Performance
HDG vs. CSM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with HDG having a 6.05% return and CSM slightly lower at 5.82%. Over the past 10 years, HDG has underperformed CSM with an annualized return of 4.06%, while CSM has yielded a comparatively higher 14.40% 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%
CSM
- 1D
- -0.26%
- 1M
- -1.53%
- YTD
- 5.82%
- 6M
- 4.63%
- 1Y
- 22.54%
- 3Y*
- 20.59%
- 5Y*
- 12.48%
- 10Y*
- 14.40%
HDG vs. CSM - 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% |
CSM Proshares Large Cap Core Plus | 5.82% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
Correlation
The correlation between HDG and CSM 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 (1Y) Calculated over the trailing 1-year period | 0.81 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.75 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.77 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Jul 14, 2011 | 0.73 |
The correlation between HDG and CSM has been stable across timeframes, ranging from 0.73 to 0.81 - a consistent structural relationship.
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Return for Risk
HDG vs. CSM — Risk / Return Rank
HDG
CSM
HDG vs. CSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and Proshares Large Cap Core Plus (CSM). 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 | CSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.32 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | 2.41 | +0.68 |
| Martin ratioReturn relative to average drawdown | 12.41 | 10.04 | +2.37 |
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Drawdowns
HDG vs. CSM - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for HDG and CSM.
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Drawdown Indicators
| HDG | CSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -36.11% | +20.80% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -9.40% | +5.43% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -18.30% | +11.10% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -23.82% | +8.51% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -36.11% | +20.80% |
Current DrawdownCurrent decline from peak | -1.63% | -3.72% | +2.09% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -4.03% | +1.27% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 2.25% | -1.26% |
Volatility
HDG vs. CSM - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 3.06%, while Proshares Large Cap Core Plus (CSM) has a volatility of 4.46%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than CSM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDG | CSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 4.46% | -1.40% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 9.55% | -4.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 12.39% | -6.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 17.19% | -9.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 18.39% | -11.27% |
HDG vs. CSM - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than CSM's 0.45% expense ratio.
Dividends
HDG vs. CSM - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.36%, more than CSM's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
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 CSM 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.
CSM has higher volatility (4.46%) compared to HDG (3.06%). In terms of maximum drawdown, HDG dropped -15.31% vs CSM's -36.11%.
On 10-year performance, CSM leads with 14.40% vs 4.06% for HDG. On fees, CSM is cheaper at 0.45% 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, CSM has performed better with a 14.40% return vs 4.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 0.95% for HDG.
HDG has the higher dividend yield at 2.36%, compared with 1.03% for CSM.
HDG tracks Merrill Lynch Factor Model - Exchange Series, while CSM tracks Credit Suisse 130/30 Large-Cap Index. Their fees differ too: 0.95% for HDG and 0.45% for CSM.
HDG currently has the higher Sharpe Ratio (1.96 vs 1.83), 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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