HDG vs. FLSP
Compare and contrast key facts about ProShares Hedge Replication (HDG) and Franklin Liberty Systematic Style Premia ETF (FLSP).
HDG and FLSP are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011. FLSP is an actively managed fund by Franklin Templeton. It was launched on Dec 18, 2019.
Performance
HDG vs. FLSP - Performance Comparison
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HDG vs. FLSP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 0.49% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 0.03% |
FLSP Franklin Liberty Systematic Style Premia ETF | 1.08% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
Returns By Period
In the year-to-date period, HDG achieves a 0.49% return, which is significantly lower than FLSP's 1.08% return.
HDG
- 1D
- 1.28%
- 1M
- -1.94%
- YTD
- 0.49%
- 6M
- 2.17%
- 1Y
- 8.41%
- 3Y*
- 5.75%
- 5Y*
- 1.97%
- 10Y*
- 3.41%
FLSP
- 1D
- 0.63%
- 1M
- -1.63%
- YTD
- 1.08%
- 6M
- 5.31%
- 1Y
- 13.76%
- 3Y*
- 10.39%
- 5Y*
- 8.49%
- 10Y*
- —
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HDG vs. FLSP - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is higher than FLSP's 0.65% expense ratio.
Return for Risk
HDG vs. FLSP — Risk / Return Rank
HDG
FLSP
HDG vs. FLSP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and Franklin Liberty Systematic Style Premia ETF (FLSP). 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.
| HDG | FLSP | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 1.12 | +0.10 |
Sortino ratioReturn per unit of downside risk | 1.77 | 1.59 | +0.18 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.23 | +0.03 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 2.29 | -0.59 |
Martin ratioReturn relative to average drawdown | 6.95 | 10.40 | -3.45 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HDG | FLSP | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 1.12 | +0.10 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.64 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.48 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.30 | +0.07 |
Correlation
The correlation between HDG and FLSP is 0.08, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HDG vs. FLSP - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.49%, less than FLSP's 2.62% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 2.49% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.62% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HDG vs. FLSP - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum FLSP drawdown of -22.75%. Use the drawdown chart below to compare losses from any high point for HDG and FLSP.
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Drawdown Indicators
| HDG | FLSP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -22.75% | +7.44% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -6.66% | +1.81% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -9.52% | -5.79% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -2.74% | -2.12% | -0.62% |
Average DrawdownAverage peak-to-trough decline | -2.80% | -6.42% | +3.62% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 1.46% | -0.27% |
Volatility
HDG vs. FLSP - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 2.61%, while Franklin Liberty Systematic Style Premia ETF (FLSP) has a volatility of 3.54%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than FLSP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDG | FLSP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 3.54% | -0.93% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 7.12% | -2.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 12.38% | -5.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 13.41% | -6.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 13.67% | -6.59% |