HDG vs. LBAY
Compare and contrast key facts about ProShares Hedge Replication (HDG) and Leatherback Long/Short Alternative Yield ETF (LBAY).
HDG and LBAY 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. LBAY is an actively managed fund by Toroso Investments. It was launched on Nov 16, 2020.
Performance
HDG vs. LBAY - Performance Comparison
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HDG vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 0.49% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 3.53% |
LBAY Leatherback Long/Short Alternative Yield ETF | 15.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 4.58% |
Returns By Period
In the year-to-date period, HDG achieves a 0.49% return, which is significantly lower than LBAY's 15.90% 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%
LBAY
- 1D
- -0.68%
- 1M
- -2.73%
- YTD
- 15.90%
- 6M
- 14.05%
- 1Y
- 12.14%
- 3Y*
- 4.38%
- 5Y*
- 7.44%
- 10Y*
- —
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HDG vs. LBAY - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is lower than LBAY's 1.09% expense ratio.
Return for Risk
HDG vs. LBAY — Risk / Return Rank
HDG
LBAY
HDG vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and Leatherback Long/Short Alternative Yield ETF (LBAY). 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 | LBAY | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.23 | 0.75 | +0.47 |
Sortino ratioReturn per unit of downside risk | 1.77 | 1.20 | +0.57 |
Omega ratioGain probability vs. loss probability | 1.26 | 1.15 | +0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 1.36 | +0.34 |
Martin ratioReturn relative to average drawdown | 6.95 | 3.16 | +3.79 |
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 | LBAY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.23 | 0.75 | +0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.28 | 0.55 | -0.28 |
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 | 0.73 | -0.36 |
Correlation
The correlation between HDG and LBAY is 0.37, 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. LBAY - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.49%, less than LBAY's 3.40% 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% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.40% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Drawdowns
HDG vs. LBAY - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, roughly equal to the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for HDG and LBAY.
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Drawdown Indicators
| HDG | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -15.99% | +0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -4.85% | -9.71% | +4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -15.99% | +0.68% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | — | — |
Current DrawdownCurrent decline from peak | -2.74% | -2.73% | -0.01% |
Average DrawdownAverage peak-to-trough decline | -2.80% | -6.77% | +3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.19% | 4.18% | -2.99% |
Volatility
HDG vs. LBAY - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 2.61%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 5.55%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDG | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.61% | 5.55% | -2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 4.43% | 12.16% | -7.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.90% | 16.19% | -9.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 13.49% | -6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.08% | 13.66% | -6.58% |