HDG vs. SENT

Last updated Jun 4, 2026

HDG (ProShares Hedge Replication) and SENT (AdvisorShares Alpha DNA Equity Sentiment ETF) are both Long-Short funds - HDG tracks the Merrill Lynch Factor Model - Exchange Series while SENT tracks the Actively Managed. Both are passively managed. Over the past 5 years, HDG returned 3.02%/yr vs -4.51%/yr for SENT. A 0.56 correlation means they provide meaningful diversification when combined. HDG charges 0.95%/yr vs 1.01%/yr for SENT.

Performance

HDG vs. SENT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Hedge Replication (HDG) and AdvisorShares Alpha DNA Equity Sentiment ETF (SENT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HDG

• 1D: -0.37%
• 1M: 2.07%
• YTD: 6.40%
• 6M: 7.00%
• 1Y: 13.22%
• 3Y*: 7.56%
• 5Y*: 3.02%
• 10Y*: 3.91%

SENT

• 1D: 0.00%
• 1M: 0.00%
• YTD: 0.00%
• 6M: 0.00%
• 1Y: 0.00%
• 3Y*: -3.03%
• 5Y*: -4.51%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDG vs. SENT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
HDG ProShares Hedge Replication	6.40%	7.18%	5.12%	7.14%	-8.48%	0.20%
SENT AdvisorShares Alpha DNA Equity Sentiment ETF	0.00%	0.00%	0.00%	-6.03%	-18.25%	8.96%

Correlation

The correlation between HDG and SENT is 0.56, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.23
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (All Time) Calculated using the full available price history since Feb 4, 2021	0.56

The correlation between HDG and SENT shifts across timeframes, from 0.23 (3 years) to 0.56 (all time), reflecting how their relationship changes across market environments.

HDG vs. SENT - Sectors Allocation Comparison

Sectors	HDG	SENT
Industrials	17.7%	14.6%
Technology	17.0%	26.2%
Healthcare	16.5%	24.8%
Financial Services	15.8%	6.1%
Consumer Cyclical	8.4%	10.1%
Real Estate	6.1%	-
Energy	6.1%	10.3%
Basic Materials	4.8%	3.0%
Utilities	2.9%	-
Communication Services	2.4%	1.9%
Consumer Defensive	2.4%	3.1%

Return for Risk

HDG vs. SENT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDG

HDG Risk / Return Rank: 73
HDG Sharpe Ratio Rank: 72
HDG Sortino Ratio Rank: 77
HDG Omega Ratio Rank: 76
HDG Calmar Ratio Rank: 67
HDG Martin Ratio Rank: 73

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDG vs. SENT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and AdvisorShares Alpha DNA Equity Sentiment ETF (SENT). 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	SENT	Difference
Sharpe ratio: Return per unit of total volatility	2.36	—	—
Sortino ratio: Return per unit of downside risk	3.50	—	—
Omega ratio: Gain probability vs. loss probability	1.46	—	—
Calmar ratio: Return relative to maximum drawdown	3.35	—	—
Martin ratio: Return relative to average drawdown	13.81	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HDG	SENT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.36	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.42	-0.36	+0.78
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	-0.25	+0.68

Drawdowns

HDG vs. SENT - Drawdown Comparison

The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum SENT drawdown of -30.34%. Use the drawdown chart below to compare losses from any high point for HDG and SENT.

Drawdown Indicators

	HDG	SENT	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-30.34%	+15.03%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	0.00%	-3.97%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-15.83%	+8.63%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-30.34%	+15.03%
Max Drawdown (10Y) Largest decline over 10 years	-15.31%	—	—
Current Drawdown Current decline from peak	-0.37%	-27.23%	+26.86%
Average Drawdown Average peak-to-trough decline	-2.77%	-20.90%	+18.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	0.00%	+0.96%

Volatility

HDG vs. SENT - Volatility Comparison

ProShares Hedge Replication (HDG) has a higher volatility of 2.06% compared to AdvisorShares Alpha DNA Equity Sentiment ETF (SENT) at 0.00%. This indicates that HDG's price experiences larger fluctuations and is considered to be riskier than SENT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDG	SENT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.06%	0.00%	+2.06%
Volatility (6M) Calculated over the trailing 6-month period	4.58%	0.00%	+4.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.64%	0.00%	+5.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	12.66%	-5.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	13.32%	-6.21%

HDG vs. SENT - Expense Ratio Comparison

HDG has a 0.95% expense ratio, which is lower than SENT's 1.01% expense ratio.

Dividends

HDG vs. SENT - Dividend Comparison

HDG's dividend yield for the trailing twelve months is around 2.35%, while SENT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.35%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
SENT AdvisorShares Alpha DNA Equity Sentiment 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%

Frequently Asked Questions

Can I hold both HDG and SENT in my portfolio?

HDG and SENT have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDG or SENT?

HDG has higher volatility (2.06%) compared to SENT (0.00%). In terms of maximum drawdown, HDG dropped -15.31% vs SENT's -30.34%.

Which ETF is better, HDG or SENT?

On 5-year performance, HDG leads with 3.02% vs -4.51% for SENT. On fees, HDG is cheaper at 0.95% per year. On volatility, SENT has been the lower-risk option at 0.00%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDG or SENT?

Over the 5-year period, HDG has performed better with a 3.02% return vs -4.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDG or SENT?

HDG is cheaper with a 0.95% expense ratio, compared with 1.01% for SENT.

Which ETF pays a higher dividend yield, HDG or SENT?

HDG has the higher dividend yield at 2.35%, compared with 0.00% for SENT.

What is the main difference between HDG and SENT?

HDG tracks Merrill Lynch Factor Model - Exchange Series, while SENT tracks Actively Managed. They also come from different issuers: ProShares and AdvisorShares. Their fees differ too: 0.95% for HDG and 1.01% for SENT.