HDG vs. UVXY
HDG (ProShares Hedge Replication) and UVXY (ProShares Ultra VIX Short-Term Futures ETF) are both exchange-traded funds - HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series, while UVXY is a Volatility fund tracking the S&P 500 VIX SHORT-TERM FUTURES TR (150%). Both are passively managed. Over the past 10 years, HDG returned 3.89%/yr vs -72.73%/yr for UVXY. At a correlation of -0.60, they often move in opposite directions. Both charge a 0.95% expense ratio.
Performance
HDG vs. UVXY - Performance Comparison
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Returns By Period
In the year-to-date period, HDG achieves a 6.62% return, which is significantly higher than UVXY's -23.07% return. Over the past 10 years, HDG has outperformed UVXY with an annualized return of 3.89%, while UVXY has yielded a comparatively lower -72.73% annualized return.
HDG
- 1D
- 0.21%
- 1M
- 1.08%
- YTD
- 6.62%
- 6M
- 7.09%
- 1Y
- 13.32%
- 3Y*
- 7.63%
- 5Y*
- 3.06%
- 10Y*
- 3.89%
UVXY
- 1D
- -4.95%
- 1M
- -26.21%
- YTD
- -23.07%
- 6M
- -39.47%
- 1Y
- -74.10%
- 3Y*
- -64.78%
- 5Y*
- -68.23%
- 10Y*
- -72.73%
HDG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 6.62% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
UVXY ProShares Ultra VIX Short-Term Futures ETF | -23.07% | -65.32% | -50.90% | -87.70% | -44.81% | -88.33% | -17.38% | -84.23% | 60.10% | -94.17% |
Correlation
The correlation between HDG and UVXY is -0.66, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.58 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.62 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2011 | -0.60 |
The correlation between HDG and UVXY has been stable across timeframes, ranging from -0.66 to -0.58 - a consistent structural relationship.
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Return for Risk
HDG vs. UVXY — Risk / Return Rank
HDG
UVXY
HDG vs. UVXY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) and ProShares Ultra VIX Short-Term Futures ETF (UVXY). 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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.25 | ||
| Sortino ratioReturn per unit of downside risk | +5.19 | ||
| Omega ratioGain probability vs. loss probability | 1.46 | 0.81 | +0.65 |
| Calmar ratioReturn relative to maximum drawdown | 3.37 | -0.97 | +4.34 |
| Martin ratioReturn relative to average drawdown | 13.91 | -1.33 | +15.24 |
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 | UVXY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.37 | -0.88 | +3.25 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.43 | -0.66 | +1.09 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | -0.64 | +1.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.43 | -0.68 | +1.11 |
Drawdowns
HDG vs. UVXY - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum UVXY drawdown of -100.00%. Use the drawdown chart below to compare losses from any high point for HDG and UVXY.
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Drawdown Indicators
| HDG | UVXY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -100.00% | +84.69% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -76.19% | +72.22% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -95.25% | +88.05% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -99.69% | +84.38% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -100.00% | +84.69% |
Current DrawdownCurrent decline from peak | -0.15% | -100.00% | +99.85% |
Average DrawdownAverage peak-to-trough decline | -2.77% | -98.55% | +95.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.96% | 55.83% | -54.87% |
Volatility
HDG vs. UVXY - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 1.72%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 12.26%. This indicates that HDG experiences smaller price fluctuations and is considered to be less risky than UVXY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HDG | UVXY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.72% | 12.26% | -10.54% |
Volatility (6M)Calculated over the trailing 6-month period | 4.58% | 62.79% | -58.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.63% | 84.51% | -78.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.15% | 103.82% | -96.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 113.81% | -106.70% |
HDG vs. UVXY - Expense Ratio Comparison
Both HDG and UVXY have an expense ratio of 0.95%.
Dividends
HDG vs. UVXY - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.35%, while UVXY 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% |
UVXY ProShares Ultra VIX Short-Term Futures 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
HDG and UVXY have a correlation of -0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (12.26%) compared to HDG (1.72%). In terms of maximum drawdown, HDG dropped -15.31% vs UVXY's -100.00%.
On 10-year performance, HDG leads with 3.89% vs -72.73% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, HDG has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDG has performed better with a 3.89% return vs -72.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDG and UVXY have the same expense ratio: 0.95% per year.
HDG has the higher dividend yield at 2.35%, compared with 0.00% for UVXY.
HDG is categorized as Long-Short, while UVXY is Volatility. HDG tracks Merrill Lynch Factor Model - Exchange Series, while UVXY tracks S&P 500 VIX SHORT-TERM FUTURES TR (150%).
HDG currently has the higher Sharpe Ratio (2.37 vs -0.88), 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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