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 3.85%/yr vs -72.05%/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 6.42% return, which is significantly higher than UVXY's -34.93% return. Over the past 10 years, HDG has outperformed UVXY with an annualized return of 3.85%, while UVXY has yielded a comparatively lower -72.05% annualized return.
HDG
- 1D
- -0.66%
- 1M
- -0.28%
- 6M
- 4.61%
- YTD
- 6.42%
- 1Y
- 11.62%
- 3Y*
- 7.10%
- 5Y*
- 3.33%
- 10Y*
- 3.85%
UVXY
- 1D
- 2.95%
- 1M
- -9.52%
- 6M
- -33.79%
- YTD
- -34.93%
- 1Y
- -73.19%
- 3Y*
- -62.17%
- 5Y*
- -68.33%
- 10Y*
- -72.05%
HDG vs. UVXY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 6.42% | 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 | -34.93% | -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 -0.69, 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 | -0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.60 |
Correlation (All Time) Calculated using the full available price history since Oct 4, 2011 | -0.60 |
The correlation between HDG and UVXY has been stable across timeframes, ranging from -0.69 to -0.60 - 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.
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 | UVXY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.70 | ||
| Sortino ratioReturn per unit of downside risk | +4.26 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.82 | +0.53 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | -0.99 | +3.93 |
| Martin ratioReturn relative to average drawdown | 11.54 | -1.48 | +13.02 |
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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% | -73.88% | +69.91% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -95.42% | +88.22% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -99.75% | +84.44% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -100.00% | +84.69% |
Current DrawdownCurrent decline from peak | -1.29% | -100.00% | +98.71% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -98.76% | +96.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 49.56% | -48.55% |
Volatility
HDG vs. UVXY - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 2.10%, while ProShares Ultra VIX Short-Term Futures ETF (UVXY) has a volatility of 17.16%. 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 | 2.10% | 17.16% | -15.06% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 66.78% | -61.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.34% | 85.47% | -79.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 103.82% | -96.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 112.00% | -104.89% |
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 2.38%, 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 | 2.38% | 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 -0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UVXY has higher volatility (17.16%) compared to HDG (2.10%). In terms of maximum drawdown, HDG dropped -15.31% vs UVXY's -100.00%.
On 10-year performance, HDG leads with 3.85% vs -72.05% for UVXY. Both ETFs have the same 0.95% expense ratio. On volatility, HDG has been the lower-risk option at 2.10%. 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 3.85% return vs -72.05%. 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 2.38%, 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 (1.84 vs -0.86), 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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