HEDG vs. DIG

Last updated Jul 17, 2026

HEDG (Equable Shares Hedged Equity ETF) and DIG (ProShares Ultra Oil & Gas) are both exchange-traded funds - HEDG is a Equity Hedged fund tracking the Actively Managed, while DIG is a Leveraged Equities fund tracking the Dow Jones U.S. Oil & Gas Index (200%). Both are passively managed. At a correlation of -0.11, they often move in opposite directions. HEDG charges 0.96%/yr vs 0.95%/yr for DIG.

Performance

HEDG vs. DIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Equable Shares Hedged Equity ETF (HEDG) and ProShares Ultra Oil & Gas (DIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HEDG achieves a 3.85% return, which is significantly lower than DIG's 57.02% return.

HEDG

• 1D: -0.13%
• 1M: 0.82%
• 6M: 3.19%
• YTD: 3.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

DIG

• 1D: 1.92%
• 1M: 6.49%
• 6M: 39.50%
• YTD: 57.02%
• 1Y: 68.08%
• 3Y*: 19.43%
• 5Y*: 33.20%
• 10Y*: 3.82%

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

HEDG vs. DIG - Yearly Performance Comparison

	2026 (YTD)	2025
HEDG Equable Shares Hedged Equity ETF	3.85%	3.20%
DIG ProShares Ultra Oil & Gas	57.02%	9.76%

Correlation

The correlation between HEDG and DIG is -0.11, 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 (All Time) Calculated using the full available price history since Oct 13, 2025	-0.11

HEDG vs. DIG - Sectors Allocation Comparison

Sectors	HEDG	DIG
Technology	38.7%	-
Financial Services	11.1%	7.8%
Communication Services	10.8%	-
Consumer Cyclical	10.0%	-
Healthcare	8.3%	-
Industrials	7.9%	-
Consumer Defensive	4.6%	-
Energy	3.2%	54.3%
Utilities	2.1%	-
Real Estate	1.8%	-
Basic Materials	1.7%	-

Return for Risk

HEDG vs. DIG — Risk / Return Rank

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

HEDG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

DIG

DIG Risk / Return Rank: 53
DIG Sharpe Ratio Rank: 62
DIG Sortino Ratio Rank: 53
DIG Omega Ratio Rank: 50
DIG Calmar Ratio Rank: 57
DIG Martin Ratio Rank: 45

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.

HEDG vs. DIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Equable Shares Hedged Equity ETF (HEDG) and ProShares Ultra Oil & Gas (DIG). 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.

	HEDG	DIG	Difference
Sharpe ratio: Return per unit of total volatility	—	1.64	—
Sortino ratio: Return per unit of downside risk	—	2.10	—
Omega ratio: Gain probability vs. loss probability	—	1.26	—
Calmar ratio: Return relative to maximum drawdown	—	2.30	—
Martin ratio: Return relative to average drawdown	—	5.96	—

Drawdowns

HEDG vs. DIG - Drawdown Comparison

The maximum HEDG drawdown since its inception was -3.85%, smaller than the maximum DIG drawdown of -97.04%. Use the drawdown chart below to compare losses from any high point for HEDG and DIG.

Drawdown Indicators

	HEDG	DIG	Difference
Max Drawdown Largest peak-to-trough decline	-3.85%	-97.04%	+93.19%
Max Drawdown (1Y) Largest decline over 1 year	—	-29.80%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-42.41%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-46.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-92.53%	—
Current Drawdown Current decline from peak	-0.13%	-54.00%	+53.87%
Average Drawdown Average peak-to-trough decline	-0.38%	-64.31%	+63.93%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	11.46%	—

Volatility

Volatility by Period

	HEDG	DIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	12.34%	—
Volatility (6M) Calculated over the trailing 6-month period	—	33.38%	—
Volatility (1Y) Calculated over the trailing 1-year period	5.73%	41.89%	-36.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.73%	51.35%	-45.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.73%	57.79%	-52.06%

HEDG vs. DIG - Expense Ratio Comparison

HEDG has a 0.96% expense ratio, which is higher than DIG's 0.95% expense ratio.

Dividends

HEDG vs. DIG - Dividend Comparison

HEDG's dividend yield for the trailing twelve months is around 2.32%, more than DIG's 1.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DIG ProShares Ultra Oil & Gas	1.58%	2.62%	3.13%	0.61%	1.33%	2.24%	3.18%	2.72%	2.30%	1.76%	1.09%	1.56%
HEDG Equable Shares Hedged Equity ETF	2.32%	1.38%	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 HEDG and DIG in my portfolio?

HEDG and DIG have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HEDG or DIG?

On fees, DIG is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HEDG or DIG?

DIG is cheaper with a 0.95% expense ratio, compared with 0.96% for HEDG.

Which ETF pays a higher dividend yield, HEDG or DIG?

HEDG has the higher dividend yield at 2.32%, compared with 1.58% for DIG.

What is the main difference between HEDG and DIG?

HEDG is categorized as Equity Hedged, while DIG is Leveraged Equities. HEDG tracks Actively Managed, while DIG tracks Dow Jones U.S. Oil & Gas Index (200%). They also come from different issuers: Equable Shares and ProShares. Their fees differ too: 0.96% for HEDG and 0.95% for DIG.