HELS vs. CSM

Last updated Jun 26, 2026

HELS (Hedgeye 130/30 Equity ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds. HELS is actively managed, while CSM is passively managed. At a 0.45 correlation, their price movements are largely independent. HELS charges 0.70%/yr vs 0.45%/yr for CSM.

Performance

HELS vs. CSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye 130/30 Equity ETF (HELS) and Proshares Large Cap Core Plus (CSM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HELS achieves a 1.10% return, which is significantly lower than CSM's 5.66% return.

HELS

• 1D: 2.03%
• 1M: 1.43%
• YTD: 1.10%
• 6M: -1.28%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSM

• 1D: -0.43%
• 1M: -2.43%
• YTD: 5.66%
• 6M: 4.46%
• 1Y: 22.45%
• 3Y*: 20.54%
• 5Y*: 12.45%
• 10Y*: 14.62%

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

HELS vs. CSM - Yearly Performance Comparison

	2026 (YTD)	2025
HELS Hedgeye 130/30 Equity ETF	1.10%	-2.37%
CSM Proshares Large Cap Core Plus	5.66%	0.36%

Correlation

The correlation between HELS and CSM is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	0.45

Return for Risk

HELS vs. CSM — Risk / Return Rank

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

HELS

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

CSM

CSM Risk / Return Rank: 61
CSM Sharpe Ratio Rank: 64
CSM Sortino Ratio Rank: 62
CSM Omega Ratio Rank: 60
CSM Calmar Ratio Rank: 56
CSM Martin Ratio Rank: 63

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.

HELS vs. CSM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye 130/30 Equity ETF (HELS) and Proshares Large Cap Core Plus (CSM). 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.

	HELS	CSM	Difference
Sharpe ratio: Return per unit of total volatility	—	1.83	—
Sortino ratio: Return per unit of downside risk	—	2.53	—
Omega ratio: Gain probability vs. loss probability	—	1.32	—
Calmar ratio: Return relative to maximum drawdown	—	2.40	—
Martin ratio: Return relative to average drawdown	—	9.95	—

Drawdowns

HELS vs. CSM - Drawdown Comparison

The maximum HELS drawdown since its inception was -13.60%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for HELS and CSM.

Drawdown Indicators

	HELS	CSM	Difference
Max Drawdown Largest peak-to-trough decline	-13.60%	-36.11%	+22.51%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-18.30%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-23.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-36.11%	—
Current Drawdown Current decline from peak	-5.27%	-3.87%	-1.40%
Average Drawdown Average peak-to-trough decline	-5.70%	-4.03%	-1.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.26%	—

Volatility

Volatility by Period

	HELS	CSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.38%	—
Volatility (6M) Calculated over the trailing 6-month period	—	9.53%	—
Volatility (1Y) Calculated over the trailing 1-year period	16.70%	12.35%	+4.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.70%	17.19%	-0.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.70%	18.39%	-1.69%

HELS vs. CSM - Expense Ratio Comparison

HELS has a 0.70% expense ratio, which is higher than CSM's 0.45% expense ratio.

Dividends

HELS vs. CSM - Dividend Comparison

HELS's dividend yield for the trailing twelve months is around 0.02%, less than CSM's 1.07% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.07%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
HELS Hedgeye 130/30 Equity ETF	0.02%	0.02%	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 HELS and CSM in my portfolio?

HELS and CSM have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HELS or CSM?

On fees, CSM is cheaper at 0.45% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HELS or CSM?

CSM is cheaper with a 0.45% expense ratio, compared with 0.70% for HELS.

Which ETF pays a higher dividend yield, HELS or CSM?

CSM has the higher dividend yield at 1.07%, compared with 0.02% for HELS.

What is the main difference between HELS and CSM?

They also come from different issuers: Hedgeye and ProShares. Their fees differ too: 0.70% for HELS and 0.45% for CSM.