HFEQ vs. CSM
HFEQ (Unlimited HFEQ Equity Long/Short ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds. HFEQ is actively managed, while CSM is passively managed. Their correlation of 0.84 suggests significant overlap in exposure. HFEQ charges 1.00%/yr vs 0.45%/yr for CSM.
Performance
HFEQ vs. CSM - Performance Comparison
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Returns By Period
In the year-to-date period, HFEQ achieves a 9.98% return, which is significantly higher than CSM's 6.09% return.
HFEQ
- 1D
- -3.97%
- 1M
- -1.18%
- YTD
- 9.98%
- 6M
- 8.55%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
CSM
- 1D
- -1.20%
- 1M
- -1.28%
- YTD
- 6.09%
- 6M
- 5.46%
- 1Y
- 24.27%
- 3Y*
- 20.69%
- 5Y*
- 12.67%
- 10Y*
- 14.43%
HFEQ vs. CSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HFEQ Unlimited HFEQ Equity Long/Short ETF | 9.98% | 14.35% |
CSM Proshares Large Cap Core Plus | 6.09% | 12.73% |
Correlation
The correlation between HFEQ and CSM is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jul 15, 2025 | 0.84 |
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Return for Risk
HFEQ vs. CSM — Risk / Return Rank
HFEQ
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
CSM
HFEQ vs. CSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.
| HFEQ | CSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.34 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 2.59 | — |
| Martin ratioReturn relative to average drawdown | — | 10.87 | — |
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Drawdowns
HFEQ vs. CSM - Drawdown Comparison
The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for HFEQ and CSM.
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Drawdown Indicators
| HFEQ | CSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.46% | -36.11% | +23.65% |
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 DrawdownCurrent decline from peak | -3.97% | -3.47% | -0.50% |
Average DrawdownAverage peak-to-trough decline | -2.44% | -4.03% | +1.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 2.24% | — |
Volatility
HFEQ vs. CSM - Volatility Comparison
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Volatility by Period
| HFEQ | CSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 4.50% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 9.57% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 21.90% | 12.42% | +9.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.90% | 17.19% | +4.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.90% | 18.39% | +3.51% |
HFEQ vs. CSM - Expense Ratio Comparison
HFEQ has a 1.00% expense ratio, which is higher than CSM's 0.45% expense ratio.
Dividends
HFEQ vs. CSM - Dividend Comparison
HFEQ has not paid dividends to shareholders, while CSM's dividend yield for the trailing twelve months is around 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
HFEQ Unlimited HFEQ Equity Long/Short ETF | 9.59% | 10.55% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HFEQ and CSM have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
CSM is cheaper with a 0.45% expense ratio, compared with 1.00% for HFEQ.
HFEQ has the higher dividend yield at 9.59%, compared with 1.03% for CSM.
They also come from different issuers: Unlimited and ProShares. Their fees differ too: 1.00% for HFEQ and 0.45% for CSM.
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