HFEQ vs. CSM

Last updated Jun 4, 2026

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 0.87 suggests significant overlap in exposure. HFEQ charges 1.00%/yr vs 0.45%/yr for CSM.

Performance

HFEQ vs. CSM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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, HFEQ achieves a 14.04% return, which is significantly higher than CSM's 8.62% return.

HFEQ

• 1D: -0.34%
• 1M: 5.50%
• YTD: 14.04%
• 6M: 13.73%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

CSM

• 1D: -0.84%
• 1M: 4.86%
• YTD: 8.62%
• 6M: 9.99%
• 1Y: 28.48%
• 3Y*: 22.04%
• 5Y*: 13.38%
• 10Y*: 14.36%

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

HFEQ vs. CSM - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	14.04%	14.92%
CSM Proshares Large Cap Core Plus	8.62%	13.35%

Correlation

The correlation between HFEQ and CSM is 0.87, 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 16, 2025	0.87

Return for Risk

HFEQ vs. CSM — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 69
CSM Sharpe Ratio Rank: 72
CSM Sortino Ratio Rank: 72
CSM Omega Ratio Rank: 69
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 71

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.

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.

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

Sharpe Ratios by Period

	HFEQ	CSM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.40	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.79	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.66	0.86	+0.80

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.

Drawdown Indicators

	HFEQ	CSM	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.34%	-1.18%	+0.84%
Average Drawdown Average peak-to-trough decline	-2.45%	-4.04%	+1.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	2.15%	—

Volatility

Volatility by Period

	HFEQ	CSM	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.85%	—
Volatility (6M) Calculated over the trailing 6-month period	—	8.81%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	11.95%	+9.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.60%	17.11%	+4.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.60%	18.38%	+3.22%

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's dividend yield for the trailing twelve months is around 9.25%, more than CSM's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.01%	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	9.25%	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

Can I hold both HFEQ and CSM in my portfolio?

HFEQ and CSM have a correlation of 0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HFEQ 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, HFEQ or CSM?

CSM is cheaper with a 0.45% expense ratio, compared with 1.00% for HFEQ.

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

HFEQ has the higher dividend yield at 9.25%, compared with 1.01% for CSM.

What is the main difference between HFEQ and CSM?

They also come from different issuers: Unlimited and ProShares. Their fees differ too: 1.00% for HFEQ and 0.45% for CSM.