HFSP vs. HDG

Last updated Jun 4, 2026

HFSP (TradersAI Large Cap Equity & Cash ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds. HFSP is actively managed, while HDG is passively managed. Over the past year, HFSP returned -14.56% vs 13.22% for HDG. At a correlation of -0.01, they often move in opposite directions. HFSP charges 1.25%/yr vs 0.95%/yr for HDG.

Performance

HFSP vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TradersAI Large Cap Equity & Cash ETF (HFSP) and ProShares Hedge Replication (HDG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HFSP achieves a -5.81% return, which is significantly lower than HDG's 6.40% return.

HFSP

• 1D: -0.03%
• 1M: -1.34%
• YTD: -5.81%
• 6M: -4.27%
• 1Y: -14.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDG

• 1D: -0.37%
• 1M: 2.07%
• YTD: 6.40%
• 6M: 7.00%
• 1Y: 13.22%
• 3Y*: 7.56%
• 5Y*: 3.02%
• 10Y*: 3.91%

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

HFSP vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HFSP TradersAI Large Cap Equity & Cash ETF	-5.81%	-24.01%	1.15%
HDG ProShares Hedge Replication	6.40%	7.18%	0.16%

Correlation

The correlation between HFSP and HDG is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (All Time) Calculated using the full available price history since Oct 25, 2024	-0.01

Return for Risk

HFSP vs. HDG — Risk / Return Rank

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

HFSP

HFSP Risk / Return Rank: 4
HFSP Sharpe Ratio Rank: 3
HFSP Sortino Ratio Rank: 4
HFSP Omega Ratio Rank: 3
HFSP Calmar Ratio Rank: 4
HFSP Martin Ratio Rank: 4

HDG

HDG Risk / Return Rank: 73
HDG Sharpe Ratio Rank: 72
HDG Sortino Ratio Rank: 77
HDG Omega Ratio Rank: 76
HDG Calmar Ratio Rank: 67
HDG Martin Ratio Rank: 73

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.

HFSP vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TradersAI Large Cap Equity & Cash ETF (HFSP) and ProShares Hedge Replication (HDG). 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.

	HFSP	HDG	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	2.36	-3.06
Sortino ratio: Return per unit of downside risk	-0.86	3.50	-4.36
Omega ratio: Gain probability vs. loss probability	0.89	1.46	-0.57
Calmar ratio: Return relative to maximum drawdown	-0.59	3.35	-3.94
Martin ratio: Return relative to average drawdown	-1.04	13.81	-14.85
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HFSP vs. HDG - Sharpe Ratio Comparison

The current HFSP Sharpe Ratio is -0.70, which is lower than the HDG Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of HFSP and HDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HFSP	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	2.36	-3.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.42	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.75	0.43	-1.18

Drawdowns

HFSP vs. HDG - Drawdown Comparison

The maximum HFSP drawdown since its inception was -33.80%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for HFSP and HDG.

Drawdown Indicators

	HFSP	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-33.80%	-15.31%	-18.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.64%	-3.97%	-20.67%
Max Drawdown (3Y) Largest decline over 3 years	—	-7.20%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-15.31%	—
Current Drawdown Current decline from peak	-32.12%	-0.37%	-31.75%
Average Drawdown Average peak-to-trough decline	-17.02%	-2.77%	-14.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.04%	0.96%	+13.08%

Volatility

HFSP vs. HDG - Volatility Comparison

TradersAI Large Cap Equity & Cash ETF (HFSP) has a higher volatility of 5.01% compared to ProShares Hedge Replication (HDG) at 2.06%. This indicates that HFSP's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HFSP	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.01%	2.06%	+2.95%
Volatility (6M) Calculated over the trailing 6-month period	12.44%	4.58%	+7.86%
Volatility (1Y) Calculated over the trailing 1-year period	20.93%	5.64%	+15.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.48%	7.15%	+17.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	7.11%	+17.37%

HFSP vs. HDG - Expense Ratio Comparison

HFSP has a 1.25% expense ratio, which is higher than HDG's 0.95% expense ratio.

Dividends

HFSP vs. HDG - Dividend Comparison

HFSP has not paid dividends to shareholders, while HDG's dividend yield for the trailing twelve months is around 2.35%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.35%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
HFSP TradersAI Large Cap Equity & Cash ETF	0.00%	0.00%	1.53%	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 HFSP and HDG in my portfolio?

HFSP and HDG have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HFSP or HDG?

HFSP has higher volatility (5.01%) compared to HDG (2.06%). In terms of maximum drawdown, HFSP dropped -33.80% vs HDG's -15.31%.

Which ETF is better, HFSP or HDG?

On 1-year performance, HDG leads with 13.22% vs -14.56% for HFSP. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 2.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HFSP or HDG?

Over the 1-year period, HDG has performed better with a 13.22% return vs -14.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HFSP or HDG?

HDG is cheaper with a 0.95% expense ratio, compared with 1.25% for HFSP.

Which ETF pays a higher dividend yield, HFSP or HDG?

HDG has the higher dividend yield at 2.35%, compared with 0.00% for HFSP.

What is the main difference between HFSP and HDG?

They also come from different issuers: TradersAI and ProShares. Their fees differ too: 1.25% for HFSP and 0.95% for HDG.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.36 vs -0.70), 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.