ORR vs. HDG

Last updated Jun 3, 2026

ORR (Militia Long/Short Equity ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds. ORR is actively managed, while HDG is passively managed. Over the past year, ORR returned 26.34% vs 13.92% for HDG. At a 0.42 correlation, their price movements are largely independent. ORR charges 14.19%/yr vs 0.95%/yr for HDG.

Performance

ORR vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Militia Long/Short Equity ETF (ORR) 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, ORR achieves a 5.30% return, which is significantly lower than HDG's 6.79% return.

ORR

• 1D: 1.24%
• 1M: 0.62%
• YTD: 5.30%
• 6M: 8.24%
• 1Y: 26.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HDG

• 1D: 0.14%
• 1M: 2.31%
• YTD: 6.79%
• 6M: 7.48%
• 1Y: 13.92%
• 3Y*: 7.69%
• 5Y*: 3.13%
• 10Y*: 3.95%

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

ORR vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025
ORR Militia Long/Short Equity ETF	5.30%	32.15%
HDG ProShares Hedge Replication	6.79%	6.90%

Correlation

The correlation between ORR and HDG is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 16, 2025	0.42

Return for Risk

ORR vs. HDG — Risk / Return Rank

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

ORR

ORR Risk / Return Rank: 54
ORR Sharpe Ratio Rank: 57
ORR Sortino Ratio Rank: 57
ORR Omega Ratio Rank: 54
ORR Calmar Ratio Rank: 56
ORR Martin Ratio Rank: 46

HDG

HDG Risk / Return Rank: 76
HDG Sharpe Ratio Rank: 75
HDG Sortino Ratio Rank: 81
HDG Omega Ratio Rank: 80
HDG Calmar Ratio Rank: 69
HDG Martin Ratio Rank: 75

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.

ORR vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Militia Long/Short Equity ETF (ORR) 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.

	ORR	HDG	Difference
Sharpe ratio Return per unit of total volatility	1.96	2.49	-0.53
Sortino ratio Return per unit of downside risk	2.74	3.69	-0.95
Omega ratio Gain probability vs. loss probability	1.34	1.49	-0.15
Calmar ratio Return relative to maximum drawdown	2.84	3.51	-0.67
Martin ratio Return relative to average drawdown	7.76	14.55	-6.78
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ORR vs. HDG - Sharpe Ratio Comparison

The current ORR Sharpe Ratio is 1.96, which is comparable to the HDG Sharpe Ratio of 2.49. The chart below compares the historical Sharpe Ratios of ORR 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

	ORR	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.96	2.49	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.56	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.78	0.44	+1.35

Drawdowns

ORR vs. HDG - Drawdown Comparison

The maximum ORR drawdown since its inception was -9.85%, smaller than the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for ORR and HDG.

Drawdown Indicators

	ORR	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-9.85%	-15.31%	+5.46%
Max Drawdown (1Y) Largest decline over 1 year	-9.85%	-3.97%	-5.88%
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	-7.96%	0.00%	-7.96%
Average Drawdown Average peak-to-trough decline	-2.16%	-2.77%	+0.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.61%	0.96%	+2.65%

Volatility

ORR vs. HDG - Volatility Comparison

Militia Long/Short Equity ETF (ORR) has a higher volatility of 4.02% compared to ProShares Hedge Replication (HDG) at 2.01%. This indicates that ORR'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

	ORR	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.02%	2.01%	+2.01%
Volatility (6M) Calculated over the trailing 6-month period	10.90%	4.57%	+6.33%
Volatility (1Y) Calculated over the trailing 1-year period	13.55%	5.62%	+7.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.34%	7.15%	+8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.34%	7.11%	+8.23%

ORR vs. HDG - Expense Ratio Comparison

ORR has a 14.19% expense ratio, which is higher than HDG's 0.95% expense ratio.

Dividends

ORR vs. HDG - Dividend Comparison

ORR has not paid dividends to shareholders, while HDG's dividend yield for the trailing twelve months is around 2.34%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDG ProShares Hedge Replication	2.34%	2.55%	3.50%	3.48%	0.39%	0.00%	0.08%	1.09%	0.51%	0.00%	0.00%	0.00%
ORR Militia Long/Short Equity ETF	0.00%	0.00%	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 ORR and HDG in my portfolio?

ORR and HDG have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ORR or HDG?

ORR has higher volatility (4.02%) compared to HDG (2.01%). In terms of maximum drawdown, ORR dropped -9.85% vs HDG's -15.31%.

Which ETF is better, ORR or HDG?

On 1-year performance, ORR leads with 26.34% vs 13.92% for HDG. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 2.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ORR or HDG?

Over the 1-year period, ORR has performed better with a 26.34% return vs 13.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ORR or HDG?

HDG is cheaper with a 0.95% expense ratio, compared with 14.19% for ORR.

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

HDG has the higher dividend yield at 2.34%, compared with 0.00% for ORR.

What is the main difference between ORR and HDG?

They also come from different issuers: Militia Investments and ProShares. Their fees differ too: 14.19% for ORR and 0.95% for HDG.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.49 vs 1.96), 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.