RSEE vs. HDG

Last updated Jun 4, 2026

RSEE (Rareview Systematic Equity ETF) and HDG (ProShares Hedge Replication) are both Long-Short funds. RSEE is actively managed, while HDG is passively managed. Over the past 3 years, RSEE returned 19.29%/yr vs 7.56%/yr for HDG. A 0.76 correlation means they provide meaningful diversification when combined. RSEE charges 1.27%/yr vs 0.95%/yr for HDG.

Performance

RSEE vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Rareview Systematic Equity ETF (RSEE) 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, RSEE achieves a 15.92% return, which is significantly higher than HDG's 6.40% return.

RSEE

• 1D: -0.97%
• 1M: 7.65%
• YTD: 15.92%
• 6M: 16.63%
• 1Y: 37.19%
• 3Y*: 19.29%
• 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)

RSEE vs. HDG - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RSEE Rareview Systematic Equity ETF	15.92%	20.54%	18.54%	10.21%	-1.61%
HDG ProShares Hedge Replication	6.40%	7.18%	5.12%	7.14%	-5.23%

Correlation

The correlation between RSEE and HDG 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 (1Y) Calculated over the trailing 1-year period	0.87
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jan 24, 2022	0.76

The correlation between RSEE and HDG shifts across timeframes, from 0.76 (all time) to 0.87 (1 year), reflecting how their relationship changes across market environments.

RSEE vs. HDG - Sectors Allocation Comparison

Sectors	RSEE	HDG
Technology	30.2%	17.0%
Financial Services	13.2%	15.8%
Industrials	10.9%	17.7%
Consumer Cyclical	10.3%	8.4%
Communication Services	8.9%	2.4%
Healthcare	8.0%	16.5%
Consumer Defensive	5.6%	2.4%
Basic Materials	4.1%	4.8%
Energy	3.9%	6.1%
Utilities	2.6%	2.9%
Real Estate	2.4%	6.1%

Return for Risk

RSEE vs. HDG — Risk / Return Rank

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

RSEE

RSEE Risk / Return Rank: 62
RSEE Sharpe Ratio Rank: 64
RSEE Sortino Ratio Rank: 61
RSEE Omega Ratio Rank: 60
RSEE Calmar Ratio Rank: 59
RSEE Martin Ratio Rank: 66

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.

RSEE vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Rareview Systematic Equity ETF (RSEE) 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.

	RSEE	HDG	Difference
Sharpe ratio: Return per unit of total volatility	2.13	2.36	-0.23
Sortino ratio: Return per unit of downside risk	2.86	3.50	-0.64
Omega ratio: Gain probability vs. loss probability	1.37	1.46	-0.09
Calmar ratio: Return relative to maximum drawdown	2.90	3.35	-0.45
Martin ratio: Return relative to average drawdown	12.05	13.81	-1.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RSEE vs. HDG - Sharpe Ratio Comparison

The current RSEE Sharpe Ratio is 2.13, which is comparable to the HDG Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of RSEE 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

	RSEE	HDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.13	2.36	-0.23
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	0.76	0.43	+0.33

Drawdowns

RSEE vs. HDG - Drawdown Comparison

The maximum RSEE drawdown since its inception was -21.60%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for RSEE and HDG.

Drawdown Indicators

	RSEE	HDG	Difference
Max Drawdown Largest peak-to-trough decline	-21.60%	-15.31%	-6.29%
Max Drawdown (1Y) Largest decline over 1 year	-12.89%	-3.97%	-8.92%
Max Drawdown (3Y) Largest decline over 3 years	-21.60%	-7.20%	-14.40%
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	-0.97%	-0.37%	-0.60%
Average Drawdown Average peak-to-trough decline	-3.78%	-2.77%	-1.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.10%	0.96%	+2.14%

Volatility

RSEE vs. HDG - Volatility Comparison

Rareview Systematic Equity ETF (RSEE) has a higher volatility of 5.39% compared to ProShares Hedge Replication (HDG) at 2.06%. This indicates that RSEE'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

	RSEE	HDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.39%	2.06%	+3.33%
Volatility (6M) Calculated over the trailing 6-month period	13.86%	4.58%	+9.28%
Volatility (1Y) Calculated over the trailing 1-year period	17.56%	5.64%	+11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.00%	7.15%	+11.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.00%	7.11%	+11.89%

RSEE vs. HDG - Expense Ratio Comparison

RSEE has a 1.27% expense ratio, which is higher than HDG's 0.95% expense ratio.

Dividends

RSEE vs. HDG - Dividend Comparison

RSEE's dividend yield for the trailing twelve months is around 0.21%, less than HDG's 2.35% yield.

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%
RSEE Rareview Systematic Equity ETF	0.21%	0.24%	9.02%	0.84%	1.97%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both RSEE and HDG in my portfolio?

RSEE and HDG 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 is riskier, RSEE or HDG?

RSEE has higher volatility (5.39%) compared to HDG (2.06%). In terms of maximum drawdown, RSEE dropped -21.60% vs HDG's -15.31%.

Which ETF is better, RSEE or HDG?

On 3-year performance, RSEE leads with 19.29% vs 7.56% for HDG. 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, RSEE or HDG?

Over the 3-year period, RSEE has performed better with a 19.29% return vs 7.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RSEE or HDG?

HDG is cheaper with a 0.95% expense ratio, compared with 1.27% for RSEE.

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

HDG has the higher dividend yield at 2.35%, compared with 0.21% for RSEE.

What is the main difference between RSEE and HDG?

They also come from different issuers: Rareview Funds and ProShares. Their fees differ too: 1.27% for RSEE and 0.95% for HDG.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.36 vs 2.13), 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.