Which did better when the S&P 500 fell, FLSP or HDG?

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and HDG −0.41%, so FLSP returned more in those weeks.

Which earned more than cash, FLSP or HDG?

Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and HDG finished 3.0 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, FLSP or HDG?

FLSP charges 0.65% a year and HDG charges 0.95%, so FLSP is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

FLSP vs HDG: Correlation to the S&P 500

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Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than HDG: correlation −0.13 against +0.85.

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Net assets: $1.2bn on Nov 3, 2026 for Franklin Systematic Style Premia ETF, and $22m on Nov 4, 2026 for ProShares Hedge Replication ETF.

FLSP on its own →HDG on its own →

At a glance

−0.13

FLSP correlation with the S&P 500

+0.85

HDG correlation with the S&P 500

−21.2%

FLSP down-week capture

38.0%

HDG down-week capture

FLSP Rose when the S&P 500 fell

FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.

HDG Fell 38% as much as the S&P 500

HDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HDG −0.41%.

Pair scorecard

FLSP costs 0.30 points a year less; their one-year returns differ by 4.9 points; FLSP is far larger, $1.2bn against $22m.

FLSP vs HDG: Correlation to the S&P 500
Measure	FLSP	HDG
Return
Measure	FLSP	HDG
Total return, 1 year	+12.2%	+7.3%
Against its benchmark
Measure	FLSP	HDG
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	FLSP	HDG
Expense ratio	0.65%	0.95%
Net assets, as of Nov 3, 2026	$1.2bn	$22m
Holdings
Measure	FLSP	HDG
Holdings in common	not published
Risk
Measure	FLSP	HDG
Beta to the S&P 500	−0.06: about 0.06% for each 1%	+0.37: about 0.37% for each 1%
Its average week when the S&P 500 fell	rose 0.23%	fell 0.41%

Method

Window by window

Window by window: FLSP vs HDG: Correlation to the S&P 500
	Total return		vs its benchmark
Window	FLSP	HDG	FLSP	HDG
3 months	+3.1%	−1.3%	not measured	−1.2 pts vs VOO
6 months	+8.4%	+0.4%	not measured	−4.6 pts vs VOO
1 year	+12.2%	+7.3%	not measured	−7.5 pts vs VOO
3 years	+36.4%	+23.6%	not measured	−59.7 pts vs VOO
Since launchNot the same days: FLSP Dec 2019 · HDG Jul 2011	+37.8%	+53.6%	not measured	−618.3 pts vs VOO

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Side by side

FLSP Franklin Systematic Style Premia ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return HDG ProShares Hedge Replication ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return

Issuer Franklin ProShares

Strategy Multi-strategy Multi-strategy

Correlation with the S&P 500 −0.13 +0.85

Beta to the S&P 500 −0.06 +0.37

Down-week capture −21.2% 38.0%

Average week when the S&P 500 fell +0.23% −0.41%

The S&P 500 in those weeks −1.07% −1.07%

Total return, same 52 weeks +11.6% +6.7%

Against T-bills, percentage points +7.9 pts +3.0 pts

Expense ratio 0.65% 0.95%

First traded Dec 23, 2019 Jul 14, 2011

Net assets, FLSP as of Nov 3, 2026 and HDG as of Nov 4, 2026 $1.2bn $22m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

FLSP and HDG both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and HDG’s +0.85. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and HDG −0.41%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and HDG finished 3.0 points ahead of cash.

Alert

About each fund

FLSP

FLSP is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.13 with the S&P 500’s and a beta of −0.06, so for each 1% the index moved it moved about 0.06% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FLSP rose 0.23% on average, a down-week capture of −21.2%. Over the same 52 weeks FLSP returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.

HDG

HDG is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.37, so for each 1% the index moved it moved about 0.37% the same way. In the same weeks HDG fell 0.41% on average, a down-week capture of 38.0%. Over the same 52 weeks HDG returned +6.7% and a Treasury bill fund +3.7%, so it finished 3.0 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, FLSP or HDG?: Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and HDG’s +0.85, so FLSP moved less with the index.
Which did better when the S&P 500 fell, FLSP or HDG?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and HDG −0.41%, so FLSP returned more in those weeks.
Which earned more than cash, FLSP or HDG?: Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and HDG finished 3.0 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, FLSP or HDG?: FLSP charges 0.65% a year and HDG charges 0.95%, so FLSP is cheaper. Fees come from each fund's prospectus.

Other comparisons

FLSP vs HFND FLSP vs QIS FLSP vs QALT FLSP vs LALT HDG vs QAI HDG vs LALT HDG vs QALT HDG vs QIS

Where to next

BIL, the T-bill fund these are measured against →SPY, the S&P 500 fund these are measured against →All alternatives ETFs ranked by the Stock Diversification Score →How the scores are computed →FLSP on its own →HDG on its own →FLSP dividend history →HDG dividend history →Method →Standards and sources →

Sources and dates

FLSP filings on SEC EDGAR ↗

FLSP prospectus with the expense ratio (SEC) ↗

Franklin website ↗

HDG filings on SEC EDGAR ↗

HDG prospectus with the expense ratio (SEC) ↗

ProShares page for HDG ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

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ETFIQ, FLSP against HDG, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-hdg

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