Data as of Nov 4, 2026.
HDG vs HFND: Correlation to the S&P 500
Over the year to Nov 4, 2026, HFND moved less with the S&P 500 than HDG: correlation +0.82 against +0.85.
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Net assets: $22m on Nov 4, 2026 for ProShares Hedge Replication ETF, and $39m on Aug 31, 2026 for Unlimited HFND Multi-Strategy Return Tracker ETF.
HDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HDG −0.41%.
HFND in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HFND −0.82%.
Pair scorecard
HDG costs 0.12 points a year less; their one-year returns differ by 4.1 points.
| Measure | HDG | HFND |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.3% | +3.2% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.95% | 1.07% |
| Net assets, HDG as of Nov 4, 2026 and HFND as of Aug 31, 2026 | $22m | $39m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.37: about 0.37% for each 1% | +0.58: about 0.58% for each 1% |
| Its average week when the S&P 500 fell | fell 0.41% | fell 0.82% |
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HDG | HFND | HDG | HFND |
| 3 months | −1.3% | −4.2% | −1.2 pts vs VOO | not measured |
| 6 months | +0.4% | −3.6% | −4.6 pts vs VOO | not measured |
| 1 year | +7.3% | +3.2% | −7.5 pts vs VOO | not measured |
| 3 years | +23.6% | +27.8% | −59.7 pts vs VOO | not measured |
| Since launchNot the same days: HDG Jul 2011 · HFND Oct 2022 | +53.6% | +30.8% | −618.3 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HDG and HFND both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and HFND’s +0.82. In the 26 weeks the index fell, by 1.07% a week on average, HDG averaged −0.41% and HFND −0.82%. Over the same weeks, HDG finished 3.0 percentage points ahead of cash and HFND finished 0.1 points behind cash.
HDG
HDG 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 +0.85 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
HFND
HFND is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.82 with the S&P 500’s and a beta of +0.58, so for each 1% the index moved it moved about 0.58% the same way. In the same weeks HFND fell 0.82% on average, a down-week capture of 76.4%. Over the same 52 weeks HFND returned +3.6% and a Treasury bill fund +3.7%, so it finished 0.1 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HDG or HFND?
- Over the 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and HFND’s +0.82, so HFND moved less with the index.
- Which did better when the S&P 500 fell, HDG or HFND?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and HFND −0.82%, so HDG returned more in those weeks.
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, HDG against HFND, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hdg-vs-hfnd
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