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

In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and LALT −0.10%, so LALT returned more in those weeks.

Which earned more than cash, HDG or LALT?

Over the same weeks, HDG finished 3.0 percentage points ahead of cash and LALT finished 8.0 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, HDG or LALT?

HDG charges 0.95% a year and LALT charges 1.18%, so HDG is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Alternative ETFs

HDG vs LALT: Correlation to the S&P 500

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Over the year to Nov 4, 2026, LALT moved less with the S&P 500 than HDG: correlation +0.34 against +0.85.

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Net assets: $22m on Nov 4, 2026 for ProShares Hedge Replication ETF, and $442m on Nov 3, 2026 for First Trust Multi-Strategy Alternative ETF.

HDG on its own →LALT on its own →

At a glance

+0.85

HDG correlation with the S&P 500

+0.34

LALT correlation with the S&P 500

38.0%

HDG down-week capture

8.9%

LALT down-week capture

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%.

LALT Fell 9% as much as the S&P 500

LALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LALT −0.10%.

Pair scorecard

HDG costs 0.23 points a year less; their one-year returns differ by 4.7 points; LALT is far larger, $442m against $22m.

HDG vs LALT: Correlation to the S&P 500
Measure	HDG	LALT
Return
Measure	HDG	LALT
Total return, 1 year	+7.3%	+12.0%
Against its benchmark
Measure	HDG	LALT
Treasury bills, 52 weeks	+3.7%
Cost and size
Measure	HDG	LALT
Expense ratio	0.95%	1.18%
Net assets, as of Nov 3, 2026	$22m	$442m
Holdings
Measure	HDG	LALT
Holdings in common	not published
Risk
Measure	HDG	LALT
Beta to the S&P 500	+0.37: about 0.37% for each 1%	+0.17: about 0.17% for each 1%
Its average week when the S&P 500 fell	fell 0.41%	fell 0.10%

Method

Window by window

Window by window: HDG vs LALT: Correlation to the S&P 500
	Total return		vs its benchmark
Window	HDG	LALT	HDG	LALT
3 months	−1.3%	+1.9%	−1.2 pts vs VOO	not measured
6 months	+0.4%	0.0%	−4.6 pts vs VOO	not measured
1 year	+7.3%	+12.0%	−7.5 pts vs VOO	not measured
3 years	+23.6%	+33.7%	−59.7 pts vs VOO	not measured
Since launchNot the same days: HDG Jul 2011 · LALT Feb 2023	+53.6%	+34.3%	−618.3 pts vs VOO	not measured

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Side by side

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 LALT First Trust Multi-Strategy Alternative ETF · Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return

Issuer ProShares First Trust

Strategy Multi-strategy Multi-strategy

Correlation with the S&P 500 +0.85 +0.34

Beta to the S&P 500 +0.37 +0.17

Down-week capture 38.0% 8.9%

Average week when the S&P 500 fell −0.41% −0.10%

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

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

Against T-bills, percentage points +3.0 pts +8.0 pts

Expense ratio 0.95% 1.18%

First traded Jul 14, 2011 Feb 1, 2023

Net assets, HDG as of Nov 4, 2026 and LALT as of Nov 3, 2026 $22m $442m

As of Nov 4, 2026. Source: ETFIQ.

One strategy, two funds

HDG and LALT 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 LALT’s +0.34. In the 26 weeks the index fell, by 1.07% a week on average, HDG averaged −0.41% and LALT −0.10%. Over the same weeks, HDG finished 3.0 percentage points ahead of cash and LALT finished 8.0 points ahead of cash.

Alert

About each fund

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.

LALT

LALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.34 with the S&P 500’s and a beta of +0.17, so for each 1% the index moved it moved about 0.17% the same way. In the same weeks LALT fell 0.10% on average, a down-week capture of 8.9%. Over the same 52 weeks LALT returned +11.6% and a Treasury bill fund +3.7%, so it finished 8.0 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, HDG or LALT?: Over the 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and LALT’s +0.34, so LALT moved less with the index.
Which did better when the S&P 500 fell, HDG or LALT?: In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and LALT −0.10%, so LALT returned more in those weeks.
Which earned more than cash, HDG or LALT?: Over the same weeks, HDG finished 3.0 percentage points ahead of cash and LALT finished 8.0 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, HDG or LALT?: HDG charges 0.95% a year and LALT charges 1.18%, so HDG is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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 →HDG on its own →LALT on its own →HDG dividend history →LALT dividend history →Method →Standards and sources →

Sources and dates

HDG filings on SEC EDGAR ↗

HDG prospectus with the expense ratio (SEC) ↗

ProShares page for HDG ↗

LALT filings on SEC EDGAR ↗

LALT prospectus with the expense ratio (SEC) ↗

First Trust page for LALT ↗

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

How this is computed

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

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

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