Data as of .
HDG vs LALT: which moved less with stocks?
Over the year to Sep 18, 2026, LALT moved less with the S&P 500 than HDG: correlation +0.24 against +0.83.
ETFIQ Diversifier Score: LALT scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
HDG and LALT both run a multi-strategy strategy. Over the same 52 weeks to Sep 18, 2026, HDG’s weekly returns had a correlation of +0.83 with the S&P 500 and LALT’s +0.24. In the 22 weeks the index fell, by 1.24% a week on average, HDG averaged −0.36% and LALT +0.18%. Over the same weeks, HDG finished 5.2 percentage points ahead of cash and LALT finished 11.6 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HDG | LALT | HDG | LALT | |
| 3 months | −0.3% | +2.9% | −2.6 pts | +0.7 pts |
| 6 months | +7.4% | +3.6% | −10.6 pts | −14.4 pts |
| 1 year | +8.8% | +15.3% | −7.8 pts | −1.2 pts |
| 3 years | +24.2% | +32.8% | −54.2 pts | −45.6 pts |
| Since launch | +54.9% | +36.0% | −605.0 pts | −58.4 pts |
| 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 | +0.83 | +0.24 |
| Beta to the S&P 500 | +0.36 | +0.11 |
| Down-week capture | 29.0% | −14.9% |
| Average week when the S&P 500 fell | −0.36% | +0.18% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +8.8% | +15.2% |
| Against T-bills, percentage points | +5.2 pts | +11.6 pts |
| Expense ratio | 0.95% | 1.18% |
| Listed | Jul 14, 2011 | Feb 1, 2023 |
| Net assets | $23m | $389m |
HDG in plain words
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 Sep 18, 2026, its weekly returns had a correlation of +0.83 with the S&P 500’s and a beta of +0.36, so for each 1% the index moved it moved about 0.36% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks HDG fell 0.36% on average, a down-week capture of 29.0%. Over the same 52 weeks HDG returned +8.8% and a Treasury bill fund +3.6%, so it finished 5.2 percentage points ahead of cash.
LALT in plain words
LALT is a multi-strategy fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.24 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. In the same weeks LALT rose 0.18% on average, a down-week capture of −14.9%. Over the same 52 weeks LALT returned +15.2% and a Treasury bill fund +3.6%, so it finished 11.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HDG or LALT?
- Over the 52 weeks to Sep 18, 2026, HDG’s weekly returns had a correlation of +0.83 with the S&P 500 and LALT’s +0.24, so LALT moved less with the index.
- Which did better when the S&P 500 fell, HDG or LALT?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HDG averaged −0.36% and LALT +0.18%, so LALT returned more in those weeks.
- Which earned more than cash, HDG or LALT?
- Over the same weeks, HDG finished 5.2 percentage points ahead of cash and LALT finished 11.6 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
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, HDG against LALT, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hdg-vs-lalt Free to use with attribution; the underlying files are at Open data.