Data as of .
HDG vs QALT: which moved less with stocks?
Over the year to Sep 18, 2026, QALT moved less with the S&P 500 than HDG: correlation +0.45 against +0.83.
ETFIQ Diversifier Score: QALT 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 QALT 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 QALT’s +0.45. In the 22 weeks the index fell, by 1.24% a week on average, HDG averaged −0.36% and QALT −0.26%. Over the same weeks, HDG finished 5.2 percentage points ahead of cash and QALT finished 5.6 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HDG | QALT | HDG | QALT | |
| 3 months | −0.3% | −1.2% | −2.6 pts | −3.5 pts |
| 6 months | +7.4% | +4.3% | −10.6 pts | −13.7 pts |
| 1 year | +8.8% | +9.1% | −7.8 pts | −7.5 pts |
| 3 years | +24.2% | not published | −54.2 pts | not published |
| Since launch | +54.9% | +10.9% | −605.0 pts | −9.2 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 | QALT SEI DBi 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 | SEI |
| Strategy | Multi-strategy | Multi-strategy |
| Correlation with the S&P 500 | +0.83 | +0.45 |
| Beta to the S&P 500 | +0.36 | +0.25 |
| Down-week capture | 29.0% | 21.1% |
| Average week when the S&P 500 fell | −0.36% | −0.26% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +8.8% | +9.2% |
| Against T-bills, percentage points | +5.2 pts | +5.6 pts |
| Expense ratio | 0.95% | 0.80% |
| Listed | Jul 14, 2011 | Aug 25, 2025 |
| Net assets | $23m | $194m |
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.
QALT in plain words
QALT is a multi-strategy fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.45 with the S&P 500’s and a beta of +0.25, so for each 1% the index moved it moved about 0.25% the same way. In the same weeks QALT fell 0.26% on average, a down-week capture of 21.1%. Over the same 52 weeks QALT returned +9.2% and a Treasury bill fund +3.6%, so it finished 5.6 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, HDG or QALT?
- Over the 52 weeks to Sep 18, 2026, HDG’s weekly returns had a correlation of +0.83 with the S&P 500 and QALT’s +0.45, so QALT moved less with the index.
- Which did better when the S&P 500 fell, HDG or QALT?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HDG averaged −0.36% and QALT −0.26%, so QALT returned more in those weeks.
- Which earned more than cash, HDG or QALT?
- Over the same weeks, HDG finished 5.2 percentage points ahead of cash and QALT finished 5.6 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, HDG or QALT?
- HDG charges 0.95% a year and QALT charges 0.80%, so QALT 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 QALT, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hdg-vs-qalt Free to use with attribution; the underlying files are at Open data.