Data as of Nov 4, 2026.
HDG vs QIS: Correlation to the S&P 500
Over the year to Nov 4, 2026, QIS moved less with the S&P 500 than HDG: correlation +0.03 against +0.85.
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Net assets: $22m on Nov 4, 2026 for ProShares Hedge Replication ETF, and $47m on Nov 3, 2026 for Simplify Multi-QIS Alternative ETF.
HDG in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, HDG −0.41%.
QIS in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QIS −2.05%.
Pair scorecard
HDG costs 0.18 points a year less; their one-year returns differ by 53.1 points; QIS is 2.1 times larger.
| Measure | HDG | QIS |
|---|---|---|
| Return | ||
| Total return, 1 year | +7.3% | −45.8% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.95% | 1.13% |
| Net assets, as of Nov 3, 2026 | $22m | $47m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.37: about 0.37% for each 1% | +0.10: about 0.10% for each 1% |
| Its average week when the S&P 500 fell | fell 0.41% | fell 2.05% |
Risk and return
Jul 21, 2023 to Oct 30, 2026 · 171 weekly returnsFrom Jul 2023 to Oct 2026, HDG returned more: +21.9% to −49.2%. HDG swung less: 5.2% to 27.9%. HDG fell less at its worst: −5.7% to −61.7%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | HDG | QIS | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +21.9% | −49.2% | HDG | Price change plus distributions, reinvested. |
| Annualized | +6.2% | −18.6% | HDG | Total return as a yearly rate. |
| Price return | +10.3% | −54.9% | HDG | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.2% | 27.9% | HDG | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.7% | 21.7% | HDG | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −5.7% | −61.7% | HDG | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.32 | −0.76 | HDG | Return above Treasury bills per unit of volatility. |
| Sortino | 0.44 | −0.98 | HDG | Return above Treasury bills per unit of downside deviation. |
| Calmar | 1.08 | −0.30 | HDG | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 171 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | vs its benchmark | |||
|---|---|---|---|---|
| Window | HDG | QIS | HDG | QIS |
| 3 months | −1.3% | +8.2% | −1.2 pts vs VOO | not measured |
| 6 months | +0.4% | −21.8% | −4.6 pts vs VOO | not measured |
| 1 year | +7.3% | −45.8% | −7.5 pts vs VOO | not measured |
| 3 years | +23.6% | −58.5% | −59.7 pts vs VOO | not measured |
| Since launchNot the same days: HDG Jul 2011 · QIS Jul 2023 | +53.6% | −57.4% | −618.3 pts vs VOO | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
HDG and QIS 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 QIS’s +0.03. In the 26 weeks the index fell, by 1.07% a week on average, HDG averaged −0.41% and QIS −2.05%. Over the same weeks, HDG finished 3.0 percentage points ahead of cash and QIS finished 50.7 points behind cash.
Client brief:
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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.
QIS
QIS is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.03 with the S&P 500’s and a beta of +0.10, so for each 1% the index moved it moved about 0.10% the same way. In the same weeks QIS fell 2.05% on average, a down-week capture of 191.0%. Over the same 52 weeks QIS returned −47.1% and a Treasury bill fund +3.7%, so it finished 50.7 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HDG or QIS?
- Over the 52 weeks to Nov 4, 2026, HDG’s weekly returns had a correlation of +0.85 with the S&P 500 and QIS’s +0.03, so QIS moved less with the index.
- Which did better when the S&P 500 fell, HDG or QIS?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, HDG averaged −0.41% and QIS −2.05%, so HDG returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, HDG against QIS, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/hdg-vs-qis
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