Data as of .
HDG vs QIS: which moved less with stocks?
Over the year to Sep 18, 2026, QIS moved less with the S&P 500 than HDG: correlation −0.15 against +0.83.
ETFIQ Diversifier Score: QIS 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 QIS 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 QIS’s −0.15. In the 22 weeks the index fell, by 1.24% a week on average, HDG averaged −0.36% and QIS −0.74%. Over the same weeks, HDG finished 5.2 percentage points ahead of cash and QIS finished 41.5 points behind cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| HDG | QIS | HDG | QIS | |
| 3 months | −0.3% | +13.8% | −2.6 pts | +11.6 pts |
| 6 months | +7.4% | −10.4% | −10.6 pts | −28.4 pts |
| 1 year | +8.8% | −37.0% | −7.8 pts | −53.5 pts |
| 3 years | +24.2% | −49.4% | −54.2 pts | −127.8 pts |
| Since launch | +54.9% | −48.1% | −605.0 pts | −127.3 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 | QIS Simplify Multi-QIS Alternative ETF Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return | |
|---|---|---|
| Issuer | ProShares | Simplify |
| Strategy | Multi-strategy | Multi-strategy |
| Correlation with the S&P 500 | +0.83 | −0.15 |
| Beta to the S&P 500 | +0.36 | −0.49 |
| Down-week capture | 29.0% | 59.6% |
| Average week when the S&P 500 fell | −0.36% | −0.74% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +8.8% | −37.8% |
| Against T-bills, percentage points | +5.2 pts | −41.5 pts |
| Expense ratio | 0.95% | 1.21% |
| Listed | Jul 14, 2011 | Jul 11, 2023 |
| Net assets | $23m | $46m |
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.
QIS in plain words
QIS is a multi-strategy fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of −0.15 with the S&P 500’s and a beta of −0.49, so for each 1% the index moved it moved about 0.49% the other way. In the same weeks QIS fell 0.74% on average, a down-week capture of 59.6%. Over the same 52 weeks QIS returned −37.8% and a Treasury bill fund +3.6%, so it finished 41.5 percentage points behind cash.
Questions people ask
- Which moved less with the S&P 500, HDG or QIS?
- Over the 52 weeks to Sep 18, 2026, HDG’s weekly returns had a correlation of +0.83 with the S&P 500 and QIS’s −0.15, so QIS moved less with the index.
- Which did better when the S&P 500 fell, HDG or QIS?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, HDG averaged −0.36% and QIS −0.74%, so HDG returned more in those weeks.
- Which earned more than cash, HDG or QIS?
- Over the same weeks, HDG finished 5.2 percentage points ahead of cash and QIS finished 41.5 percentage points behind cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, HDG or QIS?
- HDG charges 0.95% a year and QIS charges 1.21%, 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 QIS, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/hdg-vs-qis Free to use with attribution; the underlying files are at Open data.