# HDG (ProShares Hedge Replication ETF)

ProShares · Alternatives ETFs · data as of Sep 18, 2026

In the S&P 500’s down weeks over the year to Sep 18, 2026, HDG fell 29% as much as the index.

## Key facts

- HDG, correlation with the S&P 500: +0.83, as of Sep 18, 2026.
- HDG, beta to the S&P 500: +0.36, as of Sep 18, 2026.
- HDG, down-week capture: 29.0%, as of Sep 18, 2026.
- HDG, against T-bills, 52 weeks: +5.2 pts, as of Sep 18, 2026.
- HDG, net assets: $23m (issuer page, as of Sep 18, 2026).
- HDG, expense ratio: 0.95% (485BPOS XBRL, Sep 23, 2025).

## HDG over each window to Sep 18, 2026

| Window | The fund | S&P 500 | Difference, percentage points |
| --- | --- | --- | --- |
| 3 months | −0.3% | +2.3% | −2.6 pts |
| 6 months | +7.4% | +18.0% | −10.6 pts |
| 1 year | +8.8% | +16.6% | −7.8 pts |
| 3 years | +24.2% | +78.4% | −54.2 pts |
| Since it listed | +54.9% | +660.0% | −605.0 pts |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Issuer | ProShares | ETFIQ |
| Strategy | Multi-strategy | ETFIQ, from its prospectus |
| Expense ratio | 0.95% | 485BPOS XBRL, Sep 23, 2025 |
| Net assets | $23m | issuer page, as of Sep 18, 2026 |
| Weeks measured | 52, from Sep 19, 2025 to Sep 18, 2026 | ETFIQ |
| Weeks the S&P 500 fell | 22 | ETFIQ |
| The S&P 500 in those weeks, on average | −1.24% | ETFIQ |
| HDG in those weeks, on average | −0.36% | ETFIQ |
| HDG total return over those weeks | +8.8% | ETFIQ |
| T-bills | +3.6% | ETFIQ |
| Listed since | Jul 14, 2011 | ETFIQ |
| Days traded | 90 | ETFIQ |
| Quoted | on an exchange, every trading day | ETFIQ |

## Questions

### Does HDG move with the S&P 500?

Over the year to Sep 18, 2026, HDG’s weekly returns had a correlation of +0.83 with the S&P 500’s, on a scale where 1 moves in step, 0 shows no pattern and −1 moves opposite. Its beta was +0.36, so for each 1% the index moved it moved about 0.36% the same way.

### What did HDG do when stocks fell?

The S&P 500 fell in 22 of the 52 weeks to Sep 18, 2026, by 1.24% on average. In those weeks HDG fell 0.36% on average, a down-week capture of 29.0%.

### Did HDG earn more than cash?

Over the same 52 weeks HDG returned +8.8% with distributions reinvested, and BIL, a fund of Treasury bills, returned +3.6%. HDG finished 5.2 percentage points ahead of it.

### What does HDG cost?

The prospectus expense ratio is 0.95% a year.

### Why is HDG listed as multi-strategy?

ETFIQ files each fund by what its own prospectus says it does, and HDG’s, filed Sep 26, 2024, describes a multi-strategy fund.


## Cite this page

ETFIQ, HDG, data as of Sep 18, 2026. https://etfiq.com/funds/hdg
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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