ProShares Hedge Replication ETF (HDG) Performance
HDG total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +5.4% since Dec 31, 2025
- 1 year
- +6.0% total return
- 5 years
- +2.9% a year
- 10 years
- +3.7% a year
- Since first price
- +2.8% a year since 2011
HDG trailing returns vs SPY, QQQ, AGG
| Period | HDG total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −1.3% | −1.3% | −1.0% | −5.0% | +0.9% |
| 3 months | −0.7% | −1.3% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.7% | +0.6% | +7.8% | +8.4% | −1.5% |
| YTD | +5.4% | +3.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +6.0% | +3.5% | +14.4% | +15.9% | −1.1% |
| 3 years | +24.6%+7.6%/yr | +14.2% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +15.2%+2.9%/yr | +2.6% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| 10 years | +43.3%+3.7%/yr | +25.5% | +315.9%+15.3%/yr | +538.9%+20.4%/yr | +14.0%+1.3%/yr |
| 15 years | +58.1%+3.1%/yr | +38.2% | +696.0%+14.8%/yr | +1,299.3%+19.2%/yr | +32.2%+1.9%/yr |
| Since inceptionJul 14, 2011 | +52.7%+2.8%/yr | +33.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: HDG vs SPY
From Jul 14, 2011: HDG grew to $15,268, SPY to $75,761.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
HDG returns by calendar year
11 of 14 full years positive. Best 2019 (+9.6%), worst 2022 (−8.5%). 2026 is year to date.
HDG annual returns table
| Year | HDG | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +5.4% | −4.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +7.2% | −7.2% | +17.7% | +20.8% | +7.2% |
| 2024 | +5.1% | −2.5% | +24.9% | +25.6% | +1.3% |
| 2023 | +7.1% | −3.4% | +26.2% | +54.9% | +5.7% |
| 2022 | −8.5% | −13.3% | −18.2% | −32.6% | −13.0% |
| 2021 | +3.0% | −4.4% | +28.7% | +27.4% | −1.8% |
| 2020 | +7.4% | −13.8% | +18.3% | +48.6% | +7.5% |
| 2019 | +9.6% | −2.6% | +31.2% | +39.0% | +8.5% |
| 2018 | −4.5% | −7.4% | −4.6% | −0.1% | +0.1% |
| 2017 | +5.6% | −1.2% | +21.7% | +32.7% | +3.6% |
| 2016 | +2.0% | −3.8% | +12.0% | +7.1% | +2.4% |
| 2015 | −0.5% | −5.6% | +1.2% | +9.4% | +0.5% |
| 2014 | +1.4% | −3.4% | +13.5% | +19.2% | +6.0% |
| 2013 | +4.5% | −3.8% | +32.3% | +36.6% | −2.0% |
| 2012 | +2.9% | −6.0% | +16.0% | +18.1% | +3.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
HDG largest drawdowns
Now 2.6% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Nov 8, 2021 | −15.3% | Sep 29, 2022 | Sep 24, 2024 | 11 months | 2.9 years |
| Feb 14, 2020 | −13.8% | Mar 23, 2020 | Nov 5, 2020 | 38 days | 9 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
HDG risk statistics
| Statistic | 3 years | 5 years | 10 years | Since 2011 |
|---|---|---|---|---|
| Annualized return | +7.4% | +3.4% | +3.7% | +2.9% |
| Volatility (annualized) | 4.6% | 5.9% | 6.0% | 5.7% |
| Sharpe ratio | 0.64 | -0.02 | 0.26 | 0.27 |
| Sortino ratio | 1.06 | -0.02 | 0.38 | 0.39 |
| Best month | +3.8% | +3.8% | +5.8% | +5.8% |
| Worst month | −1.9% | −4.3% | −5.9% | −5.9% |
| Best 12 months | +13.4% | +13.4% | +21.7% | +21.7% |
| Worst 12 months | +2.4% | −12.4% | −12.4% | −12.4% |
| Positive months | 64% | 53% | 61% | 59% |
| Beta vs S&P 500 | 0.31 | 0.32 | 0.34 | — |
| Correlation with S&P 500 | 0.83 | 0.86 | 0.87 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
HDG rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 172 | −12.4% | +3.2% | +21.7% | 78% |
| 3-year (a year) | 148 | −0.7% | +2.3% | +7.8% | 95% |
| 5-year (a year) | 124 | +0.1% | +2.4% | +5.2% | 100% |
| 10-year (a year) | 64 | +1.5% | +2.4% | +4.0% | 100% |
Every holding period starting at a month-end since 2011. Returns for 3 years and longer are annualized.
HDG performance overview
ProShares Hedge Replication ETF (HDG) returned +6.0% over the past year and +3.7% a year over ten years, with distributions reinvested. Since its first recorded price in 2011 it has returned +2.8% a year, turning $10,000 into about $15,268. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −15.3%, from Nov 8, 2021 to Sep 29, 2022, and it took 2.0 years to get back to the old high. HDG finished 11 of its 14 full calendar years with a gain; the best year was 2019 (+9.6%) and the worst 2022 (−8.5%). Volatility has been 5.7% a year.
Related: HDG chart, HDG dividends. See the HDG overview for the latest quote and fund facts.
HDG performance FAQ
What is the HDG return over the past year?
HDG returned +6.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 3.5%.
What is the average annual return of HDG?
HDG has returned +2.9% a year over 5 years, +3.7% a year over 10 years, +2.8% a year since July 14, 2011 (total return, distributions reinvested).
How much would $10,000 invested in HDG be worth?
$10,000 invested in HDG at its first recorded close on July 14, 2011 would be worth about $15,268 on October 23, 2026 with distributions reinvested.
What was the worst year for HDG?
The worst calendar year was 2022, with a total return of −8.5%. The best was 2019 at +9.6%.
What is the biggest drawdown of HDG?
The largest peak-to-trough decline was −15.3% between November 8, 2021 and September 29, 2022. It recovered to the old high on September 24, 2024, 2.0 years after the bottom.
How volatile is HDG?
Over the past 3 years HDG had an annualized volatility of 4.6% and a Sharpe ratio of 0.64 (excess return over 1–3 month T-bills per unit of risk).