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HDG vs SPY

Comparison between PROSHARES HEDGE REPLICATION ETF (HDG, ETF) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed HDG, delivering a return of +13.4% compared to +2.9%

HDG vs SPY - Performance Comparison

Key Characteristics

Financial metrics and valuation ratios

Net Assets
HDG
$22M
Winner
SPY
$784B
Expense Ratio
HDG
0.95%
Winner
SPY
0.09%
Max Drawdown
Winner
HDG
15.31%
SPY
56.47%
Sharpe Ratio
HDG
1.33
Winner
SPY
1.50
5Y Beta
Winner
HDG
0.32
SPY
1.00
P/E Ratio
HDG
N/A
SPY
28.29
Forward P/E
HDG
N/A
SPY
21.76
5Y Dividends CAGR
Winner
HDG
106.61%
SPY
5.43%
5Y EPS CAGR
HDG
N/A
SPY
25.98%
Debt to Equity
HDG
N/A
SPY
30.79%
P/S Ratio
HDG
N/A
SPY
3.79
P/B Ratio
HDG
N/A
SPY
5.67

HDG vs SPY - Holdings Comparison

HDG and SPY have 2 common holdings. Overlap is 0.00%

HDG's top 25 holdings weight is 21.14%. SPY's top 25 holdings weight is 52.46%.

RankHDGSPY
#1
CTE PROSHARES TRUST M (n/a) - 14.55%
NVIDIA CORP (NVDA) - 8.30%
#2
MSCI EAFE INDEX (EFA) SWAP (n/a) - 2.16%
APPLE INC (AAPL) - 7.09%
#3
CASH (n/a) - 2.09%
MICROSOFT CORP (MSFT) - 5.02%
#4
MSCI EMERGING MARKETS INDEX (EEM) SWAP (n/a) - 0.80%
AMAZON.COM INC (AMZN) - 3.84%
#5
S&P 500 INDEX SWAP (n/a) - 0.30%
BROADCOM INC (AVGO) - 3.50%
#6
U.S. DOLLAR FOR FUTURES (n/a) - 0.17%
ALPHABET INC CLASS A (GOOGL) - 3.23%
#7
BLOOM ENERGY CORP CLASS A (BE) - 0.13%
ALPHABET INC CLASS C (GOOG) - 2.57%
#8
CREDO TECHNOLOGY GROUP HOLDING LTD (CRDO) - 0.08%
META PLATFORMS INC CLASS A (META) - 2.00%
#9
FABRINET (FN) - 0.07%
MICRON TECHNOLOGY INC (MU) - 1.84%
#10
NEXTPOWER INC CLASS A (NXT) - 0.07%
TESLA INC (TSLA) - 1.83%
#11
ECHOSTAR CORP CLASS A (SATS) - 0.06%
BERKSHIRE HATHAWAY INC CLASS B (BRK-B) - 1.32%
#12
HECLA MINING CO (HL) - 0.06%
ADVANCED MICRO DEVICES INC (AMD) - 1.30%
#13
KRATOS DEFENSE & SECURITY SOLUTIONS INC (KTOS) - 0.06%
ELI LILLY AND CO (LLY) - 1.29%
#14
COEUR MINING INC (CDE) - 0.06%
JPMORGAN CHASE & CO (JPM) - 1.24%
#15
BRIDGEBIO PHARMA INC (BBIO) - 0.05%
EXXON MOBIL CORP (XOM) - 0.96%
#16
MODINE MANUFACTURING CO (MOD) - 0.05%
JOHNSON & JOHNSON (JNJ) - 0.82%
#17
ADVANCED ENERGY INDUSTRIES INC (AEIS) - 0.05%
VISA INC CLASS A (V) - 0.82%
#18
ENSIGN GROUP INC (ENSG) - 0.05%
INTEL CORP (INTC) - 0.78%
#19
n/a (HASI) - 0.04%
CISCO SYSTEMS INC (CSCO) - 0.77%
#20
TG THERAPEUTICS INC (TGTX) - 0.04%
WALMART INC (WMT) - 0.76%
#21
GENWORTH FINANCIAL INC (GNW) - 0.04%
COSTCO WHOLESALE CORP (COST) - 0.65%
#22
IRHYTHM HOLDINGS INC (IRTC) - 0.04%
CATERPILLAR INC (CAT) - 0.65%
#23
CHAMPION HOMES INC (SKY) - 0.04%
ORACLE CORP (ORCL) - 0.64%
#24
ICU MEDICAL INC (ICUI) - 0.04%
LAM RESEARCH CORP (LRCX) - 0.64%
#25
TERAWULF INC (WULF) - 0.04%
APPLIED MATERIALS INC (AMAT) - 0.60%
Total Holdings1778505

HDG vs SPY - Historical Returns

Returns include dividend reinvestment.

1M
Winner
HDG
+1.32%
SPY
+0.48%
3M
HDG
+5.99%
Winner
SPY
+11.67%
6M
HDG
+6.65%
Winner
SPY
+9.42%
1Y
HDG
+12.69%
Winner
SPY
+24.27%
5Y(CAGR)
HDG
+2.93%
Winner
SPY
+13.36%
10Y(CAGR)
HDG
+4.00%
Winner
SPY
+15.42%
Max(CAGR)
HDG
+2.95%
Winner
SPY
+8.49%

HDG vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

YearHDGSPY
2026+6.21%+8.88%
2025+7.20%+18.00%
2024+5.48%+25.59%
2023+6.75%+26.72%
2022-8.65%-18.64%
2021+3.46%+30.52%
2020+7.08%+17.28%
2019+9.83%+31.09%
2018-4.79%-5.24%
2017+5.32%+20.78%
2016+2.87%+13.59%
2015-0.06%+1.31%
2014+2.04%+14.56%
2013+3.33%+29.00%
2012+2.38%+14.17%
2011-3.01%+0.85%
2010N/A+13.14%
2009N/A+22.67%
2008N/A-36.25%
2007N/A+5.32%
2006N/A+13.85%
2005N/A+5.32%
2004N/A+10.75%
2003N/A+24.18%
2002N/A-22.42%
2001N/A-10.13%
2000N/A-8.84%
1999N/A+8.61%

HDG vs SPY Drawdown Comparison

The maximum drawdown for HDG was -15.31%, occurring on Sep 29, 2022. Recovery took 722 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current HDG drawdown is -0.34%. The current SPY drawdown is -2.35%.

RankHDGSPY
#1-15.31%
Nov 8, 2021 - Sep 24, 2024		-55.20%
Oct 9, 2007 - Aug 16, 2012
#2-13.76%
Feb 14, 2020 - Nov 5, 2020		-47.50%
Mar 24, 2000 - Oct 26, 2006
#3-7.83%
Jul 21, 2011 - Jan 2, 2013		-33.70%
Feb 19, 2020 - Aug 10, 2020
#4-7.82%
May 21, 2015 - Feb 15, 2017		-24.50%
Jan 3, 2022 - Dec 13, 2023
#5-7.43%
Jan 26, 2018 - Oct 21, 2019		-19.34%
Sep 20, 2018 - Apr 12, 2019
#6-7.20%
Feb 18, 2025 - Jul 3, 2025		-18.76%
Feb 19, 2025 - Jun 26, 2025
#7-3.97%
Feb 25, 2026 - Apr 16, 2026		-13.02%
Jul 20, 2015 - Apr 18, 2016
#8-3.78%
May 21, 2013 - Sep 18, 2013		-10.10%
Jan 26, 2018 - Aug 6, 2018
#9-3.67%
Mar 15, 2021 - Nov 5, 2021		-9.44%
Sep 2, 2020 - Nov 11, 2020
#10-3.41%
Sep 3, 2014 - Feb 4, 2015		-9.30%
Jan 19, 2000 - Mar 17, 2000
#11-2.92%
Feb 9, 2021 - Mar 15, 2021		-9.05%
Jul 19, 2007 - Oct 5, 2007
#12-2.72%
Oct 31, 2013 - Apr 2, 2014		-8.88%
Jan 27, 2026 - Apr 14, 2026
#13-2.21%
Oct 27, 2025 - Dec 10, 2025		-8.41%
Jul 16, 2024 - Sep 19, 2024
#14-1.81%
Jan 14, 2021 - Feb 4, 2021		-7.35%
Sep 14, 2012 - Jan 2, 2013
#15-1.73%
Dec 4, 2024 - Jan 30, 2025		-7.27%
Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between HDG and SPY is 0.98 which considered as a very strong positive correlation - the stocks move almost identically together.

0.98
-101

Dividend Comparison (1999 - 2026)

HDG vs SPY dividend yield comparison.

YearHDGSPY
20260.50%0.24%
20252.55%1.07%
20243.50%1.21%
20233.48%1.40%
20220.39%1.65%
20210.00%1.20%
20200.08%1.52%
20191.09%1.75%
20180.51%2.04%
20170.00%1.80%
20160.00%2.03%
20150.00%2.06%
20140.00%1.87%
20130.00%1.81%
20120.13%2.18%
20110.00%2.05%
20100.00%1.80%
20090.00%1.95%
20080.00%3.02%
20070.00%1.85%
20060.00%1.73%
20050.00%1.73%
20040.00%1.82%
20030.00%1.47%
20020.00%1.70%
20010.00%1.25%
20000.00%1.15%
19990.00%0.24%

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