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HDG vs QALT

ProShares Hedge Replication ETF

HDGBNYSE Arca

SEI DBi Multi-Strategy Alternative ETF

QALTANasdaq

Overlap

Expense ratio

QALT −0.15pt a year

HDG0.95%QALT0.80%

Avg volume · 30D

QALT 22.2×the volume

HDG800QALT17.7K

HDG vs QALT Performance

Oct 31, 2025 – Oct 30, 2026

+6.0%HDG+6.6%QALT

Oct 31, 2025 to Oct 30, 2026. HDG +6.0%. QALT +6.6%. Use the arrow keys to read each point.0%2%4%8%10%Oct 2025Apr 2026Oct 2026
Expense ratio
HDG 0.95%
QALT 0.80%, better
Fund size
HDG $22M
QALT $195M
1Y total return
HDG +6.0%
QALT +6.6%, better
Yield (12M)
HDG 2.31%
QALT No data
Holdings
HDG 1962
QALT 26
Avg volume (30D)
HDG 800 sh
QALT 17.7K sh, better
NAV per share
HDG $53.60
QALT $25.87
52W range

ETF.net Grade

HDG: Cost 74, Risk 68, Mission not scored, Tradability 31, Holdings not scored, Durability 68. QALT: Cost 90, Risk 65, Mission not scored, Tradability 57, Holdings not scored, Durability 65.
Pillar letters and Scores for HDG, QALT, with each pillar’s weight
PillarHDGQALT
Cost30% weightA74A90Higher
Mission25% weightNot scoredNot scored
Risk15% weightB68HigherB65
Tradability15% weightD31B57Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB68HigherB65

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HDG and QALT are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds
See all 29 ›

QALT ranks 4th and HDG 8th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 4AQALTSEI DBi Multi-Strategy Alternative ETFScore 74
  5. Rank 5BIALTiShares Systematic Alternatives Active ETFScore 69
  6. Rank 7BFARXFrontier Asset Absolute Return ETFScore 64
  7. Rank 8BHDGProShares Hedge Replication ETFScore 62
  8. Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 59

Our read on each fund

ETF.net Research

HDGBProShares Hedge Replication ETF

QALTASEI DBi Multi-Strategy Alternative ETF

In short

HDG A 2011-vintage try at bottling hedge fund beta: HDG tracks an index that swings long or short across six liquid factors to mirror the broad hedge fund universe's risk and return profile, without owning a single hedge fund.

QALT One ticker, several hedge fund playbooks: SEI stacks sub-advisers running directional, event-driven and arbitrage strategies, and measures itself against 3-month T-bills instead of the S&P 500. It undercuts the typical alternatives fund on fees.

Stated mandate

HDG HDG seeks to track the Merrill Lynch Factor Model – Exchange Series, a benchmark designed to provide the risk and return characteristics of a broad hedge fund universe.

QALT The fund seeks positive absolute returns across market cycles with reduced correlation to stocks and bonds. It pursues this through multiple underlying funds and sub-advisers using directional or tactical, event-driven, and arbitrage approaches.

Why people hold it

  • HDG The index takes long or short positions in six factors (US, developed and emerging stocks, small caps, the euro, T-bills), reset monthly. No lockups, no hedge funds.proshares.comcbonds.com
  • Costs 0.95% a year, below the typical alternatives ETF, and as a 1940 Act fund it charges no performance fee on top.
  • Trading since 2011, an elder statesman in a category where alternatives launches come and go. Pays quarterly and sits in the upper half of its peer group.
  • QALT Charges 0.80% a year against a 1.07% median for alternatives funds. Multi-manager hedge fund exposure usually bills more than that.
  • Not a one-trick fund. Directional or tactical, event-driven and arbitrage sleeves run side by side through several underlying funds and sub-advisers.
  • The yardstick is 3-month T-bills, the cash hurdle hedge funds get judged on. The stated aim is positive absolute return with reduced correlation to stocks and bonds.
  • Screens near the top of its alternatives peer group, and comes in under pricier multi-strategy options such as HFGM and HDG at 0.95%.

Worth knowing

  • HDG Small and thinly traded, so spreads can be wide and large orders move the price. Getting in and out takes more care than with a mainstream ETF.
  • ProShares says results can differ materially from the HFRI hedge fund benchmark at times, and the exchange-series index is likely to lag the original model.proshares.comproshares.com 2
  • This is hedge fund beta, not a market hedge: the factor mix leans on equity indexes, so it can move down alongside stocks.cbonds.com
  • QALT Launched in 2025, so there is no long record showing how this manager lineup behaves through a full market cycle.
  • Trading is thin next to big index ETFs, which can mean wider spreads when you get in or out.
  • Not the cheapest seat in the aisle: RNMN (0.59%) and CCEF (0.74%) charge less, though each runs a narrower strategy set than a multi-manager book.

Full HDG profile⁠

Full QALT profile⁠

HDG vs QALT Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HDG vs QALT Cost

Overpaying HDG vs QALT

$2,523

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • HDG 0.95%

    $17,869

  • QALT 0.80%

    $15,346

$10,000
30 years

Cost over time

  • HDG 0.95%
  • QALT 0.80%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530HDG $17,869QALT $15,346

Year by year

YearHDGQALTOverpaying
10$1,678$1,422$256
20$6,322$5,393$929
30$17,869$15,346$2,523

Expense ratio

  • 0.95%HDG
  • 0.80%QALT, cheaper
  • Middle half of Alternative Strategies funds
  • Median 1.13%

QALT 4th cheapest of 29 funds

HDG 7th cheapest of 29 funds

HDG vs QALT Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HDG 2.31%
QALT No data
Payout (12M)
HDG $1.24
QALT No data
Last payment
HDG $0.30
QALT $0.17
Ex-dividend
HDG Sep 23, 2026
QALT Oct 5, 2026
Paid on
HDG Sep 29, 2026
QALT Oct 6, 2026
Frequency
HDG Quarterly
QALT Quarterly

Distribution history

Per share, 2017 to 2026, same scale for both

HDGQuarterly · 25 paymentsAll HDG payments⁠
One bar per payment. 25 payments from 2017 to 2026 YTD. Mar 21, 2018 $0.0042; Jun 20, 2018 $0.06; Sep 26, 2018 $0.08; Dec 26, 2018 $0.08; Mar 20, 2019 $0.14; Jun 25, 2019 $0.15; Sep 25, 2019 $0.13; Dec 24, 2019 $0.09; Mar 25, 2020 $0.04; Dec 22, 2022 $0.18; Mar 22, 2023 $0.26; Jun 21, 2023 $0.32; Sep 20, 2023 $0.60; Dec 20, 2023 $0.52; Mar 20, 2024 $0.36; Jun 26, 2024 $0.43; Sep 25, 2024 $0.43; Dec 23, 2024 $0.50; Mar 26, 2025 $0.30; Jun 25, 2025 $0.29; Sep 24, 2025 $0.36; Dec 24, 2025 $0.37; Mar 25, 2026 $0.27; Jun 24, 2026 $0.29; Sep 23, 2026 $0.30. Use the arrow keys to read each point.$0$0.502017202020232026YTD
QALTQuarterly · 5 paymentsAll QALT payments⁠
One bar per payment. 5 payments from 2017 to 2026 YTD. Dec 17, 2025 $0.62; Dec 29, 2025 $0.66; Apr 6, 2026 $0.15; Jul 6, 2026 $0.15; Oct 5, 2026 $0.17. Use the arrow keys to read each point.$0$0.502017202020232026YTD

HDG vs QALT Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
HDG 4.5%QALT 7.2%since Sep 2025
Return per unit of riskSharpe ratio, 3 years
HDG 0.66QALT 0.77since Sep 2025
Worst fallMax drawdown, 5 years
HDG −15.3%QALT −4.9%since Aug 2025
Market sensitivityBeta, 5 years
HDG 0.33QALT 0.24

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