Hedgeye Asset Management(@HedgeyeAM):@KeithMcCullough Generally: an unhedged spot ETP has ~1.0 beta to its underlying, with the underlying's vol. A hedged ETF uses an options overlay to change effective exposure, so beta and realized vol become variable. Measurement of a hedged ETFs effectiveness lies in risk adjusted returns (think Sharpe or Sortino ratio).

Hedgeye Asset Management

@HedgeyeAM

Hedgeye Asset Management is an SEC Registered Investment Adviser that manages exchange traded funds, indices and model portfolios, utilizing Hedgeye research.

参加 May 2025

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Hedgeye Asset Management@HedgeyeAM

2026.10.04 14:40

@KeithMcCullough Generally: an unhedged spot ETP has ~1.0 beta to its underlying, with the underlying's vol. A hedged ETF uses an options overlay to change effective exposure, so beta and realized vol become variable. Measurement of a hedged ETFs effectiveness lies in risk adjusted returns (think Sharpe or Sortino ratio).