Head to head
Hudson River Trading vs Two Sigma
Hudson River Trading or Two Sigma?
Hudson River Trading is a proprietary trading headquartered in New York; Two Sigma is a systematic manager headquartered in New York. On indicative total compensation Hudson River Trading sits roughly 7 percentage points higher against the market median. The larger difference for most candidates is the work itself: automated market making and statistical arbitrage at Hudson River Trading, versus ml-driven alpha and statistical arbitrage at Two Sigma.
| Hudson River Trading | Two Sigma | |
|---|---|---|
| Business model | Proprietary trading | Systematic manager |
| Headquarters | New York | New York |
| Founded | 2002 | 2001 |
| Comp vs market median | +22% | +15% |
| Offices | New York, Chicago, London, Singapore, San Francisco | New York, London, Hong Kong, San Francisco |
| Strategies | Automated market making, Statistical arbitrage, High-frequency trading | ML-driven alpha, Statistical arbitrage, Alternative data, Systematic macro |
| Hires for | Quant Researcher, Quant Developer, HFT / Low-Latency Engineer | Quant Researcher, Quant Developer |
| Interview stages | 3 | 4 |
| Typical backgrounds | Competitive programming, Computer science graduates, Systems engineering | Machine learning PhDs, Statistics and physics research, Senior software engineers |
Compensation by role
Indicative mid-level total compensation, US dollars, New York reference market.
| Role | Hudson River Trading | Two Sigma |
|---|---|---|
| Quant Researcher | $550k | $550k |
| Quant Developer | $460k | $430k |
| HFT / Low-Latency Engineer | $500k | - |
A dash means we hold no indicative figure for that role at that firm. It is recorded as unknown rather than estimated.
Hudson River Trading
Engineering-first proprietary firm where the distinction between researcher and developer is deliberately blurred. Strong reputation for technical depth and for paying engineers at research levels.
Interview process
- 1. Online assessmentAlgorithmic problems under time limit.
- 2. Technical phone screensTwo rounds of algorithms and systems reasoning.
- 3. On-siteDeep C++ or Python, systems design, and a research or statistics component.
Two Sigma
Technology-company culture applied to systematic investing, with heavy use of machine learning and alternative data. Competes with AI labs and large technology firms as much as with other funds.
Interview process
- 1. ScreenRecruiter and technical background review.
- 2. Technical roundsStatistics, machine learning and coding.
- 3. Research discussionPresentation or deep dive on prior research work.
- 4. On-siteCross-team panel.
Markets where both compete for talent
Other comparisons
Methodology
Figures are expressed as annual total compensation (base salary plus expected performance bonus) in the reference market's local currency, converted from a US dollar base. They describe typical market ranges rather than any individual offer, and exclude sign-on payments, deferred equity and carried interest. Portfolio-manager figures reflect formulaic profit-share arrangements and are therefore far more dispersed than any other role.
KnowQuantIndex 2026.1 · Updated September 2026
Modelled bands describe the market, not an individual offer. Where an employer states pay, the stated figure is used and labelled as such.
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