BTAL vs. EUO
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and EUO (ProShares UltraShort Euro) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%). BTAL is actively managed, while EUO is passively managed. Over the past 10 years, BTAL returned -5.79%/yr vs 2.32%/yr for EUO. At a 0.11 correlation, their price movements are largely independent. BTAL charges 1.40%/yr vs 0.99%/yr for EUO.
Performance
BTAL vs. EUO - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -24.11% return, which is significantly lower than EUO's 8.15% return. Over the past 10 years, BTAL has underperformed EUO with an annualized return of -5.79%, while EUO has yielded a comparatively higher 2.32% annualized return.
BTAL
- 1D
- -0.36%
- 1M
- -10.49%
- YTD
- -24.11%
- 6M
- -22.69%
- 1Y
- -38.86%
- 3Y*
- -13.90%
- 5Y*
- -5.99%
- 10Y*
- -5.79%
EUO
- 1D
- 0.59%
- 1M
- 3.76%
- YTD
- 8.15%
- 6M
- 8.31%
- 1Y
- 6.80%
- 3Y*
- 1.65%
- 5Y*
- 5.40%
- 10Y*
- 2.32%
BTAL vs. EUO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -24.11% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
EUO ProShares UltraShort Euro | 8.15% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
Correlation
The correlation between BTAL and EUO is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.11 |
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Return for Risk
BTAL vs. EUO — Risk / Return Rank
BTAL
EUO
BTAL vs. EUO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) and ProShares UltraShort Euro (EUO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BTAL | EUO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.26 | ||
| Sortino ratioReturn per unit of downside risk | -3.56 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.10 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 0.85 | -1.85 |
| Martin ratioReturn relative to average drawdown | -1.84 | 1.98 | -3.82 |
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Drawdowns
BTAL vs. EUO - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than EUO's maximum drawdown of -38.58%. Use the drawdown chart below to compare losses from any high point for BTAL and EUO.
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Drawdown Indicators
| BTAL | EUO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -38.58% | -14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -38.86% | -8.05% | -30.81% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -24.46% | -23.37% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -25.28% | -22.55% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -29.61% | -23.09% |
Current DrawdownCurrent decline from peak | -52.70% | -15.62% | -37.08% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -18.50% | -3.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.09% | 3.51% | +17.58% |
Volatility
BTAL vs. EUO - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.55% compared to ProShares UltraShort Euro (EUO) at 3.22%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than EUO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | EUO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.55% | 3.22% | +5.33% |
Volatility (6M)Calculated over the trailing 6-month period | 16.47% | 9.07% | +7.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.63% | 12.71% | +9.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 15.56% | +3.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 14.88% | +2.50% |
BTAL vs. EUO - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than EUO's 0.99% expense ratio.
Dividends
BTAL vs. EUO - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.28%, while EUO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.28% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and EUO have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.55%) compared to EUO (3.22%). In terms of maximum drawdown, BTAL dropped -52.70% vs EUO's -38.58%.
On 10-year performance, EUO leads with 2.32% vs -5.79% for BTAL. On fees, EUO is cheaper at 0.99% per year. On volatility, EUO has been the lower-risk option at 3.22%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.32% return vs -5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUO is cheaper with a 0.99% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.28%, compared with 0.00% for EUO.
BTAL is categorized as Equity Market Neutral, while EUO is Leveraged Currency. They also come from different issuers: AGF and ProShares. Their fees differ too: 1.40% for BTAL and 0.99% for EUO.
EUO currently has the higher Sharpe Ratio (0.54 vs -1.73), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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