BTAL vs. HDG
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and HDG (ProShares Hedge Replication) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series. BTAL is actively managed, while HDG is passively managed. Over the past 10 years, BTAL returned -5.50%/yr vs 4.11%/yr for HDG. At a correlation of -0.53, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.95%/yr for HDG.
Performance
BTAL vs. HDG - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -21.75% return, which is significantly lower than HDG's 6.59% return. Over the past 10 years, BTAL has underperformed HDG with an annualized return of -5.50%, while HDG has yielded a comparatively higher 4.11% annualized return.
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
HDG
- 1D
- -0.88%
- 1M
- 1.11%
- YTD
- 6.59%
- 6M
- 6.37%
- 1Y
- 13.31%
- 3Y*
- 7.67%
- 5Y*
- 2.93%
- 10Y*
- 4.11%
BTAL vs. HDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
HDG ProShares Hedge Replication | 6.59% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
Correlation
The correlation between BTAL and HDG is -0.72, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.53 |
The correlation between BTAL and HDG shifts across timeframes, from -0.72 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. HDG — Risk / Return Rank
BTAL
HDG
BTAL vs. HDG - 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 Hedge Replication (HDG). 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 | HDG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.77 | ||
| Sortino ratioReturn per unit of downside risk | -5.65 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.42 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 3.37 | -4.35 |
| Martin ratioReturn relative to average drawdown | -1.85 | 13.61 | -15.46 |
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Drawdowns
BTAL vs. HDG - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than HDG's maximum drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for BTAL and HDG.
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Drawdown Indicators
| BTAL | HDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -15.31% | -37.39% |
Max Drawdown (1Y)Largest decline over 1 year | -37.81% | -3.97% | -33.84% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -7.20% | -40.63% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -15.31% | -32.52% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -15.31% | -37.39% |
Current DrawdownCurrent decline from peak | -51.23% | -1.13% | -50.10% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -2.76% | -19.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.21% | 0.98% | +20.23% |
Volatility
BTAL vs. HDG - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 9.28% compared to ProShares Hedge Replication (HDG) at 3.01%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | HDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 3.01% | +6.27% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 5.32% | +11.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.83% | 6.24% | +16.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 7.24% | +11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 7.12% | +10.24% |
BTAL vs. HDG - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than HDG's 0.95% expense ratio.
Dividends
BTAL vs. HDG - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.18%, more than HDG's 2.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
HDG ProShares Hedge Replication | 2.35% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and HDG have a correlation of -0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.28%) compared to HDG (3.01%). In terms of maximum drawdown, BTAL dropped -52.70% vs HDG's -15.31%.
On 10-year performance, HDG leads with 4.11% vs -5.50% for BTAL. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 3.01%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDG has performed better with a 4.11% return vs -5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDG is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 2.35% for HDG.
BTAL is categorized as Equity Market Neutral, while HDG is Long-Short. They also come from different issuers: AGF and ProShares. Their fees differ too: 1.40% for BTAL and 0.95% for HDG.
HDG currently has the higher Sharpe Ratio (2.14 vs -1.62), 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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