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 -4.73%/yr vs 3.85%/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 -17.44% return, which is significantly lower than HDG's 6.42% return. Over the past 10 years, BTAL has underperformed HDG with an annualized return of -4.73%, while HDG has yielded a comparatively higher 3.85% annualized return.
BTAL
- 1D
- 2.68%
- 1M
- 5.41%
- 6M
- -14.66%
- YTD
- -17.44%
- 1Y
- -28.44%
- 3Y*
- -9.44%
- 5Y*
- -4.93%
- 10Y*
- -4.73%
HDG
- 1D
- -0.66%
- 1M
- -0.28%
- 6M
- 4.61%
- YTD
- 6.42%
- 1Y
- 11.62%
- 3Y*
- 7.10%
- 5Y*
- 3.33%
- 10Y*
- 3.85%
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 | -17.44% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
HDG ProShares Hedge Replication | 6.42% | 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 -0.74, 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 | -0.74 |
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 | -0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.53 |
Over the past year, the inverse relationship between BTAL and HDG has strengthened: their correlation has moved from -0.53 to -0.74, meaning they now move in opposite directions more often than their long-term average.
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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 | -3.06 | ||
| Sortino ratioReturn per unit of downside risk | -4.47 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.35 | -0.54 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 2.94 | -3.76 |
| Martin ratioReturn relative to average drawdown | -1.56 | 11.54 | -13.10 |
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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 | -34.57% | -3.97% | -30.60% |
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 | -48.54% | -1.29% | -47.25% |
Average DrawdownAverage peak-to-trough decline | -22.17% | -2.76% | -19.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.24% | 1.01% | +17.23% |
Volatility
BTAL vs. HDG - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.79% compared to ProShares Hedge Replication (HDG) at 2.10%. 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 | 7.79% | 2.10% | +5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 17.46% | 5.41% | +12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.44% | 6.34% | +17.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 7.24% | +12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 7.11% | +10.28% |
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 3.01%, more than HDG's 2.38% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.01% | 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 | 2.38% | 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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.79%) compared to HDG (2.10%). In terms of maximum drawdown, BTAL dropped -52.70% vs HDG's -15.31%.
On 10-year performance, HDG leads with 3.85% vs -4.73% for BTAL. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 2.10%. 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 3.85% return vs -4.73%. 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 3.01%, compared with 2.38% 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 (1.84 vs -1.22), 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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