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BTAL vs. HDG
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTAL vs. HDG

Last updated Jun 4, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and HDG (ProShares Hedge Replication) are both Long-Short funds - BTAL tracks the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index while HDG tracks the Merrill Lynch Factor Model - Exchange Series. Both are passively managed. Over the past 10 years, BTAL returned -4.73%/yr vs 3.91%/yr for HDG. At a correlation of -0.53, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.95%/yr for HDG.

Performance

BTAL vs. HDG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and ProShares Hedge Replication (HDG). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BTAL achieves a -19.67% return, which is significantly lower than HDG's 6.40% return. Over the past 10 years, BTAL has underperformed HDG with an annualized return of -4.73%, while HDG has yielded a comparatively higher 3.91% annualized return.

BTAL

1D
0.70%
1M
-6.55%
YTD
-19.67%
6M
-18.88%
1Y
-37.06%
3Y*
-12.64%
5Y*
-4.56%
10Y*
-4.73%

HDG

1D
-0.37%
1M
2.07%
YTD
6.40%
6M
7.00%
1Y
13.22%
3Y*
7.56%
5Y*
3.02%
10Y*
3.91%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BTAL vs. HDG - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		-19.67%-20.17%12.83%-15.11%20.48%-6.81%-13.86%1.07%15.13%-2.13%
HDG
ProShares Hedge Replication		6.40%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 -0.70, 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

-0.70

Correlation (3Y)
Calculated over the trailing 3-year period

-0.65

Correlation (5Y)
Calculated over the trailing 5-year period

-0.65

Correlation (10Y)
Calculated over the trailing 10-year period

-0.58

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2011

-0.53

The correlation between BTAL and HDG shifts across timeframes, from -0.70 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.

BTAL vs. HDG - Sectors Allocation Comparison

Sectors
BTAL
HDG

Technology

19.5%
17.0%

Financial Services

14.9%
15.8%

Industrials

13.7%
17.7%

Consumer Cyclical

12.8%
8.4%

Healthcare

10.2%
16.5%

Real Estate

6.2%
6.1%

Consumer Defensive

5.6%
2.4%

Utilities

5.2%
2.9%

Energy

4.4%
6.1%

Basic Materials

4.0%
4.8%

Communication Services

3.4%
2.4%

Technology

BTAL
19.5%
HDG
17.0%

Financial Services

BTAL
14.9%
HDG
15.8%

Industrials

BTAL
13.7%
HDG
17.7%

Consumer Cyclical

BTAL
12.8%
HDG
8.4%

Healthcare

BTAL
10.2%
HDG
16.5%

Real Estate

BTAL
6.2%
HDG
6.1%

Consumer Defensive

BTAL
5.6%
HDG
2.4%

Utilities

BTAL
5.2%
HDG
2.9%

Energy

BTAL
4.4%
HDG
6.1%

Basic Materials

BTAL
4.0%
HDG
4.8%

Communication Services

BTAL
3.4%
HDG
2.4%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

AGFiQ US Market Neutral Anti-Beta Fund

ProShares Hedge Replication

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Often compared with HDG:
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Return for Risk

BTAL vs. HDG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTAL
BTAL Risk / Return Rank: 00
Overall Rank
BTAL Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BTAL Sortino Ratio Rank: 00
Sortino Ratio Rank
BTAL Omega Ratio Rank: 00
Omega Ratio Rank
BTAL Calmar Ratio Rank: 00
Calmar Ratio Rank
BTAL Martin Ratio Rank: 00
Martin Ratio Rank
HDG
HDG Risk / Return Rank: 7373
Overall Rank
HDG Sharpe Ratio Rank: 7272
Sharpe Ratio Rank
HDG Sortino Ratio Rank: 7777
Sortino Ratio Rank
HDG Omega Ratio Rank: 7676
Omega Ratio Rank
HDG Calmar Ratio Rank: 6767
Calmar Ratio Rank
HDG Martin Ratio Rank: 7373
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTAL vs. HDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US 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.

BTALHDGDifference
Sharpe ratioReturn per unit of total volatility
-1.72
2.36

-4.08

Sortino ratioReturn per unit of downside risk
-2.70
3.50

-6.20

Omega ratioGain probability vs. loss probability

0.72

1.46

-0.74

Calmar ratioReturn relative to maximum drawdown

-0.99

3.35

-4.34

Martin ratioReturn relative to average drawdown

-1.72

13.81

-15.54

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTAL vs. HDG - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.72, which is lower than the HDG Sharpe Ratio of 2.36. The chart below compares the historical Sharpe Ratios of BTAL and HDG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BTALHDGDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.72

2.36

-4.08

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.42

-0.67

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.28

0.55

-0.83

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.24

0.43

-0.67

Drawdowns

BTAL vs. HDG - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, 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

BTALHDGDifference

Max Drawdown

Largest peak-to-trough decline

-50.28%

-15.31%

-34.97%

Max Drawdown (1Y)

Largest decline over 1 year

-37.50%

-3.97%

-33.53%

Max Drawdown (3Y)

Largest decline over 3 years

-45.16%

-7.20%

-37.96%

Max Drawdown (5Y)

Largest decline over 5 years

-45.16%

-15.31%

-29.85%

Max Drawdown (10Y)

Largest decline over 10 years

-50.28%

-15.31%

-34.97%

Current Drawdown

Current decline from peak

-49.93%

-0.37%

-49.56%

Average Drawdown

Average peak-to-trough decline

-21.95%

-2.77%

-19.18%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.54%

0.96%

+20.58%

Volatility

BTAL vs. HDG - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.54% compared to ProShares Hedge Replication (HDG) at 2.06%. 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

BTALHDGDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.54%

2.06%

+5.48%

Volatility (6M)

Calculated over the trailing 6-month period

15.38%

4.58%

+10.80%

Volatility (1Y)

Calculated over the trailing 1-year period

21.59%

5.64%

+15.95%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.75%

7.15%

+11.60%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.23%

7.11%

+10.12%

BTAL vs. HDG - Expense Ratio Comparison

BTAL has a 2.11% 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 3.10%, more than HDG's 2.35% yield.

PositionTTM20252024202320222021202020192018201720162015
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		3.10%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 -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BTAL has higher volatility (7.54%) compared to HDG (2.06%). In terms of maximum drawdown, BTAL dropped -50.28% vs HDG's -15.31%.

On 10-year performance, HDG leads with 3.91% 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 2.06%. 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 3.91% 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 2.11% for BTAL.

BTAL has the higher dividend yield at 3.10%, compared with 2.35% for HDG.

BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while HDG tracks Merrill Lynch Factor Model - Exchange Series. They also come from different issuers: AGF and ProShares. Their fees differ too: 2.11% for BTAL and 0.95% for HDG.

HDG currently has the higher Sharpe Ratio (2.36 vs -1.72), 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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