BTAL vs. SGLP.L
BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and SGLP.L (Invesco Physical Gold A) are both exchange-traded funds - BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while SGLP.L is a Precious Metals fund tracking the Gold. Both are passively managed. Over the past 10 years, BTAL returned -5.05%/yr vs 12.42%/yr for SGLP.L. At a correlation of -0.03, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.12%/yr for SGLP.L.
Performance
BTAL vs. SGLP.L - Performance Comparison
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Different Trading Currencies
BTAL is traded in USD, while SGLP.L is traded in GBp. To make them comparable, the SGLP.L values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than SGLP.L's -2.23% return. Over the past 10 years, BTAL has underperformed SGLP.L with an annualized return of -5.05%, while SGLP.L has yielded a comparatively higher 12.42% annualized return.
BTAL
- 1D
- -0.09%
- 1M
- -4.17%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
SGLP.L
- 1D
- 2.69%
- 1M
- -9.63%
- YTD
- -2.23%
- 6M
- -1.73%
- 1Y
- 23.21%
- 3Y*
- 29.23%
- 5Y*
- 17.41%
- 10Y*
- 12.42%
BTAL vs. SGLP.L - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -20.15% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
SGLP.L Invesco Physical Gold A | -2.23% | 65.19% | 26.00% | 12.92% | -0.12% | -3.76% | 23.67% | 19.25% | -1.60% | 11.32% |
Correlation
The correlation between BTAL and SGLP.L is -0.16, 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 | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.14 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.02 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.03 |
The correlation between BTAL and SGLP.L shifts across timeframes, from -0.16 (1 year) to -0.02 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. SGLP.L — Risk / Return Rank
BTAL
SGLP.L
BTAL vs. SGLP.L - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Invesco Physical Gold A (SGLP.L). 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 | SGLP.L | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.60 | ||
| Sortino ratioReturn per unit of downside risk | -3.92 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.19 | -0.46 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.05 | -2.03 |
| Martin ratioReturn relative to average drawdown | -1.64 | 3.19 | -4.82 |
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Drawdowns
BTAL vs. SGLP.L - Drawdown Comparison
The maximum BTAL drawdown since its inception was -50.28%, smaller than the maximum SGLP.L drawdown of -66.38%. Use the drawdown chart below to compare losses from any high point for BTAL and SGLP.L.
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Drawdown Indicators
| BTAL | SGLP.L | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.28% | -66.38% | +16.10% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -22.75% | -14.75% |
Max Drawdown (3Y)Largest decline over 3 years | -45.16% | -22.75% | -22.41% |
Max Drawdown (5Y)Largest decline over 5 years | -45.16% | -22.75% | -22.41% |
Max Drawdown (10Y)Largest decline over 10 years | -50.28% | -22.75% | -27.53% |
Current DrawdownCurrent decline from peak | -50.23% | -20.68% | -29.55% |
Average DrawdownAverage peak-to-trough decline | -22.01% | -39.76% | +17.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.38% | 7.49% | +14.89% |
Volatility
BTAL vs. SGLP.L - Volatility Comparison
AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to Invesco Physical Gold A (SGLP.L) at 7.18%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than SGLP.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | SGLP.L | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 7.18% | +1.56% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 21.60% | -5.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 24.75% | -2.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 22.64% | -3.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.33% | 18.77% | -1.44% |
BTAL vs. SGLP.L - Expense Ratio Comparison
BTAL has a 2.11% expense ratio, which is higher than SGLP.L's 0.12% expense ratio.
Dividends
BTAL vs. SGLP.L - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.11%, while SGLP.L has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 3.11% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
SGLP.L Invesco Physical Gold A | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and SGLP.L have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, SGLP.L is cheaper at 0.12% per year. The better choice depends on whether you care most about return, fees, risk, or income.
SGLP.L is cheaper with a 0.12% expense ratio, compared with 2.11% for BTAL.
BTAL is categorized as Long-Short, while SGLP.L is Precious Metals. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while SGLP.L tracks Gold. They also come from different issuers: AGF and Invesco. Their fees differ too: 2.11% for BTAL and 0.12% for SGLP.L.
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