BTAL vs. TOLZ
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and TOLZ (ProShares DJ Brookfield Global Infrastructure ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while TOLZ is a Industrials Equities fund tracking the Dow Jones Brookfield Global Infrastructure Composite Index. BTAL is actively managed, while TOLZ is passively managed. Over the past 10 years, BTAL returned -4.73%/yr vs 7.49%/yr for TOLZ. At a correlation of -0.26, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.46%/yr for TOLZ.
Performance
BTAL vs. TOLZ - 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 TOLZ's 13.47% return. Over the past 10 years, BTAL has underperformed TOLZ with an annualized return of -4.73%, while TOLZ has yielded a comparatively higher 7.49% 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%
TOLZ
- 1D
- 0.49%
- 1M
- 1.10%
- 6M
- 12.48%
- YTD
- 13.47%
- 1Y
- 17.92%
- 3Y*
- 14.46%
- 5Y*
- 9.04%
- 10Y*
- 7.49%
BTAL vs. TOLZ - 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% |
TOLZ ProShares DJ Brookfield Global Infrastructure ETF | 13.47% | 14.76% | 11.67% | 6.18% | -4.25% | 20.47% | -9.46% | 26.84% | -7.90% | 13.28% |
Correlation
The correlation between BTAL and TOLZ is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.25 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2014 | -0.26 |
The correlation between BTAL and TOLZ shifts across timeframes, from -0.26 (all time) to 0.12 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. TOLZ — Risk / Return Rank
BTAL
TOLZ
BTAL vs. TOLZ - 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 DJ Brookfield Global Infrastructure ETF (TOLZ). 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 | TOLZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.92 | ||
| Sortino ratioReturn per unit of downside risk | -4.25 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.29 | -0.48 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 3.48 | -4.30 |
| Martin ratioReturn relative to average drawdown | -1.56 | 9.77 | -11.33 |
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Drawdowns
BTAL vs. TOLZ - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than TOLZ's maximum drawdown of -39.33%. Use the drawdown chart below to compare losses from any high point for BTAL and TOLZ.
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Drawdown Indicators
| BTAL | TOLZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -39.33% | -13.37% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -5.18% | -29.39% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -11.94% | -35.89% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -21.85% | -25.98% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -39.33% | -13.37% |
Current DrawdownCurrent decline from peak | -48.54% | -1.24% | -47.30% |
Average DrawdownAverage peak-to-trough decline | -22.17% | -6.59% | -15.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.24% | 1.84% | +16.40% |
Volatility
BTAL vs. TOLZ - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.79% compared to ProShares DJ Brookfield Global Infrastructure ETF (TOLZ) at 3.65%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than TOLZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | TOLZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 3.65% | +4.14% |
Volatility (6M)Calculated over the trailing 6-month period | 17.46% | 8.69% | +8.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.44% | 10.60% | +12.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 14.03% | +5.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 16.22% | +1.17% |
BTAL vs. TOLZ - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than TOLZ's 0.46% expense ratio.
Dividends
BTAL vs. TOLZ - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.01%, more than TOLZ's 2.94% 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% |
TOLZ ProShares DJ Brookfield Global Infrastructure ETF | 2.94% | 3.99% | 3.53% | 3.34% | 3.01% | 3.28% | 3.16% | 2.96% | 3.63% | 3.30% | 2.62% | 3.67% |
Frequently Asked Questions
BTAL and TOLZ have a correlation of 0.12, 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 TOLZ (3.65%). In terms of maximum drawdown, BTAL dropped -52.70% vs TOLZ's -39.33%.
On 10-year performance, TOLZ leads with 7.49% vs -4.73% for BTAL. On fees, TOLZ is cheaper at 0.46% per year. On volatility, TOLZ has been the lower-risk option at 3.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TOLZ has performed better with a 7.49% return vs -4.73%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TOLZ is cheaper with a 0.46% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.01%, compared with 2.94% for TOLZ.
BTAL is categorized as Equity Market Neutral, while TOLZ is Industrials Equities. They also come from different issuers: AGF and ProShares. Their fees differ too: 1.40% for BTAL and 0.46% for TOLZ.
TOLZ currently has the higher Sharpe Ratio (1.70 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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