BTAL vs. UGL
BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and UGL (ProShares Ultra Gold) 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 UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%). Both are passively managed. Over the past 10 years, BTAL returned -4.23%/yr vs 17.75%/yr for UGL. At a correlation of -0.00, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.95%/yr for UGL.
Performance
BTAL vs. UGL - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -16.82% return, which is significantly lower than UGL's -7.82% return. Over the past 10 years, BTAL has underperformed UGL with an annualized return of -4.23%, while UGL has yielded a comparatively higher 17.75% annualized return.
BTAL
- 1D
- 4.00%
- 1M
- -0.42%
- YTD
- -16.82%
- 6M
- -15.72%
- 1Y
- -33.92%
- 3Y*
- -11.25%
- 5Y*
- -3.89%
- 10Y*
- -4.23%
UGL
- 1D
- -7.30%
- 1M
- -17.17%
- YTD
- -7.82%
- 6M
- -3.83%
- 1Y
- 46.42%
- 3Y*
- 49.47%
- 5Y*
- 25.50%
- 10Y*
- 17.75%
BTAL vs. UGL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -16.82% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
UGL ProShares Ultra Gold | -7.82% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
Correlation
The correlation between BTAL and UGL is -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011 | -0.00 |
The correlation between BTAL and UGL shifts across timeframes, from -0.15 (1 year) to -0.00 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. UGL — Risk / Return Rank
BTAL
UGL
BTAL vs. UGL - 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 Ultra Gold (UGL). 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.
| BTAL | UGL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.39 | ||
| Sortino ratioReturn per unit of downside risk | -3.74 | ||
| Omega ratioGain probability vs. loss probability | 0.75 | 1.19 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | 1.06 | -2.00 |
| Martin ratioReturn relative to average drawdown | -1.60 | 2.56 | -4.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTAL | UGL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -1.59 | 0.80 | -2.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.21 | 0.70 | -0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | -0.25 | 0.55 | -0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.23 | 0.38 | -0.61 |
Drawdowns
BTAL vs. UGL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -50.28%, smaller than the maximum UGL drawdown of -75.93%. Use the drawdown chart below to compare losses from any high point for BTAL and UGL.
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Drawdown Indicators
| BTAL | UGL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.28% | -75.93% | +25.65% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -40.22% | +2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -45.16% | -40.22% | -4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -45.16% | -40.23% | -4.93% |
Max Drawdown (10Y)Largest decline over 10 years | -50.28% | -46.23% | -4.05% |
Current DrawdownCurrent decline from peak | -48.15% | -40.22% | -7.93% |
Average DrawdownAverage peak-to-trough decline | -21.97% | -43.63% | +21.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.78% | 16.70% | +5.08% |
Volatility
BTAL vs. UGL - Volatility Comparison
The current volatility for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) is 7.98%, while ProShares Ultra Gold (UGL) has a volatility of 11.42%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than UGL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | UGL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.98% | 11.42% | -3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 15.83% | 47.43% | -31.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 21.98% | 53.42% | -31.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.83% | 36.32% | -17.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.27% | 32.42% | -15.15% |
BTAL vs. UGL - Expense Ratio Comparison
BTAL has a 2.11% expense ratio, which is higher than UGL's 0.95% expense ratio.
Dividends
BTAL vs. UGL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.99%, while UGL has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 2.99% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and UGL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.42%) compared to BTAL (7.98%). In terms of maximum drawdown, BTAL dropped -50.28% vs UGL's -75.93%.
On 10-year performance, UGL leads with 17.75% vs -4.23% for BTAL. On fees, UGL is cheaper at 0.95% per year. On volatility, BTAL has been the lower-risk option at 7.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 17.75% return vs -4.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 2.11% for BTAL.
BTAL has the higher dividend yield at 2.99%, compared with 0.00% for UGL.
BTAL is categorized as Long-Short, while UGL is Leveraged Commodities. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while UGL tracks Bloomberg Gold Subindex (200%). They also come from different issuers: AGF and ProShares. Their fees differ too: 2.11% for BTAL and 0.95% for UGL.
UGL currently has the higher Sharpe Ratio (0.80 vs -1.59), 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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