BTAL vs. UPRO
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and UPRO (ProShares UltraPro S&P 500) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while UPRO is a Leveraged Equities fund tracking the S&P 500. BTAL is actively managed, while UPRO is passively managed. Over the past 10 years, BTAL returned -4.60%/yr vs 28.00%/yr for UPRO. At a correlation of -0.52, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.89%/yr for UPRO.
Performance
BTAL vs. UPRO - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -15.84% return, which is significantly lower than UPRO's 20.15% return. Over the past 10 years, BTAL has underperformed UPRO with an annualized return of -4.60%, while UPRO has yielded a comparatively higher 28.00% annualized return.
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
UPRO
- 1D
- -0.42%
- 1M
- -2.82%
- 6M
- 15.78%
- YTD
- 20.15%
- 1Y
- 46.85%
- 3Y*
- 41.82%
- 5Y*
- 19.47%
- 10Y*
- 28.00%
- ALL TIME*
- 33.07%
BTAL vs. UPRO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
UPRO ProShares UltraPro S&P 500 | 20.15% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
Correlation
The correlation between BTAL and UPRO is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.52 |
Over the past year, the inverse relationship between BTAL and UPRO has strengthened: their correlation has moved from -0.52 to -0.76, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. UPRO — Risk / Return Rank
BTAL
UPRO
BTAL vs. UPRO - 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 UltraPro S&P 500 (UPRO). 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 | UPRO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.34 | ||
| Sortino ratioReturn per unit of downside risk | -3.33 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.23 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.76 | -2.50 |
| Martin ratioReturn relative to average drawdown | -1.39 | 6.89 | -8.29 |
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Drawdowns
BTAL vs. UPRO - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum UPRO drawdown of -76.82%. Use the drawdown chart below to compare losses from any high point for BTAL and UPRO.
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Drawdown Indicators
| BTAL | UPRO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -76.82% | +24.12% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -26.78% | -7.79% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -48.87% | +1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -63.94% | +16.11% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -76.82% | +24.12% |
Current DrawdownCurrent decline from peak | -47.55% | -8.02% | -39.53% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -14.36% | -7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 6.81% | +11.59% |
Volatility
BTAL vs. UPRO - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.95%, while ProShares UltraPro S&P 500 (UPRO) has a volatility of 10.26%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than UPRO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | UPRO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 10.26% | -2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 30.15% | -12.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 37.77% | -14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 50.62% | -31.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 53.74% | -36.34% |
BTAL vs. UPRO - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than UPRO's 0.89% expense ratio.
Dividends
BTAL vs. UPRO - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, more than UPRO's 0.78% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.78% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
BTAL and UPRO have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.26%) compared to BTAL (7.95%). In terms of maximum drawdown, BTAL dropped -52.70% vs UPRO's -76.82%.
On 10-year performance, UPRO leads with 28.00% vs -4.60% for BTAL. On fees, UPRO is cheaper at 0.89% per year. On volatility, BTAL has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UPRO has performed better with a 28.00% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.96%, compared with 0.78% for UPRO.
BTAL is categorized as Equity Market Neutral, while UPRO is Leveraged Equities. They also come from different issuers: AGF and ProShares. Their fees differ too: 1.40% for BTAL and 0.89% for UPRO.
UPRO currently has the higher Sharpe Ratio (1.25 vs -1.09), 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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