BTAL vs. UUP
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and UUP (Invesco DB US Dollar Index Bullish Fund) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while UUP is a Currency fund tracking the Deutsche Bank Long US Dollar Index (USDX) Futures Index. BTAL is actively managed, while UUP is passively managed. Over the past 10 years, BTAL returned -4.60%/yr vs 3.03%/yr for UUP. At a 0.12 correlation, their price movements are largely independent. BTAL charges 1.40%/yr vs 0.75%/yr for UUP.
Performance
BTAL vs. UUP - 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 UUP's 5.03% return. Over the past 10 years, BTAL has underperformed UUP with an annualized return of -4.60%, while UUP has yielded a comparatively higher 3.03% 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%
UUP
- 1D
- 0.21%
- 1M
- 0.32%
- 6M
- 3.50%
- YTD
- 5.03%
- 1Y
- 7.07%
- 3Y*
- 5.30%
- 5Y*
- 5.72%
- 10Y*
- 3.03%
- ALL TIME*
- 1.69%
BTAL vs. UUP - 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% |
UUP Invesco DB US Dollar Index Bullish Fund | 5.03% | -4.99% | 13.50% | 3.63% | 9.46% | 5.73% | -6.66% | 4.09% | 7.05% | -9.10% |
Correlation
The correlation between BTAL and UUP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.22 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.19 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.23 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.12 |
The correlation between BTAL and UUP shifts across timeframes, from 0.12 (all time) to 0.23 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. UUP — Risk / Return Rank
BTAL
UUP
BTAL vs. UUP - 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 Invesco DB US Dollar Index Bullish Fund (UUP). 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 | UUP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.28 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.21 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.95 | -2.69 |
| Martin ratioReturn relative to average drawdown | -1.39 | 5.37 | -6.76 |
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Drawdowns
BTAL vs. UUP - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than UUP's maximum drawdown of -22.19%. Use the drawdown chart below to compare losses from any high point for BTAL and UUP.
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Drawdown Indicators
| BTAL | UUP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -22.19% | -30.51% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -3.65% | -30.92% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -10.05% | -37.78% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -10.37% | -37.46% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -14.24% | -38.46% |
Current DrawdownCurrent decline from peak | -47.55% | -1.64% | -45.91% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -8.87% | -13.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 1.33% | +17.07% |
Volatility
BTAL vs. UUP - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.95% compared to Invesco DB US Dollar Index Bullish Fund (UUP) at 1.34%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than UUP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | UUP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 1.34% | +6.61% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 4.38% | +13.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 6.02% | +17.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 7.22% | +12.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 6.90% | +10.50% |
BTAL vs. UUP - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than UUP's 0.75% expense ratio.
Dividends
BTAL vs. UUP - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, less than UUP's 3.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
UUP Invesco DB US Dollar Index Bullish Fund | 3.26% | 3.43% | 4.48% | 6.44% | 0.89% | 0.00% | 0.00% | 2.03% | 1.08% | 0.10% |
Frequently Asked Questions
BTAL and UUP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.95%) compared to UUP (1.34%). In terms of maximum drawdown, BTAL dropped -52.70% vs UUP's -22.19%.
On 10-year performance, UUP leads with 3.03% vs -4.60% for BTAL. On fees, UUP is cheaper at 0.75% per year. On volatility, UUP has been the lower-risk option at 1.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UUP has performed better with a 3.03% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UUP is cheaper with a 0.75% expense ratio, compared with 1.40% for BTAL.
UUP has the higher dividend yield at 3.26%, compared with 2.96% for BTAL.
BTAL is categorized as Equity Market Neutral, while UUP is Currency. They also come from different issuers: AGF and Invesco. Their fees differ too: 1.40% for BTAL and 0.75% for UUP.
UUP currently has the higher Sharpe Ratio (1.18 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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