EUO vs. BTAL
EUO (ProShares UltraShort Euro) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - EUO is a Leveraged Currency fund tracking the USD/EUR Exchange Rate (-200%), while BTAL is a Equity Market Neutral fund actively managed by AGF. EUO is passively managed, while BTAL is actively managed. Over the past 10 years, EUO returned 2.42%/yr vs -5.65%/yr for BTAL. At a 0.11 correlation, their price movements are largely independent. EUO charges 0.99%/yr vs 1.40%/yr for BTAL.
Performance
EUO vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, EUO achieves a 8.26% return, which is significantly higher than BTAL's -22.10% return. Over the past 10 years, EUO has outperformed BTAL with an annualized return of 2.42%, while BTAL has yielded a comparatively lower -5.65% annualized return.
EUO
- 1D
- -0.51%
- 1M
- 4.79%
- YTD
- 8.26%
- 6M
- 8.34%
- 1Y
- 10.36%
- 3Y*
- 1.76%
- 5Y*
- 5.19%
- 10Y*
- 2.42%
BTAL
- 1D
- -1.41%
- 1M
- -2.94%
- YTD
- -22.10%
- 6M
- -21.18%
- 1Y
- -34.74%
- 3Y*
- -12.35%
- 5Y*
- -5.49%
- 10Y*
- -5.65%
EUO vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
EUO ProShares UltraShort Euro | 8.26% | -18.87% | 19.79% | -1.02% | 13.88% | 14.83% | -15.97% | 10.51% | 14.39% | -21.71% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -22.10% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between EUO and BTAL is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.20 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.21 |
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 | 0.11 |
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Return for Risk
EUO vs. BTAL — Risk / Return Rank
EUO
BTAL
EUO vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraShort Euro (EUO) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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.
| EUO | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +3.57 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.75 | +0.40 |
| Calmar ratioReturn relative to maximum drawdown | 1.29 | -0.93 | +2.22 |
| Martin ratioReturn relative to average drawdown | 3.05 | -1.71 | +4.76 |
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Drawdowns
EUO vs. BTAL - Drawdown Comparison
The maximum EUO drawdown since its inception was -38.58%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for EUO and BTAL.
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Drawdown Indicators
| EUO | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.58% | -52.70% | +14.12% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -37.60% | +29.55% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -47.83% | +23.37% |
Max Drawdown (5Y)Largest decline over 5 years | -25.28% | -47.83% | +22.55% |
Max Drawdown (10Y)Largest decline over 10 years | -29.61% | -52.70% | +23.09% |
Current DrawdownCurrent decline from peak | -15.53% | -51.45% | +35.92% |
Average DrawdownAverage peak-to-trough decline | -18.49% | -22.09% | +3.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.41% | 20.29% | -16.88% |
Volatility
EUO vs. BTAL - Volatility Comparison
The current volatility for ProShares UltraShort Euro (EUO) is 3.37%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.21%. This indicates that EUO experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| EUO | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.37% | 9.21% | -5.84% |
Volatility (6M)Calculated over the trailing 6-month period | 9.07% | 16.91% | -7.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.64% | 22.96% | -10.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.57% | 19.13% | -3.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.78% | 17.34% | -2.56% |
EUO vs. BTAL - Expense Ratio Comparison
EUO has a 0.99% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
EUO vs. BTAL - Dividend Comparison
EUO has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.19%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.19% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
EUO ProShares UltraShort Euro | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
EUO and BTAL have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.21%) compared to EUO (3.37%). In terms of maximum drawdown, EUO dropped -38.58% vs BTAL's -52.70%.
On 10-year performance, EUO leads with 2.42% vs -5.65% for BTAL. On fees, EUO is cheaper at 0.99% per year. On volatility, EUO has been the lower-risk option at 3.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, EUO has performed better with a 2.42% return vs -5.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUO is cheaper with a 0.99% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.19%, compared with 0.00% for EUO.
EUO is categorized as Leveraged Currency, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.99% for EUO and 1.40% for BTAL.
EUO currently has the higher Sharpe Ratio (0.82 vs -1.52), 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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