GLD vs. BTAL
GLD (SPDR Gold Shares) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - GLD is a Gold fund tracking the LBMA Gold Price PM, while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, GLD returned 12.15%/yr vs -5.05%/yr for BTAL. At a correlation of -0.01, they often move in opposite directions. GLD charges 0.40%/yr vs 2.11%/yr for BTAL.
Performance
GLD vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, GLD achieves a -2.47% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, GLD has outperformed BTAL with an annualized return of 12.15%, while BTAL has yielded a comparatively lower -5.05% annualized return.
GLD
- 1D
- 0.06%
- 1M
- -7.37%
- YTD
- -2.47%
- 6M
- -2.25%
- 1Y
- 22.21%
- 3Y*
- 28.89%
- 5Y*
- 17.08%
- 10Y*
- 12.15%
BTAL
- 1D
- -0.09%
- 1M
- -5.59%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
GLD vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GLD SPDR Gold Shares | -2.47% | 63.68% | 26.66% | 12.69% | -0.77% | -4.15% | 24.81% | 17.86% | -1.94% | 12.81% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -20.15% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between GLD and BTAL is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.16 |
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 13, 2011 | -0.01 |
The correlation between GLD and BTAL shifts across timeframes, from -0.19 (1 year) to -0.00 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
GLD vs. BTAL — Risk / Return Rank
GLD
BTAL
GLD vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Gold Shares (GLD) and AGFiQ US 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.
| GLD | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.51 | ||
| Sortino ratioReturn per unit of downside risk | +3.80 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.73 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 0.98 | -0.98 | +1.96 |
| Martin ratioReturn relative to average drawdown | 2.81 | -1.64 | +4.45 |
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Drawdowns
GLD vs. BTAL - Drawdown Comparison
The maximum GLD drawdown since its inception was -45.56%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for GLD and BTAL.
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Drawdown Indicators
| GLD | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.56% | -50.28% | +4.72% |
Max Drawdown (1Y)Largest decline over 1 year | -24.46% | -37.50% | +13.04% |
Max Drawdown (3Y)Largest decline over 3 years | -24.46% | -45.16% | +20.70% |
Max Drawdown (5Y)Largest decline over 5 years | -24.46% | -45.16% | +20.70% |
Max Drawdown (10Y)Largest decline over 10 years | -24.46% | -50.28% | +25.82% |
Current DrawdownCurrent decline from peak | -22.05% | -50.23% | +28.18% |
Average DrawdownAverage peak-to-trough decline | -16.16% | -22.01% | +5.85% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.49% | 22.38% | -13.89% |
Volatility
GLD vs. BTAL - Volatility Comparison
The current volatility for SPDR Gold Shares (GLD) is 7.79%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. This indicates that GLD 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
| GLD | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 8.74% | -0.95% |
Volatility (6M)Calculated over the trailing 6-month period | 24.10% | 16.58% | +7.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.37% | 22.49% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.22% | 18.96% | -0.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.08% | 17.33% | -1.25% |
GLD vs. BTAL - Expense Ratio Comparison
GLD has a 0.40% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
GLD vs. BTAL - Dividend Comparison
GLD has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 3.11% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
GLD SPDR Gold Shares | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GLD and BTAL have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.74%) compared to GLD (7.79%). In terms of maximum drawdown, GLD dropped -45.56% vs BTAL's -50.28%.
On 10-year performance, GLD leads with 12.15% vs -5.05% for BTAL. On fees, GLD is cheaper at 0.40% per year. On volatility, GLD has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GLD has performed better with a 12.15% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GLD is cheaper with a 0.40% expense ratio, compared with 2.11% for BTAL.
BTAL has the higher dividend yield at 3.11%, compared with 0.00% for GLD.
GLD is categorized as Gold, while BTAL is Long-Short. GLD tracks LBMA Gold Price PM, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: State Street and AGF. Their fees differ too: 0.40% for GLD and 2.11% for BTAL.
GLD currently has the higher Sharpe Ratio (0.87 vs -1.64), 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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