HDG vs. BTAL
HDG (ProShares Hedge Replication) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - HDG is a Long-Short fund tracking the Merrill Lynch Factor Model - Exchange Series, while BTAL is a Equity Market Neutral fund actively managed by AGF. HDG is passively managed, while BTAL is actively managed. Over the past 10 years, HDG returned 4.06%/yr vs -5.51%/yr for BTAL. At a correlation of -0.53, they often move in opposite directions. HDG charges 0.95%/yr vs 1.40%/yr for BTAL.
Performance
HDG vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, HDG achieves a 6.05% return, which is significantly higher than BTAL's -21.82% return. Over the past 10 years, HDG has outperformed BTAL with an annualized return of 4.06%, while BTAL has yielded a comparatively lower -5.51% annualized return.
HDG
- 1D
- -0.51%
- 1M
- 0.60%
- YTD
- 6.05%
- 6M
- 5.81%
- 1Y
- 12.20%
- 3Y*
- 7.49%
- 5Y*
- 2.84%
- 10Y*
- 4.06%
BTAL
- 1D
- -0.09%
- 1M
- -7.79%
- YTD
- -21.82%
- 6M
- -20.63%
- 1Y
- -35.93%
- 3Y*
- -13.04%
- 5Y*
- -5.19%
- 10Y*
- -5.51%
HDG vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 6.05% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 7.45% | 9.58% | -4.52% | 5.59% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.82% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between HDG and BTAL is -0.71, 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 | -0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.53 |
The correlation between HDG and BTAL shifts across timeframes, from -0.71 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HDG vs. BTAL — Risk / Return Rank
HDG
BTAL
HDG vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.
| HDG | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.54 | ||
| Sortino ratioReturn per unit of downside risk | +5.30 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 0.74 | +0.64 |
| Calmar ratioReturn relative to maximum drawdown | 3.09 | -0.96 | +4.05 |
| Martin ratioReturn relative to average drawdown | 12.41 | -1.81 | +14.22 |
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Drawdowns
HDG vs. BTAL - Drawdown Comparison
The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for HDG and BTAL.
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Drawdown Indicators
| HDG | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.31% | -52.70% | +37.39% |
Max Drawdown (1Y)Largest decline over 1 year | -3.97% | -37.60% | +33.63% |
Max Drawdown (3Y)Largest decline over 3 years | -7.20% | -47.83% | +40.63% |
Max Drawdown (5Y)Largest decline over 5 years | -15.31% | -47.83% | +32.52% |
Max Drawdown (10Y)Largest decline over 10 years | -15.31% | -52.70% | +37.39% |
Current DrawdownCurrent decline from peak | -1.63% | -51.27% | +49.64% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -22.06% | +19.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.99% | 20.14% | -19.15% |
Volatility
HDG vs. BTAL - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 3.06%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.29%. This indicates that HDG 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
| HDG | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.06% | 9.29% | -6.23% |
Volatility (6M)Calculated over the trailing 6-month period | 5.34% | 16.70% | -11.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.26% | 22.83% | -16.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 19.10% | -11.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.12% | 17.35% | -10.23% |
HDG vs. BTAL - Expense Ratio Comparison
HDG has a 0.95% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
HDG vs. BTAL - Dividend Comparison
HDG's dividend yield for the trailing twelve months is around 2.36%, less than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
HDG ProShares Hedge Replication | 2.36% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HDG and BTAL have a correlation of -0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.29%) compared to HDG (3.06%). In terms of maximum drawdown, HDG dropped -15.31% vs BTAL's -52.70%.
On 10-year performance, HDG leads with 4.06% vs -5.51% for BTAL. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 3.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HDG has performed better with a 4.06% return vs -5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HDG is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 2.36% for HDG.
HDG is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for HDG and 1.40% for BTAL.
HDG currently has the higher Sharpe Ratio (1.96 vs -1.58), 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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