HDG vs. BTAL

Last updated Jun 5, 2026

HDG (ProShares Hedge Replication) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both Long-Short funds - HDG tracks the Merrill Lynch Factor Model - Exchange Series while BTAL tracks the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, HDG returned 3.89%/yr vs -4.62%/yr for BTAL. At a correlation of -0.53, they often move in opposite directions. HDG charges 0.95%/yr vs 2.11%/yr for BTAL.

Performance

HDG vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ProShares Hedge Replication (HDG) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDG achieves a 6.62% return, which is significantly higher than BTAL's -20.01% return. Over the past 10 years, HDG has outperformed BTAL with an annualized return of 3.89%, while BTAL has yielded a comparatively lower -4.62% annualized return.

HDG

• 1D: 0.21%
• 1M: 1.08%
• YTD: 6.62%
• 6M: 7.09%
• 1Y: 13.32%
• 3Y*: 7.63%
• 5Y*: 3.06%
• 10Y*: 3.89%

BTAL

• 1D: -0.43%
• 1M: -5.73%
• YTD: -20.01%
• 6M: -18.90%
• 1Y: -36.97%
• 3Y*: -12.72%
• 5Y*: -4.64%
• 10Y*: -4.62%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HDG vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDG ProShares Hedge Replication	6.62%	7.18%	5.12%	7.14%	-8.48%	2.97%	7.45%	9.58%	-4.52%	5.59%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.01%	-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 -0.70, 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	-0.70
Correlation (3Y) Calculated over the trailing 3-year period	-0.65
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (10Y) Calculated over the trailing 10-year period	-0.58
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	-0.53

The correlation between HDG and BTAL shifts across timeframes, from -0.70 (1 year) to -0.53 (all time), reflecting how their relationship changes across market environments.

HDG vs. BTAL - Sectors Allocation Comparison

Sectors	HDG	BTAL
Industrials	17.7%	13.7%
Technology	17.0%	19.5%
Healthcare	16.5%	10.2%
Financial Services	15.8%	14.9%
Consumer Cyclical	8.4%	12.8%
Real Estate	6.1%	6.2%
Energy	6.1%	4.4%
Basic Materials	4.8%	4.0%
Utilities	2.9%	5.2%
Communication Services	2.4%	3.4%
Consumer Defensive	2.4%	5.6%

Return for Risk

HDG vs. BTAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HDG

HDG Risk / Return Rank: 75
HDG Sharpe Ratio Rank: 74
HDG Sortino Ratio Rank: 80
HDG Omega Ratio Rank: 79
HDG Calmar Ratio Rank: 68
HDG Martin Ratio Rank: 75

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HDG vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Hedge Replication (HDG) 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.

	HDG	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	2.37	-1.72	+4.09
Sortino ratio: Return per unit of downside risk	3.52	-2.69	+6.22
Omega ratio: Gain probability vs. loss probability	1.46	0.72	+0.74
Calmar ratio: Return relative to maximum drawdown	3.37	-0.99	+4.36
Martin ratio: Return relative to average drawdown	13.91	-1.71	+15.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDG vs. BTAL - Sharpe Ratio Comparison

The current HDG Sharpe Ratio is 2.37, which is higher than the BTAL Sharpe Ratio of -1.72. The chart below compares the historical Sharpe Ratios of HDG and BTAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HDG	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.37	-1.72	+4.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.43	-0.25	+0.68
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.55	-0.27	+0.82
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	-0.24	+0.68

Drawdowns

HDG vs. BTAL - Drawdown Comparison

The maximum HDG drawdown since its inception was -15.31%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for HDG and BTAL.

Drawdown Indicators

	HDG	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-15.31%	-50.28%	+34.97%
Max Drawdown (1Y) Largest decline over 1 year	-3.97%	-37.50%	+33.53%
Max Drawdown (3Y) Largest decline over 3 years	-7.20%	-45.16%	+37.96%
Max Drawdown (5Y) Largest decline over 5 years	-15.31%	-45.16%	+29.85%
Max Drawdown (10Y) Largest decline over 10 years	-15.31%	-50.28%	+34.97%
Current Drawdown Current decline from peak	-0.15%	-50.15%	+50.00%
Average Drawdown Average peak-to-trough decline	-2.77%	-21.96%	+19.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.96%	21.67%	-20.71%

Volatility

HDG vs. BTAL - Volatility Comparison

The current volatility for ProShares Hedge Replication (HDG) is 1.72%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.47%. 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.

Volatility by Period

	HDG	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	7.47%	-5.75%
Volatility (6M) Calculated over the trailing 6-month period	4.58%	15.38%	-10.80%
Volatility (1Y) Calculated over the trailing 1-year period	5.63%	21.58%	-15.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.15%	18.75%	-11.60%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.11%	17.23%	-10.12%

HDG vs. BTAL - Expense Ratio Comparison

HDG has a 0.95% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

HDG vs. BTAL - Dividend Comparison

HDG's dividend yield for the trailing twelve months is around 2.35%, less than BTAL's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
HDG ProShares Hedge Replication	2.35%	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

Can I hold both HDG and BTAL in my portfolio?

HDG and BTAL have a correlation of -0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HDG or BTAL?

BTAL has higher volatility (7.47%) compared to HDG (1.72%). In terms of maximum drawdown, HDG dropped -15.31% vs BTAL's -50.28%.

Which ETF is better, HDG or BTAL?

On 10-year performance, HDG leads with 3.89% vs -4.62% for BTAL. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 1.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HDG or BTAL?

Over the 10-year period, HDG has performed better with a 3.89% return vs -4.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HDG or BTAL?

HDG is cheaper with a 0.95% expense ratio, compared with 2.11% for BTAL.

Which ETF pays a higher dividend yield, HDG or BTAL?

BTAL has the higher dividend yield at 3.11%, compared with 2.35% for HDG.

What is the main difference between HDG and BTAL?

HDG tracks Merrill Lynch Factor Model - Exchange Series, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for HDG and 2.11% for BTAL.

Which has better risk-adjusted returns?

HDG currently has the higher Sharpe Ratio (2.37 vs -1.72), 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.