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 3.85%/yr vs -4.73%/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 6.42% return, which is significantly higher than BTAL's -17.44% return. Over the past 10 years, HDG has outperformed BTAL with an annualized return of 3.85%, while BTAL has yielded a comparatively lower -4.73% annualized return.
HDG
- 1D
- -0.66%
- 1M
- -0.28%
- 6M
- 4.61%
- YTD
- 6.42%
- 1Y
- 11.62%
- 3Y*
- 7.10%
- 5Y*
- 3.33%
- 10Y*
- 3.85%
BTAL
- 1D
- 2.68%
- 1M
- 5.41%
- 6M
- -14.66%
- YTD
- -17.44%
- 1Y
- -28.44%
- 3Y*
- -9.44%
- 5Y*
- -4.93%
- 10Y*
- -4.73%
HDG vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HDG ProShares Hedge Replication | 6.42% | 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 | -17.44% | -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 -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.59 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.53 |
Over the past year, the inverse relationship between HDG and BTAL has strengthened: their correlation has moved from -0.53 to -0.74, meaning they now move in opposite directions more often than their long-term average.
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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 | +3.06 | ||
| Sortino ratioReturn per unit of downside risk | +4.47 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 0.81 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 2.94 | -0.83 | +3.76 |
| Martin ratioReturn relative to average drawdown | 11.54 | -1.56 | +13.10 |
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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% | -34.57% | +30.60% |
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 | -1.29% | -48.54% | +47.25% |
Average DrawdownAverage peak-to-trough decline | -2.76% | -22.17% | +19.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.01% | 18.24% | -17.23% |
Volatility
HDG vs. BTAL - Volatility Comparison
The current volatility for ProShares Hedge Replication (HDG) is 2.10%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.79%. 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 | 2.10% | 7.79% | -5.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.41% | 17.46% | -12.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.34% | 23.44% | -17.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.24% | 19.27% | -12.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.11% | 17.39% | -10.28% |
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 2.38%, less than BTAL's 3.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.01% | 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 | 2.38% | 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 -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.79%) compared to HDG (2.10%). In terms of maximum drawdown, HDG dropped -15.31% vs BTAL's -52.70%.
On 10-year performance, HDG leads with 3.85% vs -4.73% for BTAL. On fees, HDG is cheaper at 0.95% per year. On volatility, HDG has been the lower-risk option at 2.10%. 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 3.85% return vs -4.73%. 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 3.01%, compared with 2.38% 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 (1.84 vs -1.22), 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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