HDGE.TO vs. QBTL.TO

Last updated Jul 25, 2026

HDGE.TO (Accelerate Absolute Return Fund) and QBTL.TO (AGF US Market Neutral Anti-Beta CAD-Hedged ETF) are both exchange-traded funds - HDGE.TO is a Long-Short fund actively managed by Accelerate Financial Technologies Inc., while QBTL.TO is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, HDGE.TO returned 13.68%/yr vs -5.20%/yr for QBTL.TO. At a 0.03 correlation, their price movements are largely independent. HDGE.TO charges 3.95%/yr vs 0.55%/yr for QBTL.TO.

Performance

HDGE.TO vs. QBTL.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Accelerate Absolute Return Fund (HDGE.TO) and AGF US Market Neutral Anti-Beta CAD-Hedged ETF (QBTL.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HDGE.TO achieves a 0.87% return, which is significantly higher than QBTL.TO's -16.12% return.

HDGE.TO

• 1D: -0.54%
• 1M: -1.49%
• 6M: 3.31%
• YTD: 0.87%
• 1Y: 7.70%
• 3Y*: 9.13%
• 5Y*: 13.68%
• 10Y*: —
• ALL TIME*: 6.67%

QBTL.TO

• 1D: 0.95%
• 1M: 8.36%
• 6M: -14.19%
• YTD: -16.12%
• 1Y: -26.59%
• 3Y*: -10.05%
• 5Y*: -5.20%
• 10Y*: —
• ALL TIME*: -8.17%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HDGE.TO Accelerate Absolute Return Fund	CA$3.92K	CA$12.94K	CA$12.62K
QBTL.TO AGF US Market Neutral Anti-Beta CAD-Hedged ETF	CA$6.91K	CA$66.57K	CA$92.16K

HDGE.TO vs. QBTL.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HDGE.TO Accelerate Absolute Return Fund	0.87%	3.68%	22.91%	3.36%	15.47%	27.57%	-20.14%	4.11%
QBTL.TO AGF US Market Neutral Anti-Beta CAD-Hedged ETF	-16.12%	-21.84%	12.22%	-15.56%	21.08%	-8.37%	-12.51%	-7.06%

Correlation

The correlation between HDGE.TO and QBTL.TO is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.03
Correlation (All Time) Calculated using the full available price history since Oct 7, 2019	0.03

Return for Risk

HDGE.TO vs. QBTL.TO — Risk / Return Rank

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

HDGE.TO

HDGE.TO Risk / Return Rank: 25
HDGE.TO Sharpe Ratio Rank: 25
HDGE.TO Sortino Ratio Rank: 23
HDGE.TO Omega Ratio Rank: 24
HDGE.TO Calmar Ratio Rank: 27
HDGE.TO Martin Ratio Rank: 28

QBTL.TO

QBTL.TO Risk / Return Rank: 2
QBTL.TO Sharpe Ratio Rank: 1
QBTL.TO Sortino Ratio Rank: 1
QBTL.TO Omega Ratio Rank: 1
QBTL.TO Calmar Ratio Rank: 3
QBTL.TO Martin Ratio Rank: 2

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.

HDGE.TO vs. QBTL.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Accelerate Absolute Return Fund (HDGE.TO) and AGF US Market Neutral Anti-Beta CAD-Hedged ETF (QBTL.TO). 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.

	HDGE.TO	QBTL.TO	Difference
Sharpe ratio: Return per unit of total volatility	0.56	-1.13	+1.69
Sortino ratio: Return per unit of downside risk	0.86	-1.63	+2.49
Omega ratio: Gain probability vs. loss probability	1.11	0.81	+0.30
Calmar ratio: Return relative to maximum drawdown	0.85	-0.74	+1.59
Martin ratio: Return relative to average drawdown	2.31	-1.35	+3.66

HDGE.TO vs. QBTL.TO - Sharpe Ratio Comparison

The current HDGE.TO Sharpe Ratio is 0.56, which is higher than the QBTL.TO Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of HDGE.TO and QBTL.TO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HDGE.TO vs. QBTL.TO - Drawdown Comparison

The maximum HDGE.TO drawdown since its inception was -29.81%, smaller than the maximum QBTL.TO drawdown of -54.72%. Use the drawdown chart below to compare losses from any high point for HDGE.TO and QBTL.TO.

Drawdown Indicators

	HDGE.TO	QBTL.TO	Difference
Max Drawdown Largest peak-to-trough decline	-29.81%	-54.72%	+24.91%
Max Drawdown (1Y) Largest decline over 1 year	-9.07%	-36.08%	+27.01%
Max Drawdown (3Y) Largest decline over 3 years	-12.20%	-49.31%	+37.11%
Max Drawdown (5Y) Largest decline over 5 years	-13.69%	-49.31%	+35.62%
Current Drawdown Current decline from peak	-3.68%	-49.51%	+45.83%
Average Drawdown Average peak-to-trough decline	-8.58%	-25.25%	+16.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.34%	19.80%	-16.46%

Volatility

HDGE.TO vs. QBTL.TO - Volatility Comparison

The current volatility for Accelerate Absolute Return Fund (HDGE.TO) is 4.43%, while AGF US Market Neutral Anti-Beta CAD-Hedged ETF (QBTL.TO) has a volatility of 6.00%. This indicates that HDGE.TO experiences smaller price fluctuations and is considered to be less risky than QBTL.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDGE.TO	QBTL.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.43%	6.00%	-1.57%
Volatility (6M) Calculated over the trailing 6-month period	11.52%	17.97%	-6.45%
Volatility (1Y) Calculated over the trailing 1-year period	13.92%	23.67%	-9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.45%	19.77%	-3.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.26%	19.96%	-2.70%

HDGE.TO vs. QBTL.TO - Expense Ratio Comparison

HDGE.TO has a 3.95% expense ratio, which is higher than QBTL.TO's 0.55% expense ratio.

Dividends

HDGE.TO vs. QBTL.TO - Dividend Comparison

HDGE.TO's dividend yield for the trailing twelve months is around 1.45%, while QBTL.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
HDGE.TO Accelerate Absolute Return Fund	1.45%	1.45%	1.48%	2.10%	2.14%	2.05%	3.01%	0.99%
QBTL.TO AGF US Market Neutral Anti-Beta CAD-Hedged ETF	0.00%	0.00%	0.00%	0.00%	3.09%	0.00%	6.68%	0.16%

Frequently Asked Questions

Can I hold both HDGE.TO and QBTL.TO in my portfolio?

HDGE.TO and QBTL.TO have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HDGE.TO or QBTL.TO?

On fees, QBTL.TO is cheaper at 0.55% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HDGE.TO or QBTL.TO?

QBTL.TO is cheaper with a 0.55% expense ratio, compared with 3.95% for HDGE.TO.

What is the main difference between HDGE.TO and QBTL.TO?

HDGE.TO is categorized as Long-Short, while QBTL.TO is Equity Market Neutral. They also come from different issuers: Accelerate Financial Technologies Inc. and AGF. Their fees differ too: 3.95% for HDGE.TO and 0.55% for QBTL.TO.