HFGM vs. BTAL
HFGM (Unlimited HFGM Global Macro ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - HFGM is a Long-Short fund actively managed by Unlimited, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past year, HFGM returned 23.69% vs -25.47% for BTAL. Their -0.54 correlation means they have often moved in opposite directions in the past. HFGM charges 0.95%/yr vs 1.40%/yr for BTAL.
Performance
HFGM vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, HFGM achieves a 5.58% return, which is significantly higher than BTAL's -14.87% return.
HFGM
- 1D
- 0.00%
- 1M
- 1.35%
- 6M
- -6.05%
- YTD
- 5.58%
- 1Y
- 23.69%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 25.39%
BTAL
- 1D
- -0.33%
- 1M
- 5.79%
- 6M
- -13.85%
- YTD
- -14.87%
- 1Y
- -25.47%
- 3Y*
- -8.33%
- 5Y*
- -4.14%
- 10Y*
- -4.41%
- ALL TIME*
- -3.78%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $1.39M | $1.17M | $1.73M |
HFGM vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
HFGM Unlimited HFGM Global Macro ETF | 5.58% | 26.88% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -14.87% | -29.68% |
Correlation
The correlation between HFGM and BTAL is -0.56, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2025 | -0.54 |
The correlation between HFGM and BTAL has been stable across timeframes, ranging from -0.56 to -0.54 - a consistent structural relationship.
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Return for Risk
HFGM vs. BTAL — Risk / Return Rank
HFGM
BTAL
HFGM vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Unlimited HFGM Global Macro ETF (HFGM) 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.
| HFGM | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.99 | ||
| Sortino ratioReturn per unit of downside risk | +2.85 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.85 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 1.54 | -0.69 | +2.23 |
| Martin ratioReturn relative to average drawdown | 3.83 | -1.25 | +5.07 |
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Drawdowns
HFGM vs. BTAL - Drawdown Comparison
The maximum HFGM drawdown since its inception was -15.09%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for HFGM and BTAL.
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Drawdown Indicators
| HFGM | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.09% | -52.70% | +37.61% |
Max Drawdown (1Y)Largest decline over 1 year | -15.09% | -34.57% | +19.48% |
Max Drawdown (3Y)Largest decline over 3 years | — | -47.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -47.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -13.00% | -46.94% | +33.94% |
Average DrawdownAverage peak-to-trough decline | -3.75% | -22.25% | +18.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.05% | 19.09% | -13.04% |
Volatility
HFGM vs. BTAL - Volatility Comparison
The current volatility for Unlimited HFGM Global Macro ETF (HFGM) is 5.37%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.89%. This indicates that HFGM 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
| HFGM | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.37% | 7.89% | -2.52% |
Volatility (6M)Calculated over the trailing 6-month period | 17.11% | 17.97% | -0.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.52% | 23.85% | -0.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.66% | 19.39% | +2.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.66% | 17.47% | +4.19% |
HFGM vs. BTAL - Expense Ratio Comparison
HFGM has a 0.95% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
HFGM vs. BTAL - Dividend Comparison
HFGM's dividend yield for the trailing twelve months is around 10.64%, more than BTAL's 2.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.92% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
HFGM Unlimited HFGM Global Macro ETF | 10.64% | 11.23% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HFGM and BTAL have a correlation of -0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.89%) compared to HFGM (5.37%). In terms of maximum drawdown, HFGM dropped -15.09% vs BTAL's -52.70%.
On 1-year performance, HFGM leads with 23.69% vs -25.47% for BTAL. On fees, HFGM is cheaper at 0.95% per year. On volatility, HFGM has been the lower-risk option at 5.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, HFGM has performed better with a 23.69% return vs -25.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HFGM is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
HFGM has the higher dividend yield at 10.64%, compared with 2.92% for BTAL.
HFGM is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Unlimited and AGF. Their fees differ too: 0.95% for HFGM and 1.40% for BTAL.
HFGM currently has the higher Sharpe Ratio (0.99 vs -1.00), 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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