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IAU vs. BTAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

IAU vs. BTAL

Last updated Jun 9, 2026

IAU (iShares Gold Trust) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, IAU returned 12.71%/yr vs -4.76%/yr for BTAL. At a correlation of -0.01, they often move in opposite directions. IAU charges 0.25%/yr vs 2.11%/yr for BTAL.

Performance

IAU vs. BTAL - Performance Comparison

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

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Returns By Period

In the year-to-date period, IAU achieves a 0.26% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, IAU has outperformed BTAL with an annualized return of 12.71%, while BTAL has yielded a comparatively lower -4.76% annualized return.

IAU

1D
0.20%
1M
-8.43%
YTD
0.26%
6M
3.08%
1Y
30.27%
3Y*
29.88%
5Y*
17.71%
10Y*
12.71%

BTAL

1D
-2.26%
1M
-2.66%
YTD
-18.69%
6M
-16.94%
1Y
-35.41%
3Y*
-12.18%
5Y*
-4.53%
10Y*
-4.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

IAU vs. BTAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
IAU
iShares Gold Trust		0.26%63.95%26.85%12.84%-0.63%-4.00%25.03%17.98%-1.76%12.91%
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		-18.69%-20.17%12.83%-15.11%20.48%-6.81%-13.86%1.07%15.13%-2.13%

Correlation

The correlation between IAU and BTAL is -0.16, 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

-0.16

Correlation (3Y)
Calculated over the trailing 3-year period

-0.15

Correlation (5Y)
Calculated over the trailing 5-year period

-0.13

Correlation (10Y)
Calculated over the trailing 10-year period

-0.00

Correlation (All Time)
Calculated using the full available price history since Sep 14, 2011

-0.01

The correlation between IAU and BTAL shifts across timeframes, from -0.16 (1 year) to -0.00 (10 years), reflecting how their relationship changes across market environments.

IAU vs. BTAL - Sectors Allocation Comparison

Sectors
IAU
BTAL

Real Estate

100.0%
6.2%

Basic Materials

-

4.0%

Communication Services

-

3.4%

Consumer Cyclical

-

12.8%

Consumer Defensive

-

5.6%

Energy

-

4.4%

Financial Services

-

14.9%

Healthcare

-

10.2%

Industrials

-

13.7%

Technology

-

19.5%

Utilities

-

5.2%

Real Estate

IAU
100.0%
BTAL
6.2%

Basic Materials

IAU

-

BTAL
4.0%

Communication Services

IAU

-

BTAL
3.4%

Consumer Cyclical

IAU

-

BTAL
12.8%

Consumer Defensive

IAU

-

BTAL
5.6%

Energy

IAU

-

BTAL
4.4%

Financial Services

IAU

-

BTAL
14.9%

Healthcare

IAU

-

BTAL
10.2%

Industrials

IAU

-

BTAL
13.7%

Technology

IAU

-

BTAL
19.5%

Utilities

IAU

-

BTAL
5.2%

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iShares Gold Trust

AGFiQ US Market Neutral Anti-Beta Fund

Often compared with IAU:
IAU vs. GLDIAU vs. GLDMIAU vs. IAUMIAU vs. SGOLIAU vs. GDXIAU vs. VOOIAU vs. PHYS
Often compared with BTAL:
BTAL vs. SPYBTAL vs. TAILBTAL vs. KMLMBTAL vs. CCORBTAL vs. VOOBTAL vs. CPBBTAL vs. EUO

Return for Risk

IAU vs. BTAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
IAU
IAU Risk / Return Rank: 3333
Overall Rank
IAU Sharpe Ratio Rank: 3535
Sharpe Ratio Rank
IAU Sortino Ratio Rank: 3131
Sortino Ratio Rank
IAU Omega Ratio Rank: 3838
Omega Ratio Rank
IAU Calmar Ratio Rank: 3434
Calmar Ratio Rank
IAU Martin Ratio Rank: 2929
Martin Ratio Rank
BTAL
BTAL Risk / Return Rank: 00
Overall Rank
BTAL Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BTAL Sortino Ratio Rank: 00
Sortino Ratio Rank
BTAL Omega Ratio Rank: 00
Omega Ratio Rank
BTAL Calmar Ratio Rank: 11
Calmar Ratio Rank
BTAL Martin Ratio Rank: 11
Martin Ratio Rank
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.

IAU vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.

IAUBTALDifference
Sharpe ratioReturn per unit of total volatility
1.14
-1.61

+2.75

Sortino ratioReturn per unit of downside risk
1.52
-2.52

+4.05

Omega ratioGain probability vs. loss probability

1.23

0.74

+0.49

Calmar ratioReturn relative to maximum drawdown

1.52

-0.95

+2.47

Martin ratioReturn relative to average drawdown

3.80

-1.62

+5.42

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IAU vs. BTAL - Sharpe Ratio Comparison

The current IAU Sharpe Ratio is 1.14, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of IAU 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.

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Sharpe Ratios by Period

IAUBTALDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.14

-1.61

+2.75

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.99

-0.24

+1.23

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.80

-0.28

+1.08

Sharpe Ratio (All Time)

Calculated using the full available price history

0.61

-0.24

+0.85

Drawdowns

IAU vs. BTAL - Drawdown Comparison

The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for IAU and BTAL.

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Drawdown Indicators

IAUBTALDifference

Max Drawdown

Largest peak-to-trough decline

-45.14%

-50.28%

+5.14%

Max Drawdown (1Y)

Largest decline over 1 year

-20.04%

-37.50%

+17.46%

Max Drawdown (3Y)

Largest decline over 3 years

-20.04%

-45.16%

+25.12%

Max Drawdown (5Y)

Largest decline over 5 years

-20.93%

-45.16%

+24.23%

Max Drawdown (10Y)

Largest decline over 10 years

-21.82%

-50.28%

+28.46%

Current Drawdown

Current decline from peak

-19.88%

-49.32%

+29.44%

Average Drawdown

Average peak-to-trough decline

-15.97%

-21.98%

+6.01%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.99%

21.90%

-13.91%

Volatility

IAU vs. BTAL - Volatility Comparison

The current volatility for iShares Gold Trust (IAU) is 5.64%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that IAU 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

IAUBTALDifference

Volatility (1M)

Calculated over the trailing 1-month period

5.64%

7.68%

-2.04%

Volatility (6M)

Calculated over the trailing 6-month period

23.33%

15.98%

+7.35%

Volatility (1Y)

Calculated over the trailing 1-year period

26.68%

22.07%

+4.61%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.02%

18.86%

-0.84%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

15.94%

17.29%

-1.35%

IAU vs. BTAL - Expense Ratio Comparison

IAU has a 0.25% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

IAU vs. BTAL - Dividend Comparison

IAU has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.06%.

PositionTTM20252024202320222021202020192018
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		3.06%2.49%3.49%6.14%1.01%0.00%0.00%0.88%0.39%
IAU
iShares Gold Trust		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

IAU and BTAL have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BTAL has higher volatility (7.68%) compared to IAU (5.64%). In terms of maximum drawdown, IAU dropped -45.14% vs BTAL's -50.28%.

On 10-year performance, IAU leads with 12.71% vs -4.76% for BTAL. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 5.64%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, IAU has performed better with a 12.71% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

IAU is cheaper with a 0.25% expense ratio, compared with 2.11% for BTAL.

BTAL has the higher dividend yield at 3.06%, compared with 0.00% for IAU.

IAU is categorized as Gold, while BTAL is Long-Short. IAU tracks LBMA Gold Price, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: iShares and AGF. Their fees differ too: 0.25% for IAU and 2.11% for BTAL.

IAU currently has the higher Sharpe Ratio (1.14 vs -1.61), 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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