IAU vs. BTAL
IAU (iShares Gold Trust) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - IAU is a Gold fund tracking the LBMA Gold Price, while BTAL is a Equity Market Neutral fund actively managed by AGF. IAU is passively managed, while BTAL is actively managed. Over the past 10 years, IAU returned 11.43%/yr vs -4.60%/yr for BTAL. At a correlation of -0.01, they often move in opposite directions. IAU charges 0.25%/yr vs 1.40%/yr for BTAL.
Performance
IAU vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, IAU achieves a -7.17% return, which is significantly higher than BTAL's -15.84% return. Over the past 10 years, IAU has outperformed BTAL with an annualized return of 11.43%, while BTAL has yielded a comparatively lower -4.60% annualized return.
IAU
- 1D
- -0.20%
- 1M
- -5.02%
- 6M
- -12.66%
- YTD
- -7.17%
- 1Y
- 19.36%
- 3Y*
- 26.56%
- 5Y*
- 17.02%
- 10Y*
- 11.43%
- ALL TIME*
- 10.67%
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
IAU vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IAU iShares Gold Trust | -7.17% | 63.95% | 26.85% | 12.84% | -0.63% | -4.00% | 25.03% | 17.98% | -1.76% | 12.91% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -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 -0.25, 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 | -0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.01 |
Over the past year, the inverse relationship between IAU and BTAL has strengthened: their correlation has moved from -0.01 to -0.25, meaning they now move in opposite directions more often than their long-term average.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
IAU vs. BTAL — Risk / Return Rank
IAU
BTAL
IAU vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Gold Trust (IAU) 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.
| IAU | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.79 | ||
| Sortino ratioReturn per unit of downside risk | +2.62 | ||
| Omega ratioGain probability vs. loss probability | 1.15 | 0.83 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.74 | -0.74 | +1.48 |
| Martin ratioReturn relative to average drawdown | 1.72 | -1.39 | +3.12 |
Loading charts...
Drawdowns
IAU vs. BTAL - Drawdown Comparison
The maximum IAU drawdown since its inception was -45.14%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for IAU and BTAL.
Loading charts...
Drawdown Indicators
| IAU | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -45.14% | -52.70% | +7.56% |
Max Drawdown (1Y)Largest decline over 1 year | -26.36% | -34.57% | +8.21% |
Max Drawdown (3Y)Largest decline over 3 years | -26.36% | -47.83% | +21.47% |
Max Drawdown (5Y)Largest decline over 5 years | -26.36% | -47.83% | +21.47% |
Max Drawdown (10Y)Largest decline over 10 years | -26.36% | -52.70% | +26.34% |
Current DrawdownCurrent decline from peak | -25.81% | -47.55% | +21.74% |
Average DrawdownAverage peak-to-trough decline | -16.00% | -22.19% | +6.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.25% | 18.40% | -7.15% |
Volatility
IAU vs. BTAL - Volatility Comparison
The current volatility for iShares Gold Trust (IAU) is 6.34%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.95%. 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.
Loading charts...
Volatility by Period
| IAU | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.34% | 7.95% | -1.61% |
Volatility (6M)Calculated over the trailing 6-month period | 24.03% | 17.50% | +6.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.86% | 23.51% | +4.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.36% | 19.27% | -0.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.05% | 17.40% | -1.35% |
IAU vs. BTAL - Expense Ratio Comparison
IAU has a 0.25% expense ratio, which is lower than BTAL's 1.40% 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 2.96%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 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 -0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.95%) compared to IAU (6.34%). In terms of maximum drawdown, IAU dropped -45.14% vs BTAL's -52.70%.
On 10-year performance, IAU leads with 11.43% vs -4.60% for BTAL. On fees, IAU is cheaper at 0.25% per year. On volatility, IAU has been the lower-risk option at 6.34%. 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 11.43% return vs -4.60%. 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 1.40% for BTAL.
BTAL has the higher dividend yield at 2.96%, compared with 0.00% for IAU.
IAU is categorized as Gold, while BTAL is Equity Market Neutral. They also come from different issuers: iShares and AGF. Their fees differ too: 0.25% for IAU and 1.40% for BTAL.
IAU currently has the higher Sharpe Ratio (0.70 vs -1.09), 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.
Find the right allocation for IAU and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer