IAUM vs. BTAL

Last updated Jun 13, 2026

IAUM (iShares Gold Trust Micro) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - IAUM is a Gold fund tracking the LBMA Gold Price PM, 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 3 years, IAUM returned 29.28%/yr vs -12.17%/yr for BTAL. At a correlation of -0.13, they often move in opposite directions. IAUM charges 0.09%/yr vs 2.11%/yr for BTAL.

Performance

IAUM vs. BTAL - Performance Comparison

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

Returns By Period

In the year-to-date period, IAUM achieves a -2.40% return, which is significantly higher than BTAL's -20.15% return.

IAUM

• 1D: 0.10%
• 1M: -9.51%
• YTD: -2.40%
• 6M: -2.08%
• 1Y: 22.55%
• 3Y*: 29.28%
• 5Y*: —
• 10Y*: —

BTAL

• 1D: -0.09%
• 1M: -4.17%
• YTD: -20.15%
• 6M: -19.27%
• 1Y: -37.44%
• 3Y*: -12.17%
• 5Y*: -4.94%
• 10Y*: -5.05%

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

IAUM vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IAUM iShares Gold Trust Micro	-2.40%	64.27%	27.04%	13.12%	-0.49%	3.87%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.15%	-20.17%	12.83%	-15.11%	20.48%	5.08%

Correlation

The correlation between IAUM and BTAL is -0.18, 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	-0.18
Correlation (3Y) Calculated over the trailing 3-year period	-0.16
Correlation (All Time) Calculated using the full available price history since Jun 29, 2021	-0.13

IAUM vs. BTAL - Sectors Allocation Comparison

Sectors	IAUM	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%

Return for Risk

IAUM vs. BTAL — Risk / Return Rank

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

IAUM

IAUM Risk / Return Rank: 27
IAUM Sharpe Ratio Rank: 28
IAUM Sortino Ratio Rank: 25
IAUM Omega Ratio Rank: 31
IAUM Calmar Ratio Rank: 24
IAUM Martin Ratio Rank: 25

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL Martin Ratio Rank: 1

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.

IAUM vs. BTAL - Risk-Adjusted Trends Comparison

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

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.

	IAUM	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	0.90	-1.64	+2.54
Sortino ratio: Return per unit of downside risk	1.26	-2.56	+3.82
Omega ratio: Gain probability vs. loss probability	1.19	0.73	+0.45
Calmar ratio: Return relative to maximum drawdown	1.00	-0.98	+1.98
Martin ratio: Return relative to average drawdown	2.87	-1.64	+4.51

IAUM vs. BTAL - Sharpe Ratio Comparison

The current IAUM Sharpe Ratio is 0.90, which is higher than the BTAL Sharpe Ratio of -1.64. The chart below compares the historical Sharpe Ratios of IAUM 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.

Drawdowns

IAUM vs. BTAL - Drawdown Comparison

The maximum IAUM drawdown since its inception was -24.37%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for IAUM and BTAL.

Drawdown Indicators

	IAUM	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-24.37%	-50.28%	+25.91%
Max Drawdown (1Y) Largest decline over 1 year	-24.37%	-37.50%	+13.13%
Max Drawdown (3Y) Largest decline over 3 years	-24.37%	-45.16%	+20.79%
Max Drawdown (5Y) Largest decline over 5 years	—	-45.16%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-50.28%	—
Current Drawdown Current decline from peak	-21.99%	-50.23%	+28.24%
Average Drawdown Average peak-to-trough decline	-5.38%	-22.01%	+16.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.46%	22.38%	-13.92%

Volatility

IAUM vs. BTAL - Volatility Comparison

The current volatility for iShares Gold Trust Micro (IAUM) is 7.71%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. This indicates that IAUM 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.

Volatility by Period

	IAUM	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	8.74%	-1.03%
Volatility (6M) Calculated over the trailing 6-month period	23.82%	16.58%	+7.24%
Volatility (1Y) Calculated over the trailing 1-year period	27.06%	22.49%	+4.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.05%	18.96%	-0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.05%	17.33%	+0.72%

IAUM vs. BTAL - Expense Ratio Comparison

IAUM has a 0.09% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

IAUM vs. BTAL - Dividend Comparison

IAUM has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.11%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.11%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%
IAUM iShares Gold Trust Micro	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both IAUM and BTAL in my portfolio?

IAUM and BTAL have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IAUM or BTAL?

BTAL has higher volatility (8.74%) compared to IAUM (7.71%). In terms of maximum drawdown, IAUM dropped -24.37% vs BTAL's -50.28%.

Which ETF is better, IAUM or BTAL?

On 3-year performance, IAUM leads with 29.28% vs -12.17% for BTAL. On fees, IAUM is cheaper at 0.09% per year. On volatility, IAUM has been the lower-risk option at 7.71%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, IAUM or BTAL?

Over the 3-year period, IAUM has performed better with a 29.28% return vs -12.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, IAUM or BTAL?

IAUM is cheaper with a 0.09% expense ratio, compared with 2.11% for BTAL.

Which ETF pays a higher dividend yield, IAUM or BTAL?

BTAL has the higher dividend yield at 3.11%, compared with 0.00% for IAUM.

What is the main difference between IAUM and BTAL?

IAUM is categorized as Gold, while BTAL is Long-Short. IAUM tracks LBMA Gold Price PM, 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: 0.09% for IAUM and 2.11% for BTAL.

Which has better risk-adjusted returns?

IAUM currently has the higher Sharpe Ratio (0.90 vs -1.64), 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.