PGR vs. BTAL

Last updated Jun 9, 2026

PGR (The Progressive Corporation) is a stock, while BTAL (AGFiQ US Market Neutral Anti-Beta Fund) is Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Over the past 10 years, PGR returned 23.25%/yr vs -4.76%/yr for BTAL. At a correlation of -0.08, they often move in opposite directions.

Performance

PGR vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Progressive Corporation (PGR) 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, PGR achieves a -6.42% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, PGR has outperformed BTAL with an annualized return of 23.25%, while BTAL has yielded a comparatively lower -4.76% annualized return.

PGR

• 1D: -1.84%
• 1M: 3.23%
• YTD: -6.42%
• 6M: -4.51%
• 1Y: -23.65%
• 3Y*: 18.74%
• 5Y*: 18.76%
• 10Y*: 23.25%

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)

PGR vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PGR The Progressive Corporation	-6.42%	-3.02%	51.39%	23.16%	26.81%	10.84%	41.48%	25.14%	9.39%	61.59%
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 PGR and BTAL is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.32
Correlation (3Y) Calculated over the trailing 3-year period	0.25
Correlation (5Y) Calculated over the trailing 5-year period	0.10
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	-0.08

The correlation between PGR and BTAL shifts across timeframes, from -0.08 (all time) to 0.32 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PGR vs. BTAL — Risk / Return Rank

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

PGR

PGR Risk / Return Rank: 6
PGR Sharpe Ratio Rank: 4
PGR Sortino Ratio Rank: 7
PGR Omega Ratio Rank: 9
PGR Calmar Ratio Rank: 4
PGR Martin Ratio Rank: 7

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: 1
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.

PGR vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Progressive Corporation (PGR) 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.

	PGR	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-1.61	+0.57
Sortino ratio: Return per unit of downside risk	-1.41	-2.52	+1.11
Omega ratio: Gain probability vs. loss probability	0.84	0.74	+0.10
Calmar ratio: Return relative to maximum drawdown	-0.94	-0.95	+0.01
Martin ratio: Return relative to average drawdown	-1.43	-1.62	+0.19
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PGR vs. BTAL - Sharpe Ratio Comparison

The current PGR Sharpe Ratio is -1.04, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of PGR 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.

Sharpe Ratios by Period

	PGR	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.04	-1.61	+0.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	-0.24	+1.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.95	-0.28	+1.23
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	-0.24	+0.82

Drawdowns

PGR vs. BTAL - Drawdown Comparison

The maximum PGR drawdown since its inception was -71.06%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for PGR and BTAL.

Drawdown Indicators

	PGR	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-71.06%	-50.28%	-20.78%
Max Drawdown (1Y) Largest decline over 1 year	-25.27%	-37.50%	+12.23%
Max Drawdown (3Y) Largest decline over 3 years	-30.35%	-45.16%	+14.81%
Max Drawdown (5Y) Largest decline over 5 years	-30.35%	-45.16%	+14.81%
Max Drawdown (10Y) Largest decline over 10 years	-30.35%	-50.28%	+19.93%
Current Drawdown Current decline from peak	-26.74%	-49.32%	+22.58%
Average Drawdown Average peak-to-trough decline	-14.53%	-21.98%	+7.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.79%	21.90%	-3.11%

Volatility

PGR vs. BTAL - Volatility Comparison

The Progressive Corporation (PGR) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL) have volatilities of 7.57% and 7.68%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PGR	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.57%	7.68%	-0.11%
Volatility (6M) Calculated over the trailing 6-month period	16.95%	15.98%	+0.97%
Volatility (1Y) Calculated over the trailing 1-year period	22.76%	22.07%	+0.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.55%	18.86%	+5.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.48%	17.29%	+7.19%

Dividends

PGR vs. BTAL - Dividend Comparison

PGR's dividend yield for the trailing twelve months is around 6.94%, more than BTAL's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%	0.00%	0.00%	0.00%
PGR The Progressive Corporation	6.94%	2.15%	0.48%	0.25%	0.31%	6.23%	2.68%	3.89%	1.86%	1.21%	2.50%	2.16%

Frequently Asked Questions

Can I hold both PGR and BTAL in my portfolio?

PGR and BTAL have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PGR or BTAL?

BTAL has higher volatility (7.68%) compared to PGR (7.57%). In terms of maximum drawdown, PGR dropped -71.06% vs BTAL's -50.28%.

Which has better risk-adjusted returns?

PGR currently has the higher Sharpe Ratio (-1.04 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.