PSQ vs. BTAL
PSQ (ProShares Short QQQ) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - PSQ is a Inverse Equities fund tracking the NASDAQ-100 Index (-100%), while BTAL is a Equity Market Neutral fund actively managed by AGF. PSQ is passively managed, while BTAL is actively managed. Over the past 10 years, PSQ returned -19.32%/yr vs -5.50%/yr for BTAL. At a 0.48 correlation, their price movements are largely independent. PSQ charges 0.95%/yr vs 1.40%/yr for BTAL.
Performance
PSQ vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, PSQ achieves a -13.33% return, which is significantly higher than BTAL's -21.75% return. Over the past 10 years, PSQ has underperformed BTAL with an annualized return of -19.32%, while BTAL has yielded a comparatively higher -5.50% annualized return.
PSQ
- 1D
- 3.29%
- 1M
- 0.15%
- YTD
- -13.33%
- 6M
- -12.07%
- 1Y
- -23.10%
- 3Y*
- -17.43%
- 5Y*
- -13.16%
- 10Y*
- -19.32%
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
PSQ vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PSQ ProShares Short QQQ | -13.33% | -15.51% | -15.68% | -32.01% | 36.40% | -24.84% | -41.23% | -27.49% | -2.34% | -24.77% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between PSQ and BTAL is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.48 |
Over the past year, PSQ and BTAL have become more correlated (0.77) than their long-term average of 0.48, meaning their price movements have been converging.
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Return for Risk
PSQ vs. BTAL — Risk / Return Rank
PSQ
BTAL
PSQ vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short QQQ (PSQ) 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.
| PSQ | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.33 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.74 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.93 | -0.98 | +0.05 |
| Martin ratioReturn relative to average drawdown | -1.99 | -1.85 | -0.15 |
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Drawdowns
PSQ vs. BTAL - Drawdown Comparison
The maximum PSQ drawdown since its inception was -98.26%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for PSQ and BTAL.
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Drawdown Indicators
| PSQ | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.26% | -52.70% | -45.56% |
Max Drawdown (1Y)Largest decline over 1 year | -24.95% | -37.81% | +12.86% |
Max Drawdown (3Y)Largest decline over 3 years | -49.65% | -47.83% | -1.82% |
Max Drawdown (5Y)Largest decline over 5 years | -60.91% | -47.83% | -13.08% |
Max Drawdown (10Y)Largest decline over 10 years | -88.98% | -52.70% | -36.28% |
Current DrawdownCurrent decline from peak | -98.19% | -51.23% | -46.96% |
Average DrawdownAverage peak-to-trough decline | -74.02% | -22.05% | -51.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.74% | 21.21% | -8.47% |
Volatility
PSQ vs. BTAL - Volatility Comparison
ProShares Short QQQ (PSQ) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL) have volatilities of 8.93% and 9.28%, 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.
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Volatility by Period
| PSQ | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.93% | 9.28% | -0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 14.46% | 16.73% | -2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.94% | 22.83% | -4.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.72% | 19.10% | +3.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 22.37% | 17.36% | +5.01% |
PSQ vs. BTAL - Expense Ratio Comparison
PSQ has a 0.95% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
PSQ vs. BTAL - Dividend Comparison
PSQ's dividend yield for the trailing twelve months is around 5.05%, more than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% |
PSQ ProShares Short QQQ | 5.05% | 4.97% | 7.15% | 6.01% | 0.35% | 0.00% | 0.31% | 1.75% | 0.95% | 0.02% |
Frequently Asked Questions
PSQ and BTAL have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.28%) compared to PSQ (8.93%). In terms of maximum drawdown, PSQ dropped -98.26% vs BTAL's -52.70%.
On 10-year performance, BTAL leads with -5.50% vs -19.32% for PSQ. On fees, PSQ is cheaper at 0.95% per year. On volatility, PSQ has been the lower-risk option at 8.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BTAL has performed better with a -5.50% return vs -19.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PSQ is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
PSQ has the higher dividend yield at 5.05%, compared with 3.18% for BTAL.
PSQ is categorized as Inverse Equities, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for PSQ and 1.40% for BTAL.
PSQ currently has the higher Sharpe Ratio (-1.29 vs -1.62), 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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