TQQQ vs. BTAL
TQQQ (ProShares UltraPro QQQ) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - TQQQ is a Leveraged Equities fund tracking the NASDAQ-100 Index (300%), 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, TQQQ returned 44.55%/yr vs -5.05%/yr for BTAL. At a correlation of -0.48, they often move in opposite directions. TQQQ charges 0.95%/yr vs 2.11%/yr for BTAL.
Performance
TQQQ vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, TQQQ achieves a 47.28% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, TQQQ has outperformed BTAL with an annualized return of 44.55%, while BTAL has yielded a comparatively lower -5.05% annualized return.
TQQQ
- 1D
- 1.99%
- 1M
- 2.89%
- YTD
- 47.28%
- 6M
- 47.23%
- 1Y
- 114.36%
- 3Y*
- 59.79%
- 5Y*
- 24.34%
- 10Y*
- 44.55%
BTAL
- 1D
- -0.09%
- 1M
- -5.59%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
TQQQ vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TQQQ ProShares UltraPro QQQ | 47.28% | 34.35% | 58.27% | 198.04% | -79.09% | 82.98% | 110.05% | 133.84% | -19.79% | 118.06% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -20.15% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between TQQQ and BTAL is -0.75, 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 | -0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.67 |
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, the inverse relationship between TQQQ and BTAL has strengthened: their correlation has moved from -0.48 to -0.75, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
TQQQ vs. BTAL — Risk / Return Rank
TQQQ
BTAL
TQQQ vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro QQQ (TQQQ) 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.
| TQQQ | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.72 | ||
| Sortino ratioReturn per unit of downside risk | +4.98 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.73 | +0.59 |
| Calmar ratioReturn relative to maximum drawdown | 2.89 | -0.98 | +3.87 |
| Martin ratioReturn relative to average drawdown | 9.26 | -1.64 | +10.90 |
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Drawdowns
TQQQ vs. BTAL - Drawdown Comparison
The maximum TQQQ drawdown since its inception was -81.66%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for TQQQ and BTAL.
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Drawdown Indicators
| TQQQ | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -81.66% | -50.28% | -31.38% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -37.50% | +0.53% |
Max Drawdown (3Y)Largest decline over 3 years | -58.04% | -45.16% | -12.88% |
Max Drawdown (5Y)Largest decline over 5 years | -81.66% | -45.16% | -36.50% |
Max Drawdown (10Y)Largest decline over 10 years | -81.66% | -50.28% | -31.38% |
Current DrawdownCurrent decline from peak | -11.12% | -50.23% | +39.11% |
Average DrawdownAverage peak-to-trough decline | -18.51% | -22.01% | +3.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.52% | 22.38% | -10.86% |
Volatility
TQQQ vs. BTAL - Volatility Comparison
ProShares UltraPro QQQ (TQQQ) has a higher volatility of 22.79% compared to AGFiQ US Market Neutral Anti-Beta Fund (BTAL) at 8.74%. This indicates that TQQQ's price experiences larger fluctuations and is considered to be riskier 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
| TQQQ | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.79% | 8.74% | +14.05% |
Volatility (6M)Calculated over the trailing 6-month period | 41.26% | 16.58% | +24.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.24% | 22.49% | +28.75% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 67.02% | 18.96% | +48.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 66.22% | 17.33% | +48.89% |
TQQQ vs. BTAL - Expense Ratio Comparison
TQQQ has a 0.95% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
TQQQ vs. BTAL - Dividend Comparison
TQQQ's dividend yield for the trailing twelve months is around 0.41%, less than BTAL's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
TQQQ ProShares UltraPro QQQ | 0.41% | 0.65% | 1.27% | 1.26% | 0.57% | 0.00% | 0.00% | 0.06% | 0.11% | 0.00% | 0.00% | 0.01% |
Frequently Asked Questions
TQQQ and BTAL have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TQQQ has higher volatility (22.79%) compared to BTAL (8.74%). In terms of maximum drawdown, TQQQ dropped -81.66% vs BTAL's -50.28%.
On 10-year performance, TQQQ leads with 44.55% vs -5.05% for BTAL. On fees, TQQQ is cheaper at 0.95% per year. On volatility, BTAL has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TQQQ has performed better with a 44.55% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TQQQ is cheaper with a 0.95% expense ratio, compared with 2.11% for BTAL.
BTAL has the higher dividend yield at 3.11%, compared with 0.41% for TQQQ.
TQQQ is categorized as Leveraged Equities, while BTAL is Long-Short. TQQQ tracks NASDAQ-100 Index (300%), while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for TQQQ and 2.11% for BTAL.
TQQQ currently has the higher Sharpe Ratio (2.09 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.
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