UGL vs. BTAL
UGL (ProShares Ultra Gold) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - UGL is a Leveraged Commodities fund tracking the Bloomberg Gold Subindex (200%), while BTAL is a Equity Market Neutral fund actively managed by AGF. UGL is passively managed, while BTAL is actively managed. Over the past 10 years, UGL returned 14.50%/yr vs -4.60%/yr for BTAL. At a correlation of -0.01, they often move in opposite directions. UGL charges 0.95%/yr vs 1.40%/yr for BTAL.
Performance
UGL vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, UGL achieves a -21.85% return, which is significantly lower than BTAL's -15.84% return. Over the past 10 years, UGL has outperformed BTAL with an annualized return of 14.50%, while BTAL has yielded a comparatively lower -4.60% annualized return.
UGL
- 1D
- -0.41%
- 1M
- -10.57%
- 6M
- -30.41%
- YTD
- -21.85%
- 1Y
- 22.61%
- 3Y*
- 42.08%
- 5Y*
- 23.95%
- 10Y*
- 14.50%
- ALL TIME*
- 11.76%
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%
UGL vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -21.85% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
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 UGL 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 | -0.16 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
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 UGL 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.
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Return for Risk
UGL vs. BTAL — Risk / Return Rank
UGL
BTAL
UGL vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Ultra Gold (UGL) 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.
| UGL | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.50 | ||
| Sortino ratioReturn per unit of downside risk | +2.45 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 0.83 | +0.29 |
| Calmar ratioReturn relative to maximum drawdown | 0.45 | -0.74 | +1.20 |
| Martin ratioReturn relative to average drawdown | 0.99 | -1.39 | +2.39 |
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Drawdowns
UGL vs. BTAL - Drawdown Comparison
The maximum UGL drawdown since its inception was -75.93%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for UGL and BTAL.
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Drawdown Indicators
| UGL | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -75.93% | -52.70% | -23.23% |
Max Drawdown (1Y)Largest decline over 1 year | -50.02% | -34.57% | -15.45% |
Max Drawdown (3Y)Largest decline over 3 years | -50.02% | -47.83% | -2.19% |
Max Drawdown (5Y)Largest decline over 5 years | -50.02% | -47.83% | -2.19% |
Max Drawdown (10Y)Largest decline over 10 years | -50.02% | -52.70% | +2.68% |
Current DrawdownCurrent decline from peak | -49.32% | -47.55% | -1.77% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -22.19% | -21.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.80% | 18.40% | +4.40% |
Volatility
UGL vs. BTAL - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 12.73% compared to AGF U.S. Market Neutral Anti-Beta Fund (BTAL) at 7.95%. This indicates that UGL'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
| UGL | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.73% | 7.95% | +4.78% |
Volatility (6M)Calculated over the trailing 6-month period | 48.71% | 17.50% | +31.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.75% | 23.51% | +32.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.98% | 19.27% | +17.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.64% | 17.40% | +15.24% |
UGL vs. BTAL - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
UGL vs. BTAL - Dividend Comparison
UGL 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% |
UGL ProShares Ultra Gold | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
UGL 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.
UGL has higher volatility (12.73%) compared to BTAL (7.95%). In terms of maximum drawdown, UGL dropped -75.93% vs BTAL's -52.70%.
On 10-year performance, UGL leads with 14.50% vs -4.60% for BTAL. On fees, UGL is cheaper at 0.95% per year. On volatility, BTAL has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, UGL has performed better with a 14.50% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UGL is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.96%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for UGL and 1.40% for BTAL.
UGL currently has the higher Sharpe Ratio (0.41 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.
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