UGL vs. BTAL
UGL (ProShares Ultra Gold) and BTAL (AGFiQ US 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 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, UGL returned 17.75%/yr vs -4.23%/yr for BTAL. At a correlation of -0.00, they often move in opposite directions. UGL charges 0.95%/yr vs 2.11%/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 -7.82% return, which is significantly higher than BTAL's -16.82% return. Over the past 10 years, UGL has outperformed BTAL with an annualized return of 17.75%, while BTAL has yielded a comparatively lower -4.23% annualized return.
UGL
- 1D
- -7.30%
- 1M
- -17.17%
- YTD
- -7.82%
- 6M
- -3.83%
- 1Y
- 46.42%
- 3Y*
- 49.47%
- 5Y*
- 25.50%
- 10Y*
- 17.75%
BTAL
- 1D
- 4.00%
- 1M
- -0.42%
- YTD
- -16.82%
- 6M
- -15.72%
- 1Y
- -33.92%
- 3Y*
- -11.25%
- 5Y*
- -3.89%
- 10Y*
- -4.23%
UGL vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UGL ProShares Ultra Gold | -7.82% | 137.57% | 46.36% | 15.56% | -7.59% | -12.30% | 39.04% | 31.11% | -8.02% | 22.50% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -16.82% | -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 -0.15, 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 | -0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.13 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011 | -0.00 |
The correlation between UGL and BTAL shifts across timeframes, from -0.15 (1 year) to -0.00 (10 years), reflecting how their relationship changes across market environments.
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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 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.
| UGL | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.39 | ||
| Sortino ratioReturn per unit of downside risk | +3.74 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 0.75 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.06 | -0.93 | +2.00 |
| Martin ratioReturn relative to average drawdown | 2.56 | -1.60 | +4.16 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| UGL | BTAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.80 | -1.59 | +2.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.70 | -0.21 | +0.91 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | -0.25 | +0.79 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | -0.23 | +0.61 |
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 -50.28%. 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% | -50.28% | -25.65% |
Max Drawdown (1Y)Largest decline over 1 year | -40.22% | -37.50% | -2.72% |
Max Drawdown (3Y)Largest decline over 3 years | -40.22% | -45.16% | +4.94% |
Max Drawdown (5Y)Largest decline over 5 years | -40.23% | -45.16% | +4.93% |
Max Drawdown (10Y)Largest decline over 10 years | -46.23% | -50.28% | +4.05% |
Current DrawdownCurrent decline from peak | -40.22% | -48.15% | +7.93% |
Average DrawdownAverage peak-to-trough decline | -43.63% | -21.97% | -21.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.70% | 21.78% | -5.08% |
Volatility
UGL vs. BTAL - Volatility Comparison
ProShares Ultra Gold (UGL) has a higher volatility of 11.42% compared to AGFiQ US Market Neutral Anti-Beta Fund (BTAL) at 7.98%. 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 | 11.42% | 7.98% | +3.44% |
Volatility (6M)Calculated over the trailing 6-month period | 47.43% | 15.83% | +31.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.42% | 21.98% | +31.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.32% | 18.83% | +17.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.42% | 17.27% | +15.15% |
UGL vs. BTAL - Expense Ratio Comparison
UGL has a 0.95% expense ratio, which is lower than BTAL's 2.11% 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 2.99%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 2.99% | 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 -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UGL has higher volatility (11.42%) compared to BTAL (7.98%). In terms of maximum drawdown, UGL dropped -75.93% vs BTAL's -50.28%.
On 10-year performance, UGL leads with 17.75% vs -4.23% for BTAL. On fees, UGL is cheaper at 0.95% per year. On volatility, BTAL has been the lower-risk option at 7.98%. 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 17.75% return vs -4.23%. 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 2.11% for BTAL.
BTAL has the higher dividend yield at 2.99%, compared with 0.00% for UGL.
UGL is categorized as Leveraged Commodities, while BTAL is Long-Short. UGL tracks Bloomberg Gold Subindex (200%), 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 UGL and 2.11% for BTAL.
UGL currently has the higher Sharpe Ratio (0.80 vs -1.59), 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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