UNH vs. BTAL

Last updated Jun 9, 2026

UNH (UnitedHealth Group Incorporated) 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, UNH returned 13.15%/yr vs -4.76%/yr for BTAL. At a correlation of -0.16, they often move in opposite directions.

Performance

UNH vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in UnitedHealth Group Incorporated (UNH) 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, UNH achieves a 24.12% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, UNH has outperformed BTAL with an annualized return of 13.15%, while BTAL has yielded a comparatively lower -4.76% annualized return.

UNH

• 1D: 1.78%
• 1M: 7.00%
• YTD: 24.12%
• 6M: 26.61%
• 1Y: 37.87%
• 3Y*: -4.40%
• 5Y*: 2.00%
• 10Y*: 13.15%

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)

UNH vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
UNH UnitedHealth Group Incorporated	24.12%	-33.14%	-2.41%	0.80%	6.94%	45.20%	21.25%	20.00%	14.52%	39.83%
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 UNH and BTAL is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.09
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (5Y) Calculated over the trailing 5-year period	-0.03
Correlation (10Y) Calculated over the trailing 10-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	-0.16

The correlation between UNH and BTAL shifts across timeframes, from -0.16 (all time) to 0.02 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

UNH vs. BTAL — Risk / Return Rank

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

UNH

UNH Risk / Return Rank: 68
UNH Sharpe Ratio Rank: 72
UNH Sortino Ratio Rank: 65
UNH Omega Ratio Rank: 70
UNH Calmar Ratio Rank: 67
UNH Martin Ratio Rank: 66

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.

UNH vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for UnitedHealth Group Incorporated (UNH) 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.

	UNH	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	0.95	-1.61	+2.56
Sortino ratio: Return per unit of downside risk	1.42	-2.52	+3.94
Omega ratio: Gain probability vs. loss probability	1.22	0.74	+0.47
Calmar ratio: Return relative to maximum drawdown	1.31	-0.95	+2.26
Martin ratio: Return relative to average drawdown	2.88	-1.62	+4.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UNH vs. BTAL - Sharpe Ratio Comparison

The current UNH Sharpe Ratio is 0.95, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of UNH 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

	UNH	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.95	-1.61	+2.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	-0.24	+0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.44	-0.28	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	-0.24	+0.88

Drawdowns

UNH vs. BTAL - Drawdown Comparison

The maximum UNH drawdown since its inception was -74.37%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for UNH and BTAL.

Drawdown Indicators

	UNH	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-74.37%	-50.28%	-24.09%
Max Drawdown (1Y) Largest decline over 1 year	-28.96%	-37.50%	+8.54%
Max Drawdown (3Y) Largest decline over 3 years	-61.39%	-45.16%	-16.23%
Max Drawdown (5Y) Largest decline over 5 years	-61.39%	-45.16%	-16.23%
Max Drawdown (10Y) Largest decline over 10 years	-61.39%	-50.28%	-11.11%
Current Drawdown Current decline from peak	-32.60%	-49.32%	+16.72%
Average Drawdown Average peak-to-trough decline	-14.76%	-21.98%	+7.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.19%	21.90%	-8.71%

Volatility

UNH vs. BTAL - Volatility Comparison

UnitedHealth Group Incorporated (UNH) has a higher volatility of 8.29% compared to AGFiQ US Market Neutral Anti-Beta Fund (BTAL) at 7.68%. This indicates that UNH'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.

Volatility by Period

	UNH	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.29%	7.68%	+0.61%
Volatility (6M) Calculated over the trailing 6-month period	30.87%	15.98%	+14.89%
Volatility (1Y) Calculated over the trailing 1-year period	40.17%	22.07%	+18.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.87%	18.86%	+13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.19%	17.29%	+12.90%

Dividends

UNH vs. BTAL - Dividend Comparison

UNH's dividend yield for the trailing twelve months is around 2.17%, less 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%
UNH UnitedHealth Group Incorporated	2.17%	2.64%	1.62%	1.38%	1.21%	1.12%	1.38%	1.41%	1.38%	1.30%	1.48%	1.59%

Frequently Asked Questions

Can I hold both UNH and BTAL in my portfolio?

UNH and BTAL have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, UNH or BTAL?

UNH has higher volatility (8.29%) compared to BTAL (7.68%). In terms of maximum drawdown, UNH dropped -74.37% vs BTAL's -50.28%.

Which has better risk-adjusted returns?

UNH currently has the higher Sharpe Ratio (0.95 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.