UPRO vs. BTAL
UPRO (ProShares UltraPro S&P 500) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - UPRO is a Leveraged Equities fund tracking the S&P 500, while BTAL is a Equity Market Neutral fund actively managed by AGF. UPRO is passively managed, while BTAL is actively managed. Over the past 10 years, UPRO returned 28.00%/yr vs -4.60%/yr for BTAL. At a correlation of -0.52, they often move in opposite directions. UPRO charges 0.89%/yr vs 1.40%/yr for BTAL.
Performance
UPRO vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, UPRO achieves a 20.15% return, which is significantly higher than BTAL's -15.84% return. Over the past 10 years, UPRO has outperformed BTAL with an annualized return of 28.00%, while BTAL has yielded a comparatively lower -4.60% annualized return.
UPRO
- 1D
- -0.42%
- 1M
- -2.82%
- 6M
- 15.78%
- YTD
- 20.15%
- 1Y
- 46.85%
- 3Y*
- 41.82%
- 5Y*
- 19.47%
- 10Y*
- 28.00%
- ALL TIME*
- 33.07%
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%
UPRO vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
UPRO ProShares UltraPro S&P 500 | 20.15% | 31.88% | 63.57% | 68.53% | -56.84% | 98.64% | 10.09% | 102.30% | -25.11% | 71.37% |
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 UPRO and BTAL is -0.76, 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 | -0.76 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.52 |
Over the past year, the inverse relationship between UPRO and BTAL has strengthened: their correlation has moved from -0.52 to -0.76, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
UPRO vs. BTAL — Risk / Return Rank
UPRO
BTAL
UPRO vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares UltraPro S&P 500 (UPRO) 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.
| UPRO | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.34 | ||
| Sortino ratioReturn per unit of downside risk | +3.33 | ||
| Omega ratioGain probability vs. loss probability | 1.23 | 0.83 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 1.76 | -0.74 | +2.50 |
| Martin ratioReturn relative to average drawdown | 6.89 | -1.39 | +8.29 |
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Drawdowns
UPRO vs. BTAL - Drawdown Comparison
The maximum UPRO drawdown since its inception was -76.82%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for UPRO and BTAL.
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Drawdown Indicators
| UPRO | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.82% | -52.70% | -24.12% |
Max Drawdown (1Y)Largest decline over 1 year | -26.78% | -34.57% | +7.79% |
Max Drawdown (3Y)Largest decline over 3 years | -48.87% | -47.83% | -1.04% |
Max Drawdown (5Y)Largest decline over 5 years | -63.94% | -47.83% | -16.11% |
Max Drawdown (10Y)Largest decline over 10 years | -76.82% | -52.70% | -24.12% |
Current DrawdownCurrent decline from peak | -8.02% | -47.55% | +39.53% |
Average DrawdownAverage peak-to-trough decline | -14.36% | -22.19% | +7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.81% | 18.40% | -11.59% |
Volatility
UPRO vs. BTAL - Volatility Comparison
ProShares UltraPro S&P 500 (UPRO) has a higher volatility of 10.26% compared to AGF U.S. Market Neutral Anti-Beta Fund (BTAL) at 7.95%. This indicates that UPRO'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
| UPRO | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.26% | 7.95% | +2.31% |
Volatility (6M)Calculated over the trailing 6-month period | 30.15% | 17.50% | +12.65% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.77% | 23.51% | +14.26% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 50.62% | 19.27% | +31.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 53.74% | 17.40% | +36.34% |
UPRO vs. BTAL - Expense Ratio Comparison
UPRO has a 0.89% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
UPRO vs. BTAL - Dividend Comparison
UPRO's dividend yield for the trailing twelve months is around 0.78%, less than BTAL's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% | 0.00% |
UPRO ProShares UltraPro S&P 500 | 0.78% | 0.84% | 0.93% | 0.74% | 0.52% | 0.06% | 0.11% | 0.41% | 0.63% | 0.00% | 0.12% | 0.34% |
Frequently Asked Questions
UPRO and BTAL have a correlation of -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
UPRO has higher volatility (10.26%) compared to BTAL (7.95%). In terms of maximum drawdown, UPRO dropped -76.82% vs BTAL's -52.70%.
On 10-year performance, UPRO leads with 28.00% vs -4.60% for BTAL. On fees, UPRO is cheaper at 0.89% 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, UPRO has performed better with a 28.00% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
UPRO is cheaper with a 0.89% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.96%, compared with 0.78% for UPRO.
UPRO is categorized as Leveraged Equities, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.89% for UPRO and 1.40% for BTAL.
UPRO currently has the higher Sharpe Ratio (1.25 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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