ACWV vs. BTAL

Last updated Jun 13, 2026

ACWV (iShares MSCI Global Min Vol Factor ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - ACWV is a Large Cap Blend Equities fund tracking the MSCI ACWI Minimum Volatility Index, 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, ACWV returned 7.48%/yr vs -5.05%/yr for BTAL. At a correlation of -0.26, they often move in opposite directions. ACWV charges 0.20%/yr vs 2.11%/yr for BTAL.

Performance

ACWV vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI Global Min Vol Factor ETF (ACWV) 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, ACWV achieves a 2.88% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, ACWV has outperformed BTAL with an annualized return of 7.48%, while BTAL has yielded a comparatively lower -5.05% annualized return.

ACWV

• 1D: 0.34%
• 1M: 0.59%
• YTD: 2.88%
• 6M: 2.95%
• 1Y: 5.56%
• 3Y*: 9.98%
• 5Y*: 5.46%
• 10Y*: 7.48%

BTAL

• 1D: -0.09%
• 1M: -4.17%
• YTD: -20.15%
• 6M: -19.27%
• 1Y: -37.44%
• 3Y*: -12.17%
• 5Y*: -4.94%
• 10Y*: -5.05%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ACWV vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ACWV iShares MSCI Global Min Vol Factor ETF	2.88%	11.04%	11.38%	8.23%	-10.36%	13.97%	3.04%	21.04%	-1.42%	18.57%
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 ACWV and BTAL is -0.13, 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	-0.13
Correlation (3Y) Calculated over the trailing 3-year period	-0.18
Correlation (5Y) Calculated over the trailing 5-year period	-0.28
Correlation (10Y) Calculated over the trailing 10-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	-0.26

The correlation between ACWV and BTAL shifts across timeframes, from -0.28 (5 years) to -0.13 (1 year), reflecting how their relationship changes across market environments.

ACWV vs. BTAL - Sectors Allocation Comparison

Sectors	ACWV	BTAL
Technology	22.6%	19.5%
Healthcare	13.2%	10.2%
Financial Services	13.1%	14.9%
Communication Services	12.2%	3.4%
Consumer Defensive	10.3%	5.6%
Industrials	7.9%	13.7%
Utilities	7.8%	5.2%
Consumer Cyclical	5.1%	12.8%
Energy	3.4%	4.4%
Basic Materials	1.8%	4.0%
Real Estate	0.8%	6.2%

Return for Risk

ACWV vs. BTAL — Risk / Return Rank

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

ACWV

ACWV Risk / Return Rank: 20
ACWV Sharpe Ratio Rank: 21
ACWV Sortino Ratio Rank: 19
ACWV Omega Ratio Rank: 19
ACWV Calmar Ratio Rank: 20
ACWV Martin Ratio Rank: 21

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: 0
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.

ACWV vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI Global Min Vol Factor ETF (ACWV) 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.

	ACWV	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	0.62	-1.64	+2.26
Sortino ratio: Return per unit of downside risk	0.91	-2.56	+3.47
Omega ratio: Gain probability vs. loss probability	1.11	0.73	+0.38
Calmar ratio: Return relative to maximum drawdown	0.76	-0.98	+1.74
Martin ratio: Return relative to average drawdown	2.31	-1.64	+3.94

ACWV vs. BTAL - Sharpe Ratio Comparison

The current ACWV Sharpe Ratio is 0.62, which is higher than the BTAL Sharpe Ratio of -1.64. The chart below compares the historical Sharpe Ratios of ACWV 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.

Drawdowns

ACWV vs. BTAL - Drawdown Comparison

The maximum ACWV drawdown since its inception was -28.82%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for ACWV and BTAL.

Drawdown Indicators

	ACWV	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-28.82%	-50.28%	+21.46%
Max Drawdown (1Y) Largest decline over 1 year	-6.37%	-37.50%	+31.13%
Max Drawdown (3Y) Largest decline over 3 years	-7.56%	-45.16%	+37.60%
Max Drawdown (5Y) Largest decline over 5 years	-18.14%	-45.16%	+27.02%
Max Drawdown (10Y) Largest decline over 10 years	-28.82%	-50.28%	+21.46%
Current Drawdown Current decline from peak	-2.42%	-50.23%	+47.81%
Average Drawdown Average peak-to-trough decline	-3.11%	-22.01%	+18.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.10%	22.38%	-20.28%

Volatility

ACWV vs. BTAL - Volatility Comparison

The current volatility for iShares MSCI Global Min Vol Factor ETF (ACWV) is 2.18%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. This indicates that ACWV experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ACWV	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.18%	8.74%	-6.56%
Volatility (6M) Calculated over the trailing 6-month period	5.63%	16.58%	-10.95%
Volatility (1Y) Calculated over the trailing 1-year period	7.80%	22.49%	-14.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.23%	18.96%	-8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.30%	17.33%	-5.03%

ACWV vs. BTAL - Expense Ratio Comparison

ACWV has a 0.20% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

ACWV vs. BTAL - Dividend Comparison

ACWV's dividend yield for the trailing twelve months is around 2.03%, less than BTAL's 3.11% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ACWV iShares MSCI Global Min Vol Factor ETF	2.03%	2.09%	2.33%	2.41%	2.18%	1.92%	1.77%	2.54%	2.32%	2.04%	2.56%	2.28%
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%

Frequently Asked Questions

Can I hold both ACWV and BTAL in my portfolio?

ACWV and BTAL have a correlation of -0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ACWV or BTAL?

BTAL has higher volatility (8.74%) compared to ACWV (2.18%). In terms of maximum drawdown, ACWV dropped -28.82% vs BTAL's -50.28%.

Which ETF is better, ACWV or BTAL?

On 10-year performance, ACWV leads with 7.48% vs -5.05% for BTAL. On fees, ACWV is cheaper at 0.20% per year. On volatility, ACWV has been the lower-risk option at 2.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ACWV or BTAL?

Over the 10-year period, ACWV has performed better with a 7.48% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ACWV or BTAL?

ACWV is cheaper with a 0.20% expense ratio, compared with 2.11% for BTAL.

Which ETF pays a higher dividend yield, ACWV or BTAL?

BTAL has the higher dividend yield at 3.11%, compared with 2.03% for ACWV.

What is the main difference between ACWV and BTAL?

ACWV is categorized as Large Cap Blend Equities, while BTAL is Long-Short. ACWV tracks MSCI ACWI Minimum Volatility Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: iShares and AGF. Their fees differ too: 0.20% for ACWV and 2.11% for BTAL.

Which has better risk-adjusted returns?

ACWV currently has the higher Sharpe Ratio (0.62 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.