BIL vs. BTAL
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while BTAL is a Equity Market Neutral fund actively managed by AGF. BIL is passively managed, while BTAL is actively managed. Over the past 10 years, BIL returned 2.20%/yr vs -5.40%/yr for BTAL. At a 0.01 correlation, their price movements are largely independent. BIL charges 0.14%/yr vs 1.40%/yr for BTAL.
Performance
BIL vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, BIL achieves a 1.66% return, which is significantly higher than BTAL's -23.84% return. Over the past 10 years, BIL has outperformed BTAL with an annualized return of 2.20%, while BTAL has yielded a comparatively lower -5.40% annualized return.
BIL
- 1D
- 0.04%
- 1M
- 0.29%
- YTD
- 1.66%
- 6M
- 1.75%
- 1Y
- 3.85%
- 3Y*
- 4.63%
- 5Y*
- 3.45%
- 10Y*
- 2.20%
BTAL
- 1D
- -2.92%
- 1M
- -10.46%
- YTD
- -23.84%
- 6M
- -22.94%
- 1Y
- -38.64%
- 3Y*
- -13.54%
- 5Y*
- -6.13%
- 10Y*
- -5.40%
BIL vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.66% | 4.15% | 5.19% | 4.94% | 1.40% | -0.10% | 0.40% | 2.03% | 1.74% | 0.69% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -23.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between BIL and BTAL is 0.07, 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 | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.02 |
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 | 0.02 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
BIL vs. BTAL — Risk / Return Rank
BIL
BTAL
BIL vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) 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.
| BIL | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +21.23 | ||
| Sortino ratioReturn per unit of downside risk | +176.85 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 0.72 | +87.19 |
| Calmar ratioReturn relative to maximum drawdown | 355.36 | -1.00 | +356.36 |
| Martin ratioReturn relative to average drawdown | 2,817.85 | -1.84 | +2,819.68 |
Loading charts...
Drawdowns
BIL vs. BTAL - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum BTAL drawdown of -52.53%. Use the drawdown chart below to compare losses from any high point for BIL and BTAL.
Loading charts...
Drawdown Indicators
| BIL | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -52.53% | +51.75% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -38.64% | +38.63% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -47.64% | +47.63% |
Max Drawdown (5Y)Largest decline over 5 years | -0.09% | -47.64% | +47.55% |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | -52.53% | +52.32% |
Current DrawdownCurrent decline from peak | 0.00% | -52.53% | +52.53% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -22.04% | +21.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 20.94% | -20.94% |
Volatility
BIL vs. BTAL - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.07%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.68%. This indicates that BIL 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.
Loading charts...
Volatility by Period
| BIL | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.07% | 8.68% | -8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 0.14% | 16.70% | -16.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 22.64% | -22.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 19.05% | -18.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 17.38% | -17.12% |
BIL vs. BTAL - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
BIL vs. BTAL - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.85%, more than BTAL's 3.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.85% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.27% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and BTAL have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.68%) compared to BIL (0.07%). In terms of maximum drawdown, BIL dropped -0.78% vs BTAL's -52.53%.
On 10-year performance, BIL leads with 2.20% vs -5.40% for BTAL. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BIL has performed better with a 2.20% return vs -5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 1.40% for BTAL.
BIL has the higher dividend yield at 3.85%, compared with 3.27% for BTAL.
BIL is categorized as Government Bonds, while BTAL is Equity Market Neutral. They also come from different issuers: State Street and AGF. Their fees differ too: 0.14% for BIL and 1.40% for BTAL.
BIL currently has the higher Sharpe Ratio (19.53 vs -1.70), 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.
Find the right allocation for BIL and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer