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BTAL vs. ACWV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTAL vs. ACWV

Last updated Jun 13, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and ACWV (iShares MSCI Global Min Vol Factor ETF) are both exchange-traded funds - BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while ACWV is a Large Cap Blend Equities fund tracking the MSCI ACWI Minimum Volatility Index. Both are passively managed. Over the past 10 years, BTAL returned -5.05%/yr vs 7.48%/yr for ACWV. At a correlation of -0.26, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.20%/yr for ACWV.

Performance

BTAL vs. ACWV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and iShares MSCI Global Min Vol Factor ETF (ACWV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than ACWV's 2.88% return. Over the past 10 years, BTAL has underperformed ACWV with an annualized return of -5.05%, while ACWV has yielded a comparatively higher 7.48% annualized return.

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%

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

BTAL vs. ACWV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
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%

Correlation

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

BTAL vs. ACWV - Sectors Allocation Comparison

Sectors
BTAL
ACWV

Technology

19.5%
22.6%

Financial Services

14.9%
13.1%

Industrials

13.7%
7.9%

Consumer Cyclical

12.8%
5.1%

Healthcare

10.2%
13.2%

Real Estate

6.2%
0.8%

Consumer Defensive

5.6%
10.3%

Utilities

5.2%
7.8%

Energy

4.4%
3.4%

Basic Materials

4.0%
1.8%

Communication Services

3.4%
12.2%

Technology

BTAL
19.5%
ACWV
22.6%

Financial Services

BTAL
14.9%
ACWV
13.1%

Industrials

BTAL
13.7%
ACWV
7.9%

Consumer Cyclical

BTAL
12.8%
ACWV
5.1%

Healthcare

BTAL
10.2%
ACWV
13.2%

Real Estate

BTAL
6.2%
ACWV
0.8%

Consumer Defensive

BTAL
5.6%
ACWV
10.3%

Utilities

BTAL
5.2%
ACWV
7.8%

Energy

BTAL
4.4%
ACWV
3.4%

Basic Materials

BTAL
4.0%
ACWV
1.8%

Communication Services

BTAL
3.4%
ACWV
12.2%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

AGFiQ US Market Neutral Anti-Beta Fund

iShares MSCI Global Min Vol Factor ETF

Often compared with BTAL:
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Often compared with ACWV:
ACWV vs. USMVACWV vs. VTACWV vs. MVOL.LACWV vs. EFAVACWV vs. SPLVACWV vs. VOOACWV vs. XMW.TO

Return for Risk

BTAL vs. ACWV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTAL
BTAL Risk / Return Rank: 00
Overall Rank
BTAL Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BTAL Sortino Ratio Rank: 00
Sortino Ratio Rank
BTAL Omega Ratio Rank: 00
Omega Ratio Rank
BTAL Calmar Ratio Rank: 00
Calmar Ratio Rank
BTAL Martin Ratio Rank: 11
Martin Ratio Rank
ACWV
ACWV Risk / Return Rank: 2020
Overall Rank
ACWV Sharpe Ratio Rank: 2121
Sharpe Ratio Rank
ACWV Sortino Ratio Rank: 1919
Sortino Ratio Rank
ACWV Omega Ratio Rank: 1919
Omega Ratio Rank
ACWV Calmar Ratio Rank: 2020
Calmar Ratio Rank
ACWV Martin Ratio Rank: 2121
Martin Ratio Rank
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.

BTAL vs. ACWV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and iShares MSCI Global Min Vol Factor ETF (ACWV). 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.

BTALACWVDifference
Sharpe ratioReturn per unit of total volatility
-1.64
0.62

-2.26

Sortino ratioReturn per unit of downside risk
-2.56
0.91

-3.47

Omega ratioGain probability vs. loss probability

0.73

1.11

-0.38

Calmar ratioReturn relative to maximum drawdown

-0.98

0.76

-1.74

Martin ratioReturn relative to average drawdown

-1.64

2.31

-3.94

BTAL vs. ACWV - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.64, which is lower than the ACWV Sharpe Ratio of 0.62. The chart below compares the historical Sharpe Ratios of BTAL and ACWV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Drawdowns

BTAL vs. ACWV - Drawdown Comparison

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

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Drawdown Indicators

BTALACWVDifference

Max Drawdown

Largest peak-to-trough decline

-50.28%

-28.82%

-21.46%

Max Drawdown (1Y)

Largest decline over 1 year

-37.50%

-6.37%

-31.13%

Max Drawdown (3Y)

Largest decline over 3 years

-45.16%

-7.56%

-37.60%

Max Drawdown (5Y)

Largest decline over 5 years

-45.16%

-18.14%

-27.02%

Max Drawdown (10Y)

Largest decline over 10 years

-50.28%

-28.82%

-21.46%

Current Drawdown

Current decline from peak

-50.23%

-2.42%

-47.81%

Average Drawdown

Average peak-to-trough decline

-22.01%

-3.11%

-18.90%

Ulcer Index

Depth and duration of drawdowns from previous peaks

22.38%

2.10%

+20.28%

Volatility

BTAL vs. ACWV - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to iShares MSCI Global Min Vol Factor ETF (ACWV) at 2.18%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than ACWV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BTALACWVDifference

Volatility (1M)

Calculated over the trailing 1-month period

8.74%

2.18%

+6.56%

Volatility (6M)

Calculated over the trailing 6-month period

16.58%

5.63%

+10.95%

Volatility (1Y)

Calculated over the trailing 1-year period

22.49%

7.80%

+14.69%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.96%

10.23%

+8.73%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.33%

12.30%

+5.03%

BTAL vs. ACWV - Expense Ratio Comparison

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

Dividends

BTAL vs. ACWV - Dividend Comparison

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

PositionTTM20252024202320222021202020192018201720162015
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

BTAL and ACWV 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.

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

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.

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.

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

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

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

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.

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