BTAL vs. AFOS
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and AFOS (ARS Focused Opportunities Strategy ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while AFOS is a Large Cap Blend Equities fund actively managed by ARS Investment Partners. Both are actively managed. Over the past year, BTAL returned -25.47% vs 64.93% for AFOS. Their -0.84 correlation means they have often moved in opposite directions in the past. BTAL charges 1.40%/yr vs 0.45%/yr for AFOS.
Performance
BTAL vs. AFOS - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -14.87% return, which is significantly lower than AFOS's 27.82% return.
BTAL
- 1D
- -0.33%
- 1M
- 5.79%
- 6M
- -13.85%
- YTD
- -14.87%
- 1Y
- -25.47%
- 3Y*
- -8.33%
- 5Y*
- -4.14%
- 10Y*
- -4.41%
- ALL TIME*
- -3.78%
AFOS
- 1D
- 0.79%
- 1M
- -2.57%
- 6M
- 16.56%
- YTD
- 27.82%
- 1Y
- 64.93%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 66.91%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $478.32K | $472.43K | $519.92K | |
| $10.19M | $8.38M | $8.16M |
BTAL vs. AFOS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -14.87% | -17.77% |
AFOS ARS Focused Opportunities Strategy ETF | 27.82% | 37.10% |
Correlation
The correlation between BTAL and AFOS is -0.85, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.85 |
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025 | -0.84 |
The correlation between BTAL and AFOS has been stable across timeframes, ranging from -0.85 to -0.84 - a consistent structural relationship.
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Return for Risk
BTAL vs. AFOS — Risk / Return Rank
BTAL
AFOS
BTAL vs. AFOS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) and ARS Focused Opportunities Strategy ETF (AFOS). 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.
| BTAL | AFOS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.72 | ||
| Sortino ratioReturn per unit of downside risk | -4.85 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.44 | -0.59 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 5.34 | -6.03 |
| Martin ratioReturn relative to average drawdown | -1.25 | 20.21 | -21.45 |
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Drawdowns
BTAL vs. AFOS - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than AFOS's maximum drawdown of -11.80%. Use the drawdown chart below to compare losses from any high point for BTAL and AFOS.
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Drawdown Indicators
| BTAL | AFOS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -11.80% | -40.90% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -11.80% | -22.77% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -46.94% | -6.55% | -40.39% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -1.80% | -20.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.09% | 3.11% | +15.98% |
Volatility
BTAL vs. AFOS - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.89%, while ARS Focused Opportunities Strategy ETF (AFOS) has a volatility of 8.33%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than AFOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | AFOS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.89% | 8.33% | -0.44% |
Volatility (6M)Calculated over the trailing 6-month period | 17.97% | 19.47% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 23.16% | +0.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 22.37% | -2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 22.37% | -4.90% |
BTAL vs. AFOS - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than AFOS's 0.45% expense ratio.
Dividends
BTAL vs. AFOS - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.92%, more than AFOS's 0.23% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
AFOS ARS Focused Opportunities Strategy ETF | 0.23% | 0.30% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.92% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
Frequently Asked Questions
BTAL and AFOS have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AFOS has higher volatility (8.33%) compared to BTAL (7.89%). In terms of maximum drawdown, BTAL dropped -52.70% vs AFOS's -11.80%.
On 1-year performance, AFOS leads with 64.93% vs -25.47% for BTAL. On fees, AFOS is cheaper at 0.45% per year. On volatility, BTAL has been the lower-risk option at 7.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, AFOS has performed better with a 64.93% return vs -25.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
AFOS is cheaper with a 0.45% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.92%, compared with 0.23% for AFOS.
BTAL is categorized as Equity Market Neutral, while AFOS is Large Cap Blend Equities. They also come from different issuers: AGF and ARS Investment Partners. Their fees differ too: 1.40% for BTAL and 0.45% for AFOS.
AFOS currently has the higher Sharpe Ratio (2.72 vs -1.00), 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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