BTAL vs. AQMIX

Last updated Jun 9, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and AQMIX (AQR Managed Futures Strategy Fund) are both funds - BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while AQMIX is a Systematic Trend fund managed by AQR Funds. Over the past 10 years, BTAL returned -4.76%/yr vs 4.98%/yr for AQMIX. At a 0.07 correlation, their price movements are largely independent. BTAL charges 2.11%/yr vs 1.25%/yr for AQMIX.

Performance

BTAL vs. AQMIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and AQR Managed Futures Strategy Fund (AQMIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTAL achieves a -18.69% return, which is significantly lower than AQMIX's 12.43% return. Over the past 10 years, BTAL has underperformed AQMIX with an annualized return of -4.76%, while AQMIX has yielded a comparatively higher 4.98% annualized return.

BTAL

• 1D: -2.26%
• 1M: -2.66%
• YTD: -18.69%
• 6M: -16.94%
• 1Y: -35.41%
• 3Y*: -12.18%
• 5Y*: -4.53%
• 10Y*: -4.76%

AQMIX

• 1D: -0.55%
• 1M: 1.22%
• YTD: 12.43%
• 6M: 14.53%
• 1Y: 25.35%
• 3Y*: 12.47%
• 5Y*: 12.60%
• 10Y*: 4.98%

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

BTAL vs. AQMIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-18.69%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%
AQMIX AQR Managed Futures Strategy Fund	12.43%	14.62%	8.13%	2.08%	35.47%	-1.04%	-0.43%	1.92%	-8.88%	-0.97%

Correlation

The correlation between BTAL and AQMIX is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.02
Correlation (5Y) Calculated over the trailing 5-year period	0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.06
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	0.07

The correlation between BTAL and AQMIX shifts across timeframes, from -0.17 (1 year) to 0.09 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

BTAL vs. AQMIX — Risk / Return Rank

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

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: 1
BTAL Martin Ratio Rank: 1

AQMIX

AQMIX Risk / Return Rank: 89
AQMIX Sharpe Ratio Rank: 89
AQMIX Sortino Ratio Rank: 84
AQMIX Omega Ratio Rank: 79
AQMIX Calmar Ratio Rank: 98
AQMIX Martin Ratio Rank: 97

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. AQMIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and AQR Managed Futures Strategy Fund (AQMIX). 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.

	BTAL	AQMIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	2.85	-4.46
Sortino ratio: Return per unit of downside risk	-2.52	3.88	-6.40
Omega ratio: Gain probability vs. loss probability	0.74	1.50	-0.76
Calmar ratio: Return relative to maximum drawdown	-0.95	8.24	-9.18
Martin ratio: Return relative to average drawdown	-1.62	26.92	-28.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTAL vs. AQMIX - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.61, which is lower than the AQMIX Sharpe Ratio of 2.85. The chart below compares the historical Sharpe Ratios of BTAL and AQMIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTAL	AQMIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	2.85	-4.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	1.09	-1.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	0.48	-0.76
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.42	-0.65

Drawdowns

BTAL vs. AQMIX - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, which is greater than AQMIX's maximum drawdown of -26.52%. Use the drawdown chart below to compare losses from any high point for BTAL and AQMIX.

Drawdown Indicators

	BTAL	AQMIX	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-26.52%	-23.76%
Max Drawdown (1Y) Largest decline over 1 year	-37.50%	-3.02%	-34.48%
Max Drawdown (3Y) Largest decline over 3 years	-45.16%	-13.57%	-31.59%
Max Drawdown (5Y) Largest decline over 5 years	-45.16%	-13.57%	-31.59%
Max Drawdown (10Y) Largest decline over 10 years	-50.28%	-23.34%	-26.94%
Current Drawdown Current decline from peak	-49.32%	-1.19%	-48.13%
Average Drawdown Average peak-to-trough decline	-21.98%	-10.00%	-11.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.90%	0.98%	+20.92%

Volatility

BTAL vs. AQMIX - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.68% compared to AQR Managed Futures Strategy Fund (AQMIX) at 2.64%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than AQMIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	AQMIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	2.64%	+5.04%
Volatility (6M) Calculated over the trailing 6-month period	15.98%	6.67%	+9.31%
Volatility (1Y) Calculated over the trailing 1-year period	22.07%	8.75%	+13.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	11.63%	+7.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	10.37%	+6.92%

BTAL vs. AQMIX - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than AQMIX's 1.25% expense ratio.

Dividends

BTAL vs. AQMIX - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.06%, more than AQMIX's 2.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AQMIX AQR Managed Futures Strategy Fund	2.01%	2.26%	3.83%	8.39%	12.76%	6.94%	5.31%	3.13%	0.00%	0.00%	0.02%	6.51%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.06%	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 BTAL and AQMIX in my portfolio?

BTAL and AQMIX have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTAL or AQMIX?

BTAL has higher volatility (7.68%) compared to AQMIX (2.64%). In terms of maximum drawdown, BTAL dropped -50.28% vs AQMIX's -26.52%.

Which has better risk-adjusted returns?

AQMIX currently has the higher Sharpe Ratio (2.85 vs -1.61), 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.