BTAL vs. BIL
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index. BTAL is actively managed, while BIL is passively managed. Over the past 10 years, BTAL returned -5.40%/yr vs 2.20%/yr for BIL. At a 0.01 correlation, their price movements are largely independent. BTAL charges 1.40%/yr vs 0.14%/yr for BIL.
Performance
BTAL vs. BIL - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -23.84% return, which is significantly lower than BIL's 1.66% return. Over the past 10 years, BTAL has underperformed BIL with an annualized return of -5.40%, while BIL has yielded a comparatively higher 2.20% annualized return.
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
- 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 vs. BIL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between BTAL and BIL 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 |
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Return for Risk
BTAL vs. BIL — Risk / Return Rank
BTAL
BIL
BTAL vs. BIL - 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 SPDR Bloomberg 1-3 Month T-Bill ETF (BIL). 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 | BIL | 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 | 0.72 | 87.91 | -87.19 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 355.36 | -356.36 |
| Martin ratioReturn relative to average drawdown | -1.84 | 2,817.85 | -2,819.68 |
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Drawdowns
BTAL vs. BIL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.53%, which is greater than BIL's maximum drawdown of -0.78%. Use the drawdown chart below to compare losses from any high point for BTAL and BIL.
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Drawdown Indicators
| BTAL | BIL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.53% | -0.78% | -51.75% |
Max Drawdown (1Y)Largest decline over 1 year | -38.64% | -0.01% | -38.63% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -0.01% | -47.63% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -0.09% | -47.55% |
Max Drawdown (10Y)Largest decline over 10 years | -52.53% | -0.21% | -52.32% |
Current DrawdownCurrent decline from peak | -52.53% | 0.00% | -52.53% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -0.26% | -21.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.94% | 0.00% | +20.94% |
Volatility
BTAL vs. BIL - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.68% compared to SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) at 0.07%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than BIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | BIL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 0.07% | +8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 0.14% | +16.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.64% | 0.20% | +22.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 0.26% | +18.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 0.26% | +17.12% |
BTAL vs. BIL - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than BIL's 0.14% expense ratio.
Dividends
BTAL vs. BIL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.27%, less than BIL's 3.85% 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
BTAL and BIL 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, BTAL dropped -52.53% vs BIL's -0.78%.
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.
BTAL is categorized as Equity Market Neutral, while BIL is Government Bonds. They also come from different issuers: AGF and State Street. Their fees differ too: 1.40% for BTAL and 0.14% for BIL.
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.
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