BTAL vs. BTC-USD
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) is Equity Market Neutral fund actively managed by AGF, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 10 years, BTAL returned -5.40%/yr vs 58.67%/yr for BTC-USD. At a correlation of -0.11, they often move in opposite directions.
Performance
BTAL vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -23.84% return, which is significantly higher than BTC-USD's -27.06% return. Over the past 10 years, BTAL has underperformed BTC-USD with an annualized return of -5.40%, while BTC-USD has yielded a comparatively higher 58.67% 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%
BTC-USD
- 1D
- -0.63%
- 1M
- -15.41%
- YTD
- -27.06%
- 6M
- -28.00%
- 1Y
- -37.53%
- 3Y*
- 28.77%
- 5Y*
- 14.42%
- 10Y*
- 58.67%
BTAL vs. BTC-USD - 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% |
BTC-USD Bitcoin | -27.06% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | 94.10% | -73.37% | 1,324.24% |
Correlation
The correlation between BTAL and BTC-USD is -0.35, 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 | -0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.16 |
Correlation (All Time) Calculated using the full available price history since Oct 6, 2012 | -0.11 |
Over the past year, the inverse relationship between BTAL and BTC-USD has strengthened: their correlation has moved from -0.11 to -0.35, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. BTC-USD — Risk / Return Rank
BTAL
BTC-USD
BTAL vs. BTC-USD - 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 Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.83 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 0.88 | -0.16 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | -0.73 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.84 | -1.24 | -0.59 |
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Drawdowns
BTAL vs. BTC-USD - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.53%, smaller than the maximum BTC-USD drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for BTAL and BTC-USD.
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Drawdown Indicators
| BTAL | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.53% | -85.30% | +32.77% |
Max Drawdown (1Y)Largest decline over 1 year | -38.64% | -51.21% | +12.57% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -51.21% | +3.57% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -76.67% | +29.03% |
Max Drawdown (10Y)Largest decline over 10 years | -52.53% | -83.80% | +31.27% |
Current DrawdownCurrent decline from peak | -52.53% | -48.83% | -3.70% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -42.43% | +20.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.94% | 31.44% | -10.50% |
Volatility
BTAL vs. BTC-USD - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 8.68%, while Bitcoin (BTC-USD) has a volatility of 12.28%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 12.28% | -3.60% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 34.51% | -17.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.64% | 35.67% | -13.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 44.29% | -25.24% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 56.44% | -39.06% |
Frequently Asked Questions
BTAL and BTC-USD have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTC-USD has higher volatility (12.28%) compared to BTAL (8.68%). In terms of maximum drawdown, BTAL dropped -52.53% vs BTC-USD's -85.30%.
BTC-USD currently has the higher Sharpe Ratio (-0.87 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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