BTAL vs. CWST
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) is Equity Market Neutral fund actively managed by AGF, while CWST (Casella Waste Systems, Inc.) is a stock. Over the past 10 years, BTAL returned -4.60%/yr vs 26.34%/yr for CWST. At a correlation of -0.15, they often move in opposite directions.
Performance
BTAL vs. CWST - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -15.84% return, which is significantly lower than CWST's -4.46% return. Over the past 10 years, BTAL has underperformed CWST with an annualized return of -4.60%, while CWST has yielded a comparatively higher 26.34% annualized return.
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
CWST
- 1D
- -2.23%
- 1M
- 7.58%
- 6M
- -11.85%
- YTD
- -4.46%
- 1Y
- -13.31%
- 3Y*
- 2.21%
- 5Y*
- 7.32%
- 10Y*
- 26.34%
- ALL TIME*
- 5.05%
BTAL vs. CWST - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
CWST Casella Waste Systems, Inc. | -4.46% | -7.44% | 23.81% | 7.75% | -7.15% | 37.89% | 34.59% | 61.57% | 23.76% | 85.50% |
Correlation
The correlation between BTAL and CWST is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.14 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.11 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.12 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.15 |
The correlation between BTAL and CWST shifts across timeframes, from -0.15 (all time) to 0.14 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. CWST — Risk / Return Rank
BTAL
CWST
BTAL vs. CWST - 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 Casella Waste Systems, Inc. (CWST). 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 | CWST | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.71 | ||
| Sortino ratioReturn per unit of downside risk | -1.25 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.96 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.41 | -0.33 |
| Martin ratioReturn relative to average drawdown | -1.39 | -0.75 | -0.64 |
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Drawdowns
BTAL vs. CWST - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum CWST drawdown of -98.52%. Use the drawdown chart below to compare losses from any high point for BTAL and CWST.
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Drawdown Indicators
| BTAL | CWST | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -98.52% | +45.82% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -32.56% | -2.01% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -37.72% | -10.11% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -37.72% | -10.11% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -37.72% | -14.98% |
Current DrawdownCurrent decline from peak | -47.55% | -22.26% | -25.29% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -52.91% | +30.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 17.80% | +0.60% |
Volatility
BTAL vs. CWST - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.95%, while Casella Waste Systems, Inc. (CWST) has a volatility of 11.67%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than CWST based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | CWST | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 11.67% | -3.72% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 28.86% | -11.36% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 35.12% | -11.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 27.64% | -8.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 31.00% | -13.60% |
Dividends
BTAL vs. CWST - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, while CWST has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
CWST Casella Waste Systems, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and CWST have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CWST has higher volatility (11.67%) compared to BTAL (7.95%). In terms of maximum drawdown, BTAL dropped -52.70% vs CWST's -98.52%.
CWST currently has the higher Sharpe Ratio (-0.38 vs -1.09), 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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