BTAL vs. DWSH
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and DWSH (AdvisorShares Dorsey Wright Short ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while DWSH is a Inverse Equities fund actively managed by AdvisorShares. Both are actively managed. Over the past 5 years, BTAL returned -4.93%/yr vs -3.35%/yr for DWSH. A 0.60 correlation means they provide meaningful diversification when combined. BTAL charges 1.40%/yr vs 3.67%/yr for DWSH.
Performance
BTAL vs. DWSH - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -17.44% return, which is significantly lower than DWSH's -8.39% return.
BTAL
- 1D
- 2.68%
- 1M
- 5.41%
- 6M
- -14.66%
- YTD
- -17.44%
- 1Y
- -28.44%
- 3Y*
- -9.44%
- 5Y*
- -4.93%
- 10Y*
- -4.73%
DWSH
- 1D
- -3.75%
- 1M
- -7.07%
- 6M
- -1.91%
- YTD
- -8.39%
- 1Y
- -12.30%
- 3Y*
- -4.34%
- 5Y*
- -3.35%
- 10Y*
- —
BTAL vs. DWSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -17.44% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 11.65% |
DWSH AdvisorShares Dorsey Wright Short ETF | -8.39% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.37% |
Correlation
The correlation between BTAL and DWSH is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.40 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.60 |
Over the past year, the correlation between BTAL and DWSH has dropped to 0.15 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
BTAL vs. DWSH — Risk / Return Rank
BTAL
DWSH
BTAL vs. DWSH - 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 AdvisorShares Dorsey Wright Short ETF (DWSH). 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 | DWSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.67 | ||
| Sortino ratioReturn per unit of downside risk | -1.17 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 0.92 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | -0.65 | -0.17 |
| Martin ratioReturn relative to average drawdown | -1.56 | -1.43 | -0.13 |
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Drawdowns
BTAL vs. DWSH - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum DWSH drawdown of -83.55%. Use the drawdown chart below to compare losses from any high point for BTAL and DWSH.
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Drawdown Indicators
| BTAL | DWSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -83.55% | +30.85% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -18.88% | -15.69% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -32.61% | -15.22% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -36.09% | -11.74% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -48.54% | -82.97% | +34.43% |
Average DrawdownAverage peak-to-trough decline | -22.17% | -63.84% | +41.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.24% | 8.59% | +9.65% |
Volatility
BTAL vs. DWSH - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.79%, while AdvisorShares Dorsey Wright Short ETF (DWSH) has a volatility of 11.53%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than DWSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | DWSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.79% | 11.53% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 17.46% | 17.24% | +0.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.44% | 22.53% | +0.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 26.41% | -7.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 31.26% | -13.87% |
BTAL vs. DWSH - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is lower than DWSH's 3.67% expense ratio.
Dividends
BTAL vs. DWSH - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.01%, less than DWSH's 6.89% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.01% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
DWSH AdvisorShares Dorsey Wright Short ETF | 6.89% | 6.31% | 6.17% | 10.28% | 0.00% | 0.00% | 0.00% | 0.14% | 0.12% |
Frequently Asked Questions
BTAL and DWSH have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (11.53%) compared to BTAL (7.79%). In terms of maximum drawdown, BTAL dropped -52.70% vs DWSH's -83.55%.
On 5-year performance, DWSH leads with -3.35% vs -4.93% for BTAL. On fees, BTAL is cheaper at 1.40% per year. On volatility, BTAL has been the lower-risk option at 7.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DWSH has performed better with a -3.35% return vs -4.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTAL is cheaper with a 1.40% expense ratio, compared with 3.67% for DWSH.
DWSH has the higher dividend yield at 6.89%, compared with 3.01% for BTAL.
BTAL is categorized as Equity Market Neutral, while DWSH is Inverse Equities. They also come from different issuers: AGF and AdvisorShares. Their fees differ too: 1.40% for BTAL and 3.67% for DWSH.
DWSH currently has the higher Sharpe Ratio (-0.55 vs -1.22), 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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