BTAL vs. EUAD
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and EUAD (Select STOXX Europe Aerospace & Defense ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while EUAD is a Aerospace & Defense fund tracking the STOXX Europe Total Market Aerospace & Defense Index. BTAL is actively managed, while EUAD is passively managed. Over the past year, BTAL returned -26.63% vs 12.00% for EUAD. Their -0.29 correlation means they have often moved in opposite directions in the past. BTAL charges 1.40%/yr vs 0.50%/yr for EUAD.
Performance
BTAL vs. EUAD - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -16.19% return, which is significantly lower than EUAD's 9.35% return.
BTAL
- 1D
- -1.55%
- 1M
- 4.15%
- 6M
- -14.41%
- YTD
- -16.19%
- 1Y
- -26.63%
- 3Y*
- -9.91%
- 5Y*
- -4.51%
- 10Y*
- -4.34%
- ALL TIME*
- -3.88%
EUAD
- 1D
- 2.49%
- 1M
- 3.88%
- 6M
- 1.63%
- YTD
- 9.35%
- 1Y
- 12.00%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 38.15%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.44M | $8.83M | $8.21M | |
| $6.91M | $7.16M | $13.32M |
BTAL vs. EUAD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -16.19% | -20.17% | -2.82% |
EUAD Select STOXX Europe Aerospace & Defense ETF | 9.35% | 74.51% | -6.86% |
Correlation
The correlation between BTAL and EUAD is -0.38, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.38 |
Correlation (All Time) Calculated using the full available price history since Oct 22, 2024 | -0.29 |
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Return for Risk
BTAL vs. EUAD — Risk / Return Rank
BTAL
EUAD
BTAL vs. EUAD - 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 Select STOXX Europe Aerospace & Defense ETF (EUAD). 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 | EUAD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.54 | ||
| Sortino ratioReturn per unit of downside risk | -2.43 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.09 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.77 | 0.55 | -1.32 |
| Martin ratioReturn relative to average drawdown | -1.39 | 1.17 | -2.56 |
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Drawdowns
BTAL vs. EUAD - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than EUAD's maximum drawdown of -22.04%. Use the drawdown chart below to compare losses from any high point for BTAL and EUAD.
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Drawdown Indicators
| BTAL | EUAD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -22.04% | -30.66% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -22.04% | -12.53% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -47.76% | -4.58% | -43.18% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -6.32% | -15.93% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.17% | 10.25% | +8.92% |
Volatility
BTAL vs. EUAD - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.90% compared to Select STOXX Europe Aerospace & Defense ETF (EUAD) at 7.51%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | EUAD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.90% | 7.51% | +0.39% |
Volatility (6M)Calculated over the trailing 6-month period | 17.92% | 24.44% | -6.52% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.82% | 29.18% | -5.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.41% | 29.51% | -10.10% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.48% | 29.51% | -12.03% |
BTAL vs. EUAD - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than EUAD's 0.50% expense ratio.
Dividends
BTAL vs. EUAD - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.97%, more than EUAD's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.97% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
EUAD Select STOXX Europe Aerospace & Defense ETF | 0.37% | 0.40% | 0.10% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and EUAD have a correlation of -0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.90%) compared to EUAD (7.51%). In terms of maximum drawdown, BTAL dropped -52.70% vs EUAD's -22.04%.
On 1-year performance, EUAD leads with 12.00% vs -26.63% for BTAL. On fees, EUAD is cheaper at 0.50% per year. On volatility, EUAD has been the lower-risk option at 7.51%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, EUAD has performed better with a 12.00% return vs -26.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
EUAD is cheaper with a 0.50% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.97%, compared with 0.37% for EUAD.
BTAL is categorized as Equity Market Neutral, while EUAD is Aerospace & Defense. They also come from different issuers: AGF and Tuttle. Their fees differ too: 1.40% for BTAL and 0.50% for EUAD.
EUAD currently has the higher Sharpe Ratio (0.41 vs -1.12), 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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