BTAL vs. EUAD

Last updated Apr 1, 2026

Compare and contrast key facts about AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Select STOXX Europe Aerospace & Defense ETF (EUAD).

BTAL and EUAD are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTAL is a passively managed fund by AGF that tracks the performance of the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. It was launched on Sep 13, 2011. EUAD is a passively managed fund by Select Funds that tracks the performance of the STOXX Europe Total Market Aerospace & Defense Index. It was launched on Oct 22, 2024. Both BTAL and EUAD are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

BTAL vs. EUAD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Select STOXX Europe Aerospace & Defense ETF (EUAD). The values are adjusted to include any dividend payments, if applicable.

BTAL vs. EUAD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-2.99%	-20.17%	-2.97%
EUAD Select STOXX Europe Aerospace & Defense ETF	-3.30%	74.51%	-3.62%

Returns By Period

In the year-to-date period, BTAL achieves a -2.99% return, which is significantly higher than EUAD's -3.30% return.

BTAL

• 1D: -2.72%
• 1M: -0.85%
• YTD: -2.99%
• 6M: -10.10%
• 1Y: -31.33%
• 3Y*: -8.29%
• 5Y*: -1.50%
• 10Y*: -3.16%

EUAD

• 1D: 4.97%
• 1M: -12.63%
• YTD: -3.30%
• 6M: -12.91%
• 1Y: 22.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTAL vs. EUAD - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than EUAD's 0.50% expense ratio.

BTAL

AGFiQ US Market Neutral Anti-Beta Fund

EUAD

Select STOXX Europe Aerospace & Defense ETF

Return for Risk

BTAL vs. EUAD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTAL

BTAL Risk / Return Rank: 1
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 1
BTAL Martin Ratio Rank: 3

EUAD

EUAD Risk / Return Rank: 43
EUAD Sharpe Ratio Rank: 45
EUAD Sortino Ratio Rank: 45
EUAD Omega Ratio Rank: 41
EUAD Calmar Ratio Rank: 47
EUAD Martin Ratio Rank: 37

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTAL vs. EUAD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US 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.

	BTAL	EUAD	Difference
Sharpe ratio Return per unit of total volatility	-1.40	0.77	-2.17
Sortino ratio Return per unit of downside risk	-2.13	1.18	-3.30
Omega ratio Gain probability vs. loss probability	0.77	1.15	-0.38
Calmar ratio Return relative to maximum drawdown	-0.88	1.09	-1.97
Martin ratio Return relative to average drawdown	-1.20	3.21	-4.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTAL vs. EUAD - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.40, which is lower than the EUAD Sharpe Ratio of 0.77. The chart below compares the historical Sharpe Ratios of BTAL and EUAD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTAL	EUAD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.40	0.77	-2.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.19	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.17	1.44	-1.61

Correlation

The correlation between BTAL and EUAD is -0.26. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BTAL vs. EUAD - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 2.56%, more than EUAD's 0.41% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BTAL AGFiQ US Market Neutral Anti-Beta Fund	2.56%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%
EUAD Select STOXX Europe Aerospace & Defense ETF	0.41%	0.40%	0.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

BTAL vs. EUAD - Drawdown Comparison

The maximum BTAL drawdown since its inception was -41.01%, which is greater than EUAD's maximum drawdown of -19.61%. Use the drawdown chart below to compare losses from any high point for BTAL and EUAD.

Drawdown Indicators

	BTAL	EUAD	Difference
Max Drawdown Largest peak-to-trough decline	-41.01%	-19.61%	-21.40%
Max Drawdown (1Y) Largest decline over 1 year	-34.94%	-19.61%	-15.33%
Max Drawdown (5Y) Largest decline over 5 years	-34.94%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-41.01%	—	—
Current Drawdown Current decline from peak	-39.53%	-15.62%	-23.91%
Average Drawdown Average peak-to-trough decline	-21.67%	-4.56%	-17.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.64%	6.68%	+18.96%

Volatility

BTAL vs. EUAD - Volatility Comparison

The current volatility for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) is 6.87%, while Select STOXX Europe Aerospace & Defense ETF (EUAD) has a volatility of 12.28%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than EUAD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	EUAD	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.87%	12.28%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	15.84%	19.72%	-3.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.51%	28.77%	-6.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.36%	28.32%	-9.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.04%	28.32%	-11.28%