BTAL vs. FWD
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and FWD (AB Disruptors ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while FWD is a Global Equities fund actively managed by AllianceBernstein. Both are actively managed. Over the past 3 years, BTAL returned -8.33%/yr vs 29.50%/yr for FWD. Their -0.76 correlation means they have often moved in opposite directions in the past. BTAL charges 1.40%/yr vs 0.65%/yr for FWD.
Performance
BTAL vs. FWD - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -14.87% return, which is significantly lower than FWD's 20.07% return.
BTAL
- 1D
- -0.33%
- 1M
- 5.79%
- 6M
- -13.85%
- YTD
- -14.87%
- 1Y
- -25.47%
- 3Y*
- -8.33%
- 5Y*
- -4.14%
- 10Y*
- -4.41%
- ALL TIME*
- -3.78%
FWD
- 1D
- 1.20%
- 1M
- -8.86%
- 6M
- 11.18%
- YTD
- 20.07%
- 1Y
- 39.21%
- 3Y*
- 29.50%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 31.81%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $39.66M | $42.86M | $36.96M |
BTAL vs. FWD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -14.87% | -20.17% | 12.83% | -11.26% |
FWD AB Disruptors ETF | 20.07% | 32.00% | 29.23% | 23.48% |
Correlation
The correlation between BTAL and FWD is -0.87, 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. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.76 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2023 | -0.76 |
The correlation between BTAL and FWD shifts across timeframes, from -0.87 (1 year) to -0.76 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. FWD — Risk / Return Rank
BTAL
FWD
BTAL vs. FWD - 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 AB Disruptors ETF (FWD). 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 | FWD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.13 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.22 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 1.78 | -2.47 |
| Martin ratioReturn relative to average drawdown | -1.25 | 6.86 | -8.10 |
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Drawdowns
BTAL vs. FWD - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than FWD's maximum drawdown of -29.02%. Use the drawdown chart below to compare losses from any high point for BTAL and FWD.
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Drawdown Indicators
| BTAL | FWD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -29.02% | -23.68% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -20.49% | -14.08% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -29.02% | -18.81% |
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 | -46.94% | -15.78% | -31.16% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -4.26% | -17.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.09% | 5.32% | +13.77% |
Volatility
BTAL vs. FWD - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.89%, while AB Disruptors ETF (FWD) has a volatility of 11.37%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than FWD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | FWD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.89% | 11.37% | -3.48% |
Volatility (6M)Calculated over the trailing 6-month period | 17.97% | 24.87% | -6.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 29.47% | -5.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 26.00% | -6.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 26.00% | -8.53% |
BTAL vs. FWD - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than FWD's 0.65% expense ratio.
Dividends
BTAL vs. FWD - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.92%, more than FWD's 0.09% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.92% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
FWD AB Disruptors ETF | 0.09% | 0.11% | 1.89% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and FWD have a correlation of -0.87, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FWD has higher volatility (11.37%) compared to BTAL (7.89%). In terms of maximum drawdown, BTAL dropped -52.70% vs FWD's -29.02%.
On 3-year performance, FWD leads with 29.50% vs -8.33% for BTAL. On fees, FWD is cheaper at 0.65% per year. On volatility, BTAL has been the lower-risk option at 7.89%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FWD has performed better with a 29.50% return vs -8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FWD is cheaper with a 0.65% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.92%, compared with 0.09% for FWD.
BTAL is categorized as Equity Market Neutral, while FWD is Global Equities. They also come from different issuers: AGF and AllianceBernstein. Their fees differ too: 1.40% for BTAL and 0.65% for FWD.
FWD currently has the higher Sharpe Ratio (1.24 vs -1.00), 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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