BTAL vs. FXF
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and FXF (Invesco CurrencyShares® Swiss Franc Trust) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while FXF is a Currency fund tracking the Swiss Franc. BTAL is actively managed, while FXF is passively managed. Over the past 10 years, BTAL returned -4.60%/yr vs 1.16%/yr for FXF. At a correlation of -0.04, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.40%/yr for FXF.
Performance
BTAL vs. FXF - 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 FXF's -2.51% return. Over the past 10 years, BTAL has underperformed FXF with an annualized return of -4.60%, while FXF has yielded a comparatively higher 1.16% 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%
FXF
- 1D
- -0.36%
- 1M
- -0.69%
- 6M
- -1.20%
- YTD
- -2.51%
- 1Y
- -1.57%
- 3Y*
- 1.94%
- 5Y*
- 1.98%
- 10Y*
- 1.16%
- ALL TIME*
- 1.66%
BTAL vs. FXF - 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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | -2.51% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
Correlation
The correlation between BTAL and FXF is -0.16, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.16 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.04 |
The correlation between BTAL and FXF shifts across timeframes, from -0.16 (1 year) to -0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. FXF — Risk / Return Rank
BTAL
FXF
BTAL vs. FXF - 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 Invesco CurrencyShares® Swiss Franc Trust (FXF). 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 | FXF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.88 | ||
| Sortino ratioReturn per unit of downside risk | -1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.97 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.24 | -0.51 |
| Martin ratioReturn relative to average drawdown | -1.39 | -0.55 | -0.84 |
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Drawdowns
BTAL vs. FXF - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than FXF's maximum drawdown of -35.58%. Use the drawdown chart below to compare losses from any high point for BTAL and FXF.
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Drawdown Indicators
| BTAL | FXF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -35.58% | -17.12% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -6.72% | -27.85% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -8.52% | -39.31% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -11.99% | -35.84% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -15.04% | -37.66% |
Current DrawdownCurrent decline from peak | -47.55% | -20.42% | -27.13% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -20.83% | -1.36% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 2.88% | +15.52% |
Volatility
BTAL vs. FXF - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.95% compared to Invesco CurrencyShares® Swiss Franc Trust (FXF) at 1.86%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than FXF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | FXF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 1.86% | +6.09% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 5.76% | +11.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 7.44% | +16.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 8.32% | +10.95% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 7.57% | +9.83% |
BTAL vs. FXF - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than FXF's 0.40% expense ratio.
Dividends
BTAL vs. FXF - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, while FXF 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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and FXF have a correlation of -0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.95%) compared to FXF (1.86%). In terms of maximum drawdown, BTAL dropped -52.70% vs FXF's -35.58%.
On 10-year performance, FXF leads with 1.16% vs -4.60% for BTAL. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.86%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.16% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.96%, compared with 0.00% for FXF.
BTAL is categorized as Equity Market Neutral, while FXF is Currency. They also come from different issuers: AGF and Invesco. Their fees differ too: 1.40% for BTAL and 0.40% for FXF.
FXF currently has the higher Sharpe Ratio (-0.21 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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