BTAL vs. GSY

Last updated Jun 13, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and GSY (Invesco Ultra Short Duration ETF) are both exchange-traded funds - BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while GSY is a Ultrashort Bond fund actively managed by Invesco. BTAL is passively managed, while GSY is actively managed. Over the past 10 years, BTAL returned -5.05%/yr vs 2.86%/yr for GSY. At a correlation of -0.03, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.22%/yr for GSY.

Performance

BTAL vs. GSY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Invesco Ultra Short Duration ETF (GSY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than GSY's 1.72% return. Over the past 10 years, BTAL has underperformed GSY with an annualized return of -5.05%, while GSY has yielded a comparatively higher 2.86% annualized return.

BTAL

• 1D: -0.09%
• 1M: -4.33%
• YTD: -20.15%
• 6M: -19.27%
• 1Y: -36.60%
• 3Y*: -12.17%
• 5Y*: -4.94%
• 10Y*: -5.05%

GSY

• 1D: 0.00%
• 1M: 0.37%
• YTD: 1.72%
• 6M: 1.96%
• 1Y: 4.52%
• 3Y*: 5.48%
• 5Y*: 3.68%
• 10Y*: 2.86%

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

BTAL vs. GSY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.15%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%
GSY Invesco Ultra Short Duration ETF	1.72%	4.96%	5.95%	5.99%	0.01%	0.03%	1.88%	3.39%	2.18%	1.86%

Correlation

The correlation between BTAL and GSY is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.11
Correlation (5Y) Calculated over the trailing 5-year period	-0.11
Correlation (10Y) Calculated over the trailing 10-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	-0.03

BTAL vs. GSY - Sectors Allocation Comparison

Sectors	BTAL	GSY
Technology	19.5%	4.6%
Financial Services	14.9%	28.5%
Industrials	13.7%	2.4%
Consumer Cyclical	12.8%	4.2%
Healthcare	10.2%	2.9%
Real Estate	6.2%	4.3%
Consumer Defensive	5.6%	2.5%
Utilities	5.2%	1.8%
Energy	4.4%	2.9%
Basic Materials	4.0%	1.5%
Communication Services	3.4%	2.2%

Return for Risk

BTAL vs. GSY — Risk / Return Rank

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

BTAL

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

GSY

GSY Risk / Return Rank: 99
GSY Sharpe Ratio Rank: 100
GSY Sortino Ratio Rank: 99
GSY Omega Ratio Rank: 99
GSY Calmar Ratio Rank: 100
GSY Martin Ratio Rank: 100

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. GSY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Invesco Ultra Short Duration ETF (GSY). 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	GSY	Difference
Sharpe ratio: Return per unit of total volatility	-1.64	11.20	-12.84
Sortino ratio: Return per unit of downside risk	-2.56	27.35	-29.91
Omega ratio: Gain probability vs. loss probability	0.73	6.54	-5.80
Calmar ratio: Return relative to maximum drawdown	-0.98	75.72	-76.69
Martin ratio: Return relative to average drawdown	-1.64	373.96	-375.60

BTAL vs. GSY - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.64, which is lower than the GSY Sharpe Ratio of 11.20. The chart below compares the historical Sharpe Ratios of BTAL and GSY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTAL vs. GSY - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, which is greater than GSY's maximum drawdown of -12.14%. Use the drawdown chart below to compare losses from any high point for BTAL and GSY.

Drawdown Indicators

	BTAL	GSY	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-12.14%	-38.14%
Max Drawdown (1Y) Largest decline over 1 year	-37.50%	-0.06%	-37.44%
Max Drawdown (3Y) Largest decline over 3 years	-45.16%	-0.18%	-44.98%
Max Drawdown (5Y) Largest decline over 5 years	-45.16%	-1.48%	-43.68%
Max Drawdown (10Y) Largest decline over 10 years	-50.28%	-5.25%	-45.03%
Current Drawdown Current decline from peak	-50.23%	0.00%	-50.23%
Average Drawdown Average peak-to-trough decline	-22.01%	-2.38%	-19.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.38%	0.01%	+22.37%

Volatility

BTAL vs. GSY - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to Invesco Ultra Short Duration ETF (GSY) at 0.15%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than GSY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	GSY	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	0.15%	+8.59%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	0.31%	+16.27%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	0.40%	+22.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	0.58%	+18.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.33%	1.22%	+16.11%

BTAL vs. GSY - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than GSY's 0.22% expense ratio.

Dividends

BTAL vs. GSY - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.11%, less than GSY's 4.34% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.11%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%	0.00%	0.00%	0.00%
GSY Invesco Ultra Short Duration ETF	4.34%	4.56%	5.31%	4.95%	1.70%	0.58%	1.45%	2.71%	2.30%	1.80%	1.21%	1.17%

Frequently Asked Questions

Can I hold both BTAL and GSY in my portfolio?

BTAL and GSY have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTAL or GSY?

BTAL has higher volatility (8.74%) compared to GSY (0.15%). In terms of maximum drawdown, BTAL dropped -50.28% vs GSY's -12.14%.

Which ETF is better, BTAL or GSY?

On 10-year performance, GSY leads with 2.86% vs -5.05% for BTAL. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTAL or GSY?

Over the 10-year period, GSY has performed better with a 2.86% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTAL or GSY?

GSY is cheaper with a 0.22% expense ratio, compared with 2.11% for BTAL.

Which ETF pays a higher dividend yield, BTAL or GSY?

GSY has the higher dividend yield at 4.34%, compared with 3.11% for BTAL.

What is the main difference between BTAL and GSY?

BTAL is categorized as Long-Short, while GSY is Ultrashort Bond. They also come from different issuers: AGF and Invesco. Their fees differ too: 2.11% for BTAL and 0.22% for GSY.

Which has better risk-adjusted returns?

GSY currently has the higher Sharpe Ratio (11.20 vs -1.64), 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.