BTAL vs. HIBL
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and HIBL (Direxion Daily S&P 500 High Beta Bull 3X Shares) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while HIBL is a Leveraged Equities fund tracking the S&P 500 High Beta Index (300%). BTAL is actively managed, while HIBL is passively managed. Over the past 5 years, BTAL returned -5.21%/yr vs 11.88%/yr for HIBL. At a correlation of -0.79, they often move in opposite directions. BTAL charges 1.40%/yr vs 1.12%/yr for HIBL.
Performance
BTAL vs. HIBL - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -21.75% return, which is significantly lower than HIBL's 83.10% return.
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
HIBL
- 1D
- -12.27%
- 1M
- 13.78%
- YTD
- 83.10%
- 6M
- 71.60%
- 1Y
- 227.44%
- 3Y*
- 55.36%
- 5Y*
- 11.88%
- 10Y*
- —
BTAL vs. HIBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | -2.59% |
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 83.10% | 60.38% | -0.40% | 81.02% | -68.24% | 129.14% | -24.96% | 19.23% |
Correlation
The correlation between BTAL and HIBL is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 7, 2019 | -0.79 |
The correlation between BTAL and HIBL has been stable across timeframes, ranging from -0.85 to -0.79 - a consistent structural relationship.
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Return for Risk
BTAL vs. HIBL — Risk / Return Rank
BTAL
HIBL
BTAL vs. HIBL - 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 Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL). 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 | HIBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.76 | ||
| Sortino ratioReturn per unit of downside risk | -5.50 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.39 | -0.66 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 7.29 | -8.27 |
| Martin ratioReturn relative to average drawdown | -1.85 | 25.38 | -27.22 |
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Drawdowns
BTAL vs. HIBL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum HIBL drawdown of -88.27%. Use the drawdown chart below to compare losses from any high point for BTAL and HIBL.
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Drawdown Indicators
| BTAL | HIBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -88.27% | +35.57% |
Max Drawdown (1Y)Largest decline over 1 year | -37.81% | -31.39% | -6.42% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -69.66% | +21.83% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -81.58% | +33.75% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -51.23% | -12.27% | -38.96% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -43.91% | +21.86% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.21% | 9.01% | +12.20% |
Volatility
BTAL vs. HIBL - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 9.28%, while Direxion Daily S&P 500 High Beta Bull 3X Shares (HIBL) has a volatility of 36.89%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than HIBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | HIBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 36.89% | -27.61% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 59.56% | -42.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.83% | 73.15% | -50.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 83.29% | -64.19% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 92.43% | -75.07% |
BTAL vs. HIBL - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than HIBL's 1.12% expense ratio.
Dividends
BTAL vs. HIBL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.18%, more than HIBL's 1.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
HIBL Direxion Daily S&P 500 High Beta Bull 3X Shares | 1.26% | 2.43% | 0.82% | 0.69% | 0.00% | 0.06% | 0.19% | 0.19% | 0.00% |
Frequently Asked Questions
BTAL and HIBL have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIBL has higher volatility (36.89%) compared to BTAL (9.28%). In terms of maximum drawdown, BTAL dropped -52.70% vs HIBL's -88.27%.
On 5-year performance, HIBL leads with 11.88% vs -5.21% for BTAL. On fees, HIBL is cheaper at 1.12% per year. On volatility, BTAL has been the lower-risk option at 9.28%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIBL has performed better with a 11.88% return vs -5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIBL is cheaper with a 1.12% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 1.26% for HIBL.
BTAL is categorized as Equity Market Neutral, while HIBL is Leveraged Equities. They also come from different issuers: AGF and Direxion. Their fees differ too: 1.40% for BTAL and 1.12% for HIBL.
HIBL currently has the higher Sharpe Ratio (3.13 vs -1.62), 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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