BTAL vs. IEI
BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and IEI (iShares 3-7 Year Treasury Bond 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 IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index. Both are passively managed. Over the past 10 years, BTAL returned -5.05%/yr vs 1.24%/yr for IEI. At a 0.15 correlation, their price movements are largely independent. BTAL charges 2.11%/yr vs 0.15%/yr for IEI.
Performance
BTAL vs. IEI - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than IEI's -0.30% return. Over the past 10 years, BTAL has underperformed IEI with an annualized return of -5.05%, while IEI has yielded a comparatively higher 1.24% annualized return.
BTAL
- 1D
- -0.09%
- 1M
- -4.17%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
IEI
- 1D
- -0.12%
- 1M
- 0.10%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 3.16%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
BTAL vs. IEI - 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% |
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
Correlation
The correlation between BTAL and IEI is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.15 |
The correlation between BTAL and IEI shifts across timeframes, from -0.12 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. IEI — Risk / Return Rank
BTAL
IEI
BTAL vs. IEI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and iShares 3-7 Year Treasury Bond ETF (IEI). 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 | IEI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -4.08 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.17 | -0.44 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 1.19 | -2.17 |
| Martin ratioReturn relative to average drawdown | -1.64 | 3.35 | -4.99 |
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Drawdowns
BTAL vs. IEI - Drawdown Comparison
The maximum BTAL drawdown since its inception was -50.28%, which is greater than IEI's maximum drawdown of -14.60%. Use the drawdown chart below to compare losses from any high point for BTAL and IEI.
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Drawdown Indicators
| BTAL | IEI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.28% | -14.60% | -35.68% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -2.50% | -35.00% |
Max Drawdown (3Y)Largest decline over 3 years | -45.16% | -3.66% | -41.50% |
Max Drawdown (5Y)Largest decline over 5 years | -45.16% | -13.88% | -31.28% |
Max Drawdown (10Y)Largest decline over 10 years | -50.28% | -14.60% | -35.68% |
Current DrawdownCurrent decline from peak | -50.23% | -1.74% | -48.49% |
Average DrawdownAverage peak-to-trough decline | -22.01% | -2.67% | -19.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.38% | 0.89% | +21.49% |
Volatility
BTAL vs. IEI - Volatility Comparison
AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to iShares 3-7 Year Treasury Bond ETF (IEI) at 0.98%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than IEI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | IEI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 0.98% | +7.76% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 2.18% | +14.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 3.00% | +19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 4.78% | +14.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.33% | 3.93% | +13.40% |
BTAL vs. IEI - Expense Ratio Comparison
BTAL has a 2.11% expense ratio, which is higher than IEI's 0.15% expense ratio.
Dividends
BTAL vs. IEI - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.11%, less than IEI's 3.64% 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% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
BTAL and IEI have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.74%) compared to IEI (0.98%). In terms of maximum drawdown, BTAL dropped -50.28% vs IEI's -14.60%.
On 10-year performance, IEI leads with 1.24% vs -5.05% for BTAL. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEI has performed better with a 1.24% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 2.11% for BTAL.
IEI has the higher dividend yield at 3.64%, compared with 3.11% for BTAL.
BTAL is categorized as Long-Short, while IEI is Government Bonds. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while IEI tracks ICE U.S. Treasury 3-7 Year Bond Index. They also come from different issuers: AGF and iShares. Their fees differ too: 2.11% for BTAL and 0.15% for IEI.
IEI currently has the higher Sharpe Ratio (1.00 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.
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