BTAL vs. IQM
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and IQM (Franklin Intelligent Machines ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while IQM is a Large Cap Growth Equities fund actively managed by Franklin Templeton. Both are actively managed. Over the past 5 years, BTAL returned -5.21%/yr vs 20.13%/yr for IQM. At a correlation of -0.60, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.50%/yr for IQM.
Performance
BTAL vs. IQM - 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 IQM's 35.15% 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%
IQM
- 1D
- -6.20%
- 1M
- 3.59%
- YTD
- 35.15%
- 6M
- 31.71%
- 1Y
- 66.07%
- 3Y*
- 35.52%
- 5Y*
- 20.13%
- 10Y*
- —
BTAL vs. IQM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -20.57% |
IQM Franklin Intelligent Machines ETF | 35.15% | 30.76% | 31.03% | 41.06% | -33.36% | 25.18% | 76.92% |
Correlation
The correlation between BTAL and IQM is -0.84, 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 | -0.84 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.73 |
Correlation (All Time) Calculated using the full available price history since Feb 27, 2020 | -0.60 |
Over the past year, the inverse relationship between BTAL and IQM has strengthened: their correlation has moved from -0.60 to -0.84, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. IQM — Risk / Return Rank
BTAL
IQM
BTAL vs. IQM - 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 Franklin Intelligent Machines ETF (IQM). 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 | IQM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.74 | ||
| Sortino ratioReturn per unit of downside risk | -5.06 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.35 | -0.62 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 4.52 | -5.50 |
| Martin ratioReturn relative to average drawdown | -1.85 | 14.13 | -15.97 |
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Drawdowns
BTAL vs. IQM - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than IQM's maximum drawdown of -44.91%. Use the drawdown chart below to compare losses from any high point for BTAL and IQM.
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Drawdown Indicators
| BTAL | IQM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -44.91% | -7.79% |
Max Drawdown (1Y)Largest decline over 1 year | -37.81% | -14.71% | -23.10% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -30.42% | -17.41% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -44.91% | -2.92% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -51.23% | -6.20% | -45.03% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -12.18% | -9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.21% | 4.69% | +16.52% |
Volatility
BTAL vs. IQM - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 9.28%, while Franklin Intelligent Machines ETF (IQM) has a volatility of 15.34%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than IQM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | IQM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.28% | 15.34% | -6.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.73% | 26.16% | -9.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.83% | 31.47% | -8.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 29.56% | -10.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.36% | 31.10% | -13.74% |
BTAL vs. IQM - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than IQM's 0.50% expense ratio.
Dividends
BTAL vs. IQM - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.18%, while IQM 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 | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
IQM Franklin Intelligent Machines ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.17% | 0.01% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and IQM have a correlation of -0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IQM has higher volatility (15.34%) compared to BTAL (9.28%). In terms of maximum drawdown, BTAL dropped -52.70% vs IQM's -44.91%.
On 5-year performance, IQM leads with 20.13% vs -5.21% for BTAL. On fees, IQM is cheaper at 0.50% 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, IQM has performed better with a 20.13% return vs -5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IQM is cheaper with a 0.50% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 0.00% for IQM.
BTAL is categorized as Equity Market Neutral, while IQM is Large Cap Growth Equities. They also come from different issuers: AGF and Franklin Templeton. Their fees differ too: 1.40% for BTAL and 0.50% for IQM.
IQM currently has the higher Sharpe Ratio (2.11 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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