BTAL vs. MPAIX

Last updated Jul 17, 2026

BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and MPAIX (Morgan Stanley Institutional Fund, Inc. Advantage Portfolio) are both funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while MPAIX is a Large Cap Growth Equities fund managed by T. Rowe Price. Over the past 10 years, BTAL returned -4.73%/yr vs 11.80%/yr for MPAIX. At a correlation of -0.47, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.85%/yr for MPAIX.

Performance

BTAL vs. MPAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGF U.S. Market Neutral Anti-Beta Fund (BTAL) and Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTAL achieves a -17.44% return, which is significantly lower than MPAIX's -2.76% return. Over the past 10 years, BTAL has underperformed MPAIX with an annualized return of -4.73%, while MPAIX has yielded a comparatively higher 11.80% annualized return.

BTAL

• 1D: 2.68%
• 1M: 5.41%
• 6M: -14.66%
• YTD: -17.44%
• 1Y: -28.44%
• 3Y*: -9.44%
• 5Y*: -4.93%
• 10Y*: -4.73%

MPAIX

• 1D: -0.25%
• 1M: 1.48%
• 6M: -1.93%
• YTD: -2.76%
• 1Y: -5.12%
• 3Y*: 17.66%
• 5Y*: -1.04%
• 10Y*: 11.80%

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

BTAL vs. MPAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTAL AGF U.S. Market Neutral Anti-Beta Fund	-17.44%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%
MPAIX Morgan Stanley Institutional Fund, Inc. Advantage Portfolio	-2.76%	18.96%	36.20%	46.28%	-54.25%	-4.91%	74.81%	29.09%	2.07%	32.08%

Correlation

The correlation between BTAL and MPAIX is -0.53, 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	-0.53
Correlation (3Y) Calculated over the trailing 3-year period	-0.63
Correlation (5Y) Calculated over the trailing 5-year period	-0.71
Correlation (10Y) Calculated over the trailing 10-year period	-0.51
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	-0.47

The correlation between BTAL and MPAIX shifts across timeframes, from -0.70 (5 years) to -0.47 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTAL vs. MPAIX — Risk / Return Rank

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

BTAL

BTAL Risk / Return Rank: 1
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 1
BTAL Omega Ratio Rank: 1
BTAL Calmar Ratio Rank: 2
BTAL Martin Ratio Rank: 1

MPAIX

MPAIX Risk / Return Rank: 2
MPAIX Sharpe Ratio Rank: 2
MPAIX Sortino Ratio Rank: 2
MPAIX Omega Ratio Rank: 2
MPAIX Calmar Ratio Rank: 2
MPAIX Martin Ratio Rank: 2

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. MPAIX - 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 Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX). 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	MPAIX	Difference
Sharpe ratio: Return per unit of total volatility	-1.22	-0.16	-1.06
Sortino ratio: Return per unit of downside risk	-1.80	-0.05	-1.76
Omega ratio: Gain probability vs. loss probability	0.81	0.99	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.83	-0.17	-0.66
Martin ratio: Return relative to average drawdown	-1.56	-0.32	-1.24

BTAL vs. MPAIX - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.22, which is lower than the MPAIX Sharpe Ratio of -0.16. The chart below compares the historical Sharpe Ratios of BTAL and MPAIX, 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. MPAIX - Drawdown Comparison

The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum MPAIX drawdown of -64.09%. Use the drawdown chart below to compare losses from any high point for BTAL and MPAIX.

Drawdown Indicators

	BTAL	MPAIX	Difference
Max Drawdown Largest peak-to-trough decline	-52.70%	-64.09%	+11.39%
Max Drawdown (1Y) Largest decline over 1 year	-34.57%	-24.41%	-10.16%
Max Drawdown (3Y) Largest decline over 3 years	-47.83%	-27.15%	-20.68%
Max Drawdown (5Y) Largest decline over 5 years	-47.83%	-64.09%	+16.26%
Max Drawdown (10Y) Largest decline over 10 years	-52.70%	-64.09%	+11.39%
Current Drawdown Current decline from peak	-48.54%	-12.75%	-35.79%
Average Drawdown Average peak-to-trough decline	-22.17%	-13.54%	-8.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.24%	12.57%	+5.67%

Volatility

BTAL vs. MPAIX - Volatility Comparison

AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.79% compared to Morgan Stanley Institutional Fund, Inc. Advantage Portfolio (MPAIX) at 7.40%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than MPAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	MPAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.79%	7.40%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	17.46%	20.58%	-3.12%
Volatility (1Y) Calculated over the trailing 1-year period	23.44%	25.60%	-2.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	35.69%	-16.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.39%	29.63%	-12.24%

BTAL vs. MPAIX - Expense Ratio Comparison

BTAL has a 1.40% expense ratio, which is higher than MPAIX's 0.85% expense ratio.

Dividends

BTAL vs. MPAIX - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.01%, more than MPAIX's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTAL AGF U.S. Market Neutral Anti-Beta Fund	3.01%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%	0.00%	0.00%	0.00%
MPAIX Morgan Stanley Institutional Fund, Inc. Advantage Portfolio	0.03%	0.03%	1.50%	0.00%	28.33%	23.18%	5.16%	3.77%	4.54%	7.43%	2.17%	8.89%

Frequently Asked Questions

Can I hold both BTAL and MPAIX in my portfolio?

BTAL and MPAIX have a correlation of -0.53, 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 MPAIX?

BTAL has higher volatility (7.79%) compared to MPAIX (7.40%). In terms of maximum drawdown, BTAL dropped -52.70% vs MPAIX's -64.09%.

Which has better risk-adjusted returns?

MPAIX currently has the higher Sharpe Ratio (-0.16 vs -1.22), 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.