BTAL vs. MRSK
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and MRSK (Agility Shares Managed Risk ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while MRSK is a Hedge Fund fund actively managed by Toews Corp.. Both are actively managed. Over the past 5 years, BTAL returned -5.19%/yr vs 7.58%/yr for MRSK. At a correlation of -0.49, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.99%/yr for MRSK.
Performance
BTAL vs. MRSK - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -21.82% return, which is significantly lower than MRSK's 3.02% return.
BTAL
- 1D
- -0.09%
- 1M
- -7.79%
- YTD
- -21.82%
- 6M
- -20.63%
- 1Y
- -35.93%
- 3Y*
- -13.04%
- 5Y*
- -5.19%
- 10Y*
- -5.51%
MRSK
- 1D
- -0.45%
- 1M
- -0.60%
- YTD
- 3.02%
- 6M
- 1.86%
- 1Y
- 14.90%
- 3Y*
- 10.29%
- 5Y*
- 7.58%
- 10Y*
- —
BTAL vs. MRSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.82% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -21.51% |
MRSK Agility Shares Managed Risk ETF | 3.02% | 11.93% | 14.62% | 13.29% | -11.86% | 20.74% | 15.57% |
Correlation
The correlation between BTAL and MRSK is -0.64, 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 | -0.64 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020 | -0.49 |
The correlation between BTAL and MRSK shifts across timeframes, from -0.64 (1 year) to -0.49 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. MRSK — Risk / Return Rank
BTAL
MRSK
BTAL vs. MRSK - 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 Agility Shares Managed Risk ETF (MRSK). 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 | MRSK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.97 | ||
| Sortino ratioReturn per unit of downside risk | -4.39 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.25 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.96 | 1.91 | -2.87 |
| Martin ratioReturn relative to average drawdown | -1.81 | 7.53 | -9.34 |
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Drawdowns
BTAL vs. MRSK - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than MRSK's maximum drawdown of -14.70%. Use the drawdown chart below to compare losses from any high point for BTAL and MRSK.
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Drawdown Indicators
| BTAL | MRSK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -14.70% | -38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -37.60% | -7.82% | -29.78% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -12.22% | -35.61% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -14.70% | -33.13% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -51.27% | -2.33% | -48.94% |
Average DrawdownAverage peak-to-trough decline | -22.06% | -3.56% | -18.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.14% | 1.98% | +18.16% |
Volatility
BTAL vs. MRSK - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 9.29% compared to Agility Shares Managed Risk ETF (MRSK) at 3.40%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than MRSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | MRSK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.29% | 3.40% | +5.89% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 8.22% | +8.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.83% | 10.85% | +11.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 11.76% | +7.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 11.86% | +5.49% |
BTAL vs. MRSK - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than MRSK's 0.99% expense ratio.
Dividends
BTAL vs. MRSK - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.18%, more than MRSK's 0.36% 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% |
MRSK Agility Shares Managed Risk ETF | 0.36% | 0.37% | 0.44% | 0.60% | 1.11% | 14.20% | 4.29% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and MRSK have a correlation of -0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.29%) compared to MRSK (3.40%). In terms of maximum drawdown, BTAL dropped -52.70% vs MRSK's -14.70%.
On 5-year performance, MRSK leads with 7.58% vs -5.19% for BTAL. On fees, MRSK is cheaper at 0.99% per year. On volatility, MRSK has been the lower-risk option at 3.40%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MRSK has performed better with a 7.58% return vs -5.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MRSK is cheaper with a 0.99% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 0.36% for MRSK.
BTAL is categorized as Equity Market Neutral, while MRSK is Hedge Fund. They also come from different issuers: AGF and Toews Corp.. Their fees differ too: 1.40% for BTAL and 0.99% for MRSK.
MRSK currently has the higher Sharpe Ratio (1.38 vs -1.58), 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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