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 -4.93%/yr vs 7.83%/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 -17.44% return, which is significantly lower than MRSK's 5.68% 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%
MRSK
- 1D
- 0.16%
- 1M
- 0.88%
- 6M
- 4.58%
- YTD
- 5.68%
- 1Y
- 15.32%
- 3Y*
- 10.32%
- 5Y*
- 7.83%
- 10Y*
- —
BTAL vs. MRSK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -17.44% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -21.51% |
MRSK Agility Shares Managed Risk ETF | 5.68% | 11.93% | 14.62% | 13.29% | -11.86% | 20.74% | 15.57% |
Correlation
The correlation between BTAL and MRSK is -0.63, 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 | -0.63 |
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 -0.63 (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 | -2.64 | ||
| Sortino ratioReturn per unit of downside risk | -3.78 | ||
| Omega ratioGain probability vs. loss probability | 0.81 | 1.26 | -0.45 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.97 | -2.79 |
| Martin ratioReturn relative to average drawdown | -1.56 | 7.70 | -9.26 |
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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 | -34.57% | -7.82% | -26.75% |
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 | -48.54% | 0.00% | -48.54% |
Average DrawdownAverage peak-to-trough decline | -22.17% | -3.53% | -18.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.24% | 1.99% | +16.25% |
Volatility
BTAL vs. MRSK - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.79% compared to Agility Shares Managed Risk ETF (MRSK) at 2.11%. 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 | 7.79% | 2.11% | +5.68% |
Volatility (6M)Calculated over the trailing 6-month period | 17.46% | 8.23% | +9.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.44% | 10.85% | +12.59% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 11.76% | +7.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.39% | 11.82% | +5.57% |
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 3.01%, more than MRSK's 0.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
MRSK Agility Shares Managed Risk ETF | 0.35% | 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 -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.79%) compared to MRSK (2.11%). In terms of maximum drawdown, BTAL dropped -52.70% vs MRSK's -14.70%.
On 5-year performance, MRSK leads with 7.83% vs -4.93% for BTAL. On fees, MRSK is cheaper at 0.99% per year. On volatility, MRSK has been the lower-risk option at 2.11%. 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 7.83% return vs -4.93%. 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 3.01%, compared with 0.35% 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 (1.42 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.
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