BTAL vs. MURGY
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) is Equity Market Neutral fund actively managed by AGF, while MURGY (Muenchener Rueckver Ges) is a stock. Over the past 10 years, BTAL returned -4.60%/yr vs 18.87%/yr for MURGY. At a correlation of -0.25, they often move in opposite directions.
Performance
BTAL vs. MURGY - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -15.84% return, which is significantly lower than MURGY's -6.54% return. Over the past 10 years, BTAL has underperformed MURGY with an annualized return of -4.60%, while MURGY has yielded a comparatively higher 18.87% annualized return.
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
MURGY
- 1D
- -0.42%
- 1M
- 11.24%
- 6M
- 0.96%
- YTD
- -6.54%
- 1Y
- -7.52%
- 3Y*
- 20.20%
- 5Y*
- 21.53%
- 10Y*
- 18.87%
- ALL TIME*
- 15.07%
BTAL vs. MURGY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
MURGY Muenchener Rueckver Ges | -6.54% | 36.01% | 23.53% | 34.32% | 14.50% | 2.58% | 4.34% | 38.79% | 4.17% | 28.67% |
Correlation
The correlation between BTAL and MURGY is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.17 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.23 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.25 |
The correlation between BTAL and MURGY shifts across timeframes, from -0.25 (all time) to -0.07 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. MURGY — Risk / Return Rank
BTAL
MURGY
BTAL vs. MURGY - 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 Muenchener Rueckver Ges (MURGY). 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 | MURGY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.76 | ||
| Sortino ratioReturn per unit of downside risk | -1.27 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.96 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | -0.30 | -0.44 |
| Martin ratioReturn relative to average drawdown | -1.39 | -0.60 | -0.80 |
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Drawdowns
BTAL vs. MURGY - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than MURGY's maximum drawdown of -48.01%. Use the drawdown chart below to compare losses from any high point for BTAL and MURGY.
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Drawdown Indicators
| BTAL | MURGY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -48.01% | -4.69% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -25.23% | -9.34% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -25.23% | -22.60% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -29.54% | -18.29% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -48.01% | -4.69% |
Current DrawdownCurrent decline from peak | -47.55% | -12.88% | -34.67% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -8.75% | -13.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 12.66% | +5.74% |
Volatility
BTAL vs. MURGY - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.95% compared to Muenchener Rueckver Ges (MURGY) at 4.97%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than MURGY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | MURGY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 4.97% | +2.98% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 16.78% | +0.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 22.48% | +1.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 24.32% | -5.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 25.63% | -8.23% |
Dividends
BTAL vs. MURGY - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, less than MURGY's 4.71% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
MURGY Muenchener Rueckver Ges | 4.71% | 3.31% | 3.21% | 2.98% | 3.73% | 2.68% | 2.50% | 2.44% | 3.39% | 10.17% | 9.45% | 4.25% |
Frequently Asked Questions
BTAL and MURGY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.95%) compared to MURGY (4.97%). In terms of maximum drawdown, BTAL dropped -52.70% vs MURGY's -48.01%.
MURGY currently has the higher Sharpe Ratio (-0.34 vs -1.09), 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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