BTAL vs. NTRL
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and NTRL (First Trust Equity Market Neutral ETF) are both Equity Market Neutral funds. Both are actively managed. Their 0.64 correlation means they have sometimes moved together and sometimes differently. BTAL charges 1.40%/yr vs 0.95%/yr for NTRL.
Performance
BTAL vs. NTRL - Performance Comparison
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Returns By Period
BTAL
- 1D
- -0.33%
- 1M
- 5.79%
- 6M
- -13.85%
- YTD
- -14.87%
- 1Y
- -25.47%
- 3Y*
- -8.33%
- 5Y*
- -4.14%
- 10Y*
- -4.41%
- ALL TIME*
- -3.78%
NTRL
- 1D
- 1.75%
- 1M
- 4.42%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $448.27K | $367.10K | $329.98K |
BTAL vs. NTRL - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 8.79% |
NTRL First Trust Equity Market Neutral ETF | 3.61% |
Correlation
The correlation between BTAL and NTRL is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Jun 24, 2026 | 0.64 |
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Return for Risk
BTAL vs. NTRL — Risk / Return Rank
BTAL
NTRL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
BTAL vs. NTRL - 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 First Trust Equity Market Neutral ETF (NTRL). 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 | NTRL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.85 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | — | — |
| Martin ratioReturn relative to average drawdown | -1.25 | — | — |
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Drawdowns
BTAL vs. NTRL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than NTRL's maximum drawdown of -1.81%. Use the drawdown chart below to compare losses from any high point for BTAL and NTRL.
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Drawdown Indicators
| BTAL | NTRL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -1.81% | -50.89% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -46.94% | -0.01% | -46.93% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -0.74% | -21.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.09% | — | — |
Volatility
BTAL vs. NTRL - Volatility Comparison
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Volatility by Period
| BTAL | NTRL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.89% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 17.97% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 13.83% | +10.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 13.83% | +5.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 13.83% | +3.64% |
BTAL vs. NTRL - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than NTRL's 0.95% expense ratio.
Dividends
BTAL vs. NTRL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.92%, while NTRL 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 | 2.92% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
NTRL First Trust Equity Market Neutral ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and NTRL 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.
On fees, NTRL is cheaper at 0.95% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NTRL is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.92%, compared with 0.00% for NTRL.
They also come from different issuers: AGF and First Trust. Their fees differ too: 1.40% for BTAL and 0.95% for NTRL.
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