BTAL vs. SOXL
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and SOXL (Direxion Daily Semiconductor Bull 3X ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while SOXL is a Leveraged Equities fund tracking the ICE Semiconductor Index. BTAL is actively managed, while SOXL is passively managed. Over the past 10 years, BTAL returned -5.40%/yr vs 65.95%/yr for SOXL. At a correlation of -0.52, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.75%/yr for SOXL.
Performance
BTAL vs. SOXL - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -23.84% return, which is significantly lower than SOXL's 564.50% return. Over the past 10 years, BTAL has underperformed SOXL with an annualized return of -5.40%, while SOXL has yielded a comparatively higher 65.95% annualized return.
BTAL
- 1D
- -2.92%
- 1M
- -10.46%
- YTD
- -23.84%
- 6M
- -22.94%
- 1Y
- -38.64%
- 3Y*
- -13.54%
- 5Y*
- -6.13%
- 10Y*
- -5.40%
SOXL
- 1D
- 19.43%
- 1M
- 56.56%
- YTD
- 564.50%
- 6M
- 569.44%
- 1Y
- 1,221.33%
- 3Y*
- 124.34%
- 5Y*
- 50.47%
- 10Y*
- 65.95%
BTAL vs. SOXL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -23.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 564.50% | 54.91% | -12.31% | 226.98% | -85.66% | 118.84% | 70.04% | 231.83% | -39.07% | 141.71% |
Correlation
The correlation between BTAL and SOXL is -0.78, 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 | -0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.68 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.55 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.52 |
Over the past year, the inverse relationship between BTAL and SOXL has strengthened: their correlation has moved from -0.52 to -0.78, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. SOXL — Risk / Return Rank
BTAL
SOXL
BTAL vs. SOXL - 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 Direxion Daily Semiconductor Bull 3X ETF (SOXL). 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 | SOXL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -12.31 | ||
| Sortino ratioReturn per unit of downside risk | -7.12 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.63 | -0.91 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 27.84 | -28.83 |
| Martin ratioReturn relative to average drawdown | -1.84 | 89.88 | -91.72 |
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Drawdowns
BTAL vs. SOXL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.53%, smaller than the maximum SOXL drawdown of -90.46%. Use the drawdown chart below to compare losses from any high point for BTAL and SOXL.
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Drawdown Indicators
| BTAL | SOXL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.53% | -90.46% | +37.93% |
Max Drawdown (1Y)Largest decline over 1 year | -38.64% | -43.47% | +4.83% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -87.88% | +40.24% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -90.46% | +42.82% |
Max Drawdown (10Y)Largest decline over 10 years | -52.53% | -90.46% | +37.93% |
Current DrawdownCurrent decline from peak | -52.53% | -0.45% | -52.08% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -34.96% | +12.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.94% | 13.44% | +7.50% |
Volatility
BTAL vs. SOXL - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 8.68%, while Direxion Daily Semiconductor Bull 3X ETF (SOXL) has a volatility of 62.74%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than SOXL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | SOXL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 62.74% | -54.06% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 96.77% | -80.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.64% | 114.08% | -91.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 109.76% | -90.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 100.44% | -83.06% |
BTAL vs. SOXL - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than SOXL's 0.75% expense ratio.
Dividends
BTAL vs. SOXL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.27%, more than SOXL's 0.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.27% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% |
SOXL Direxion Daily Semiconductor Bull 3X ETF | 0.03% | 0.34% | 1.18% | 0.51% | 1.07% | 0.04% | 0.05% | 0.38% | 1.30% | 0.09% | 4.84% |
Frequently Asked Questions
BTAL and SOXL have a correlation of -0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SOXL has higher volatility (62.74%) compared to BTAL (8.68%). In terms of maximum drawdown, BTAL dropped -52.53% vs SOXL's -90.46%.
On 10-year performance, SOXL leads with 65.95% vs -5.40% for BTAL. On fees, SOXL is cheaper at 0.75% per year. On volatility, BTAL has been the lower-risk option at 8.68%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SOXL has performed better with a 65.95% return vs -5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SOXL is cheaper with a 0.75% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.27%, compared with 0.03% for SOXL.
BTAL is categorized as Equity Market Neutral, while SOXL is Leveraged Equities. They also come from different issuers: AGF and Direxion. Their fees differ too: 1.40% for BTAL and 0.75% for SOXL.
SOXL currently has the higher Sharpe Ratio (10.61 vs -1.70), 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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