BTAL vs. SPHB
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and SPHB (Invesco S&P 500® High Beta ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while SPHB is a S&P 500 fund tracking the S&P 500 High Beta Index. BTAL is actively managed, while SPHB is passively managed. Over the past 10 years, BTAL returned -5.91%/yr vs 20.43%/yr for SPHB. At a correlation of -0.69, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.25%/yr for SPHB.
Performance
BTAL vs. SPHB - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -22.65% return, which is significantly lower than SPHB's 32.39% return. Over the past 10 years, BTAL has underperformed SPHB with an annualized return of -5.91%, while SPHB has yielded a comparatively higher 20.43% annualized return.
BTAL
- 1D
- -1.07%
- 1M
- -6.00%
- YTD
- -22.65%
- 6M
- -21.47%
- 1Y
- -36.40%
- 3Y*
- -13.38%
- 5Y*
- -5.39%
- 10Y*
- -5.91%
SPHB
- 1D
- 2.22%
- 1M
- 5.89%
- YTD
- 32.39%
- 6M
- 29.17%
- 1Y
- 63.01%
- 3Y*
- 29.36%
- 5Y*
- 15.93%
- 10Y*
- 20.43%
BTAL vs. SPHB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -22.65% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
SPHB Invesco S&P 500® High Beta ETF | 32.39% | 32.87% | 8.48% | 33.28% | -20.59% | 40.58% | 25.56% | 33.96% | -15.55% | 17.87% |
Correlation
The correlation between BTAL and SPHB is -0.85, 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 | -0.85 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.81 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.81 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.76 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.69 |
The correlation between BTAL and SPHB shifts across timeframes, from -0.85 (1 year) to -0.69 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. SPHB — Risk / Return Rank
BTAL
SPHB
BTAL vs. SPHB - 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 Invesco S&P 500® High Beta ETF (SPHB). 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 | SPHB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.21 | ||
| Sortino ratioReturn per unit of downside risk | -5.69 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 1.42 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -0.97 | 5.92 | -6.89 |
| Martin ratioReturn relative to average drawdown | -1.82 | 22.17 | -23.99 |
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Drawdowns
BTAL vs. SPHB - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than SPHB's maximum drawdown of -46.84%. Use the drawdown chart below to compare losses from any high point for BTAL and SPHB.
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Drawdown Indicators
| BTAL | SPHB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -46.84% | -5.86% |
Max Drawdown (1Y)Largest decline over 1 year | -37.60% | -10.70% | -26.90% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -29.21% | -18.62% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -31.49% | -16.34% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -46.84% | -5.86% |
Current DrawdownCurrent decline from peak | -51.79% | -1.54% | -50.25% |
Average DrawdownAverage peak-to-trough decline | -22.07% | -8.48% | -13.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.04% | 2.85% | +17.19% |
Volatility
BTAL vs. SPHB - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 8.91%, while Invesco S&P 500® High Beta ETF (SPHB) has a volatility of 11.62%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than SPHB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | SPHB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.91% | 11.62% | -2.71% |
Volatility (6M)Calculated over the trailing 6-month period | 16.71% | 19.74% | -3.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.80% | 24.29% | -1.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.10% | 27.74% | -8.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.35% | 28.54% | -11.19% |
BTAL vs. SPHB - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than SPHB's 0.25% expense ratio.
Dividends
BTAL vs. SPHB - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.22%, more than SPHB's 0.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.22% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
SPHB Invesco S&P 500® High Beta ETF | 0.53% | 0.60% | 0.80% | 0.73% | 0.72% | 0.91% | 1.90% | 1.26% | 1.96% | 1.34% | 0.93% | 1.69% |
Frequently Asked Questions
BTAL and SPHB have a correlation of -0.85, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPHB has higher volatility (11.62%) compared to BTAL (8.91%). In terms of maximum drawdown, BTAL dropped -52.70% vs SPHB's -46.84%.
On 10-year performance, SPHB leads with 20.43% vs -5.91% for BTAL. On fees, SPHB is cheaper at 0.25% per year. On volatility, BTAL has been the lower-risk option at 8.91%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHB has performed better with a 20.43% return vs -5.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHB is cheaper with a 0.25% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.22%, compared with 0.53% for SPHB.
BTAL is categorized as Equity Market Neutral, while SPHB is S&P 500. They also come from different issuers: AGF and Invesco. Their fees differ too: 1.40% for BTAL and 0.25% for SPHB.
SPHB currently has the higher Sharpe Ratio (2.61 vs -1.60), 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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