BTAL vs. SPY
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while SPY is a S&P 500 fund tracking the S&P 500 Index. BTAL is actively managed, while SPY is passively managed. Over the past 10 years, BTAL returned -5.40%/yr vs 15.48%/yr for SPY. At a correlation of -0.52, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.09%/yr for SPY.
Performance
BTAL vs. SPY - 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 SPY's 10.09% return. Over the past 10 years, BTAL has underperformed SPY with an annualized return of -5.40%, while SPY has yielded a comparatively higher 15.48% 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%
SPY
- 1D
- 1.04%
- 1M
- 0.80%
- YTD
- 10.09%
- 6M
- 10.30%
- 1Y
- 27.05%
- 3Y*
- 20.82%
- 5Y*
- 14.00%
- 10Y*
- 15.48%
BTAL vs. SPY - 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% |
SPY State Street SPDR S&P 500 ETF | 10.09% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between BTAL and SPY is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
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 SPY has strengthened: their correlation has moved from -0.52 to -0.74, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. SPY — Risk / Return Rank
BTAL
SPY
BTAL vs. SPY - 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 State Street SPDR S&P 500 ETF (SPY). 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 | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.87 | ||
| Sortino ratioReturn per unit of downside risk | -5.61 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.39 | -0.67 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.02 | -4.02 |
| Martin ratioReturn relative to average drawdown | -1.84 | 13.61 | -15.44 |
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Drawdowns
BTAL vs. SPY - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.53%, roughly equal to the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BTAL and SPY.
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Drawdown Indicators
| BTAL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.53% | -55.19% | +2.66% |
Max Drawdown (1Y)Largest decline over 1 year | -38.64% | -8.88% | -29.76% |
Max Drawdown (3Y)Largest decline over 3 years | -47.64% | -18.76% | -28.88% |
Max Drawdown (5Y)Largest decline over 5 years | -47.64% | -24.50% | -23.14% |
Max Drawdown (10Y)Largest decline over 10 years | -52.53% | -33.72% | -18.81% |
Current DrawdownCurrent decline from peak | -52.53% | -1.44% | -51.09% |
Average DrawdownAverage peak-to-trough decline | -22.04% | -9.04% | -13.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.94% | 1.97% | +18.97% |
Volatility
BTAL vs. SPY - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.68% compared to State Street SPDR S&P 500 ETF (SPY) at 4.73%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.68% | 4.73% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 16.70% | 9.81% | +6.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.64% | 12.41% | +10.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 17.15% | +1.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 17.98% | -0.60% |
BTAL vs. SPY - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than SPY's 0.09% expense ratio.
Dividends
BTAL vs. SPY - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.27%, more than SPY's 1.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BTAL and SPY have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.68%) compared to SPY (4.73%). In terms of maximum drawdown, BTAL dropped -52.53% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.48% vs -5.40% for BTAL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.73%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPY has performed better with a 15.48% return vs -5.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPY is cheaper with a 0.09% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.27%, compared with 1.01% for SPY.
BTAL is categorized as Equity Market Neutral, while SPY is S&P 500. They also come from different issuers: AGF and State Street. Their fees differ too: 1.40% for BTAL and 0.09% for SPY.
SPY currently has the higher Sharpe Ratio (2.17 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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