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 -4.41%/yr vs 15.07%/yr for SPY. Their -0.53 correlation means they have often moved in opposite directions in the past. 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 -14.87% return, which is significantly lower than SPY's 10.13% return. Over the past 10 years, BTAL has underperformed SPY with an annualized return of -4.41%, while SPY has yielded a comparatively higher 15.07% annualized return.
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%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $37.27B | $35.99B | $39.23B |
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 | -14.87% | -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 | 10.13% | 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 -0.76, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.76 |
Correlation (3Y) Balances recent behavior with more history. | -0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.66 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.57 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.53 |
Over the past year, the inverse relationship between BTAL and SPY has strengthened: their correlation has moved from -0.53 to -0.76, 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 | -2.52 | ||
| Sortino ratioReturn per unit of downside risk | -3.52 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.27 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.20 | -2.89 |
| Martin ratioReturn relative to average drawdown | -1.25 | 9.40 | -10.65 |
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Drawdowns
BTAL vs. SPY - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, 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 | -52.70% | -55.19% | +2.49% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -8.88% | -25.69% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -18.76% | -29.07% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -24.50% | -23.33% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -33.72% | -18.98% |
Current DrawdownCurrent decline from peak | -46.94% | -1.40% | -45.54% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -9.01% | -13.24% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.09% | 2.08% | +17.01% |
Volatility
BTAL vs. SPY - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.89% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. 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 | 7.89% | 3.58% | +4.31% |
Volatility (6M)Calculated over the trailing 6-month period | 17.97% | 10.14% | +7.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 12.89% | +10.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 17.18% | +2.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 17.95% | -0.48% |
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 2.92%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 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 -0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.89%) compared to SPY (3.58%). In terms of maximum drawdown, BTAL dropped -52.70% vs SPY's -55.19%.
On 10-year performance, SPY leads with 15.07% vs -4.41% for BTAL. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 3.58%. 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 15.07% return vs -4.41%. 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 2.92%, 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 (1.52 vs -1.00), 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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