BTAL vs. SVARX

Last updated Jul 21, 2026

BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and SVARX (Spectrum Low Volatility Fund) are both funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while SVARX is a Nontraditional Bonds fund managed by Advisors Preferred. Over the past 10 years, BTAL returned -4.60%/yr vs 5.92%/yr for SVARX. At a correlation of -0.30, they often move in opposite directions. BTAL charges 1.40%/yr vs 2.34%/yr for SVARX.

Performance

BTAL vs. SVARX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGF U.S. Market Neutral Anti-Beta Fund (BTAL) and Spectrum Low Volatility Fund (SVARX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTAL achieves a -15.84% return, which is significantly lower than SVARX's 0.93% return. Over the past 10 years, BTAL has underperformed SVARX with an annualized return of -4.60%, while SVARX has yielded a comparatively higher 5.92% annualized return.

BTAL

• 1D: 0.00%
• 1M: 10.49%
• 6M: -12.25%
• YTD: -15.84%
• 1Y: -25.57%
• 3Y*: -9.44%
• 5Y*: -4.30%
• 10Y*: -4.60%
• ALL TIME*: -3.86%

SVARX

• 1D: 0.00%
• 1M: -0.38%
• 6M: 0.29%
• YTD: 0.93%
• 1Y: 4.98%
• 3Y*: 6.22%
• 5Y*: 2.98%
• 10Y*: 5.92%
• ALL TIME*: 5.81%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTAL vs. SVARX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BTAL AGF U.S. Market Neutral Anti-Beta Fund	-15.84%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%
SVARX Spectrum Low Volatility Fund	0.93%	6.22%	2.60%	9.67%	-4.35%	4.10%	19.50%	9.42%	-0.99%	8.25%

Correlation

The correlation between BTAL and SVARX is -0.39, 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	-0.39
Correlation (3Y) Calculated over the trailing 3-year period	-0.36
Correlation (5Y) Calculated over the trailing 5-year period	-0.36
Correlation (10Y) Calculated over the trailing 10-year period	-0.31
Correlation (All Time) Calculated using the full available price history since Dec 17, 2013	-0.30

Return for Risk

BTAL vs. SVARX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTAL

BTAL Risk / Return Rank: 2
BTAL Sharpe Ratio Rank: 1
BTAL Sortino Ratio Rank: 2
BTAL Omega Ratio Rank: 2
BTAL Calmar Ratio Rank: 3
BTAL Martin Ratio Rank: 1

SVARX

SVARX Risk / Return Rank: 57
SVARX Sharpe Ratio Rank: 74
SVARX Sortino Ratio Rank: 66
SVARX Omega Ratio Rank: 80
SVARX Calmar Ratio Rank: 41
SVARX Martin Ratio Rank: 23

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTAL vs. SVARX - 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 Spectrum Low Volatility Fund (SVARX). 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	SVARX	Difference
Sharpe ratio: Return per unit of total volatility	-1.09	1.96	-3.05
Sortino ratio: Return per unit of downside risk	-1.58	2.58	-4.16
Omega ratio: Gain probability vs. loss probability	0.83	1.41	-0.58
Calmar ratio: Return relative to maximum drawdown	-0.74	2.01	-2.76
Martin ratio: Return relative to average drawdown	-1.39	4.26	-5.65

BTAL vs. SVARX - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.09, which is lower than the SVARX Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of BTAL and SVARX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTAL vs. SVARX - Drawdown Comparison

The maximum BTAL drawdown since its inception was -52.70%, which is greater than SVARX's maximum drawdown of -6.48%. Use the drawdown chart below to compare losses from any high point for BTAL and SVARX.

Drawdown Indicators

	BTAL	SVARX	Difference
Max Drawdown Largest peak-to-trough decline	-52.70%	-6.48%	-46.22%
Max Drawdown (1Y) Largest decline over 1 year	-34.57%	-2.55%	-32.02%
Max Drawdown (3Y) Largest decline over 3 years	-47.83%	-2.55%	-45.28%
Max Drawdown (5Y) Largest decline over 5 years	-47.83%	-6.48%	-41.35%
Max Drawdown (10Y) Largest decline over 10 years	-52.70%	-6.48%	-46.22%
Current Drawdown Current decline from peak	-47.55%	-1.85%	-45.70%
Average Drawdown Average peak-to-trough decline	-22.19%	-1.23%	-20.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.40%	1.20%	+17.20%

Volatility

BTAL vs. SVARX - Volatility Comparison

AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.95% compared to Spectrum Low Volatility Fund (SVARX) at 0.56%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than SVARX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	SVARX	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.95%	0.56%	+7.39%
Volatility (6M) Calculated over the trailing 6-month period	17.50%	2.17%	+15.33%
Volatility (1Y) Calculated over the trailing 1-year period	23.51%	2.62%	+20.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.27%	3.08%	+16.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.40%	3.60%	+13.80%

BTAL vs. SVARX - Expense Ratio Comparison

BTAL has a 1.40% expense ratio, which is lower than SVARX's 2.34% expense ratio.

Dividends

BTAL vs. SVARX - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 2.96%, less than SVARX's 5.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTAL AGF U.S. Market Neutral Anti-Beta Fund	2.96%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%	0.00%	0.00%	0.00%
SVARX Spectrum Low Volatility Fund	5.89%	5.95%	9.35%	3.35%	0.00%	5.85%	0.71%	4.91%	2.41%	6.90%	9.07%	3.02%

Frequently Asked Questions

Can I hold both BTAL and SVARX in my portfolio?

BTAL and SVARX have a correlation of -0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTAL or SVARX?

BTAL has higher volatility (7.95%) compared to SVARX (0.56%). In terms of maximum drawdown, BTAL dropped -52.70% vs SVARX's -6.48%.

Which has better risk-adjusted returns?

SVARX currently has the higher Sharpe Ratio (1.96 vs -1.09), 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.