BTAL vs. TECL
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and TECL (Direxion Daily Technology Bull 3X Shares) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while TECL is a Leveraged Equities fund tracking the Technology Select Sector Index (300%). BTAL is actively managed, while TECL is passively managed. Over the past 10 years, BTAL returned -4.60%/yr vs 46.56%/yr for TECL. At a correlation of -0.47, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.91%/yr for TECL.
Performance
BTAL vs. TECL - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -15.84% return, which is significantly lower than TECL's 51.67% return. Over the past 10 years, BTAL has underperformed TECL with an annualized return of -4.60%, while TECL has yielded a comparatively higher 46.56% 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%
TECL
- 1D
- 0.12%
- 1M
- -24.73%
- 6M
- 47.64%
- YTD
- 51.67%
- 1Y
- 86.67%
- 3Y*
- 50.97%
- 5Y*
- 26.20%
- 10Y*
- 46.56%
- ALL TIME*
- 46.94%
BTAL vs. TECL - 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% |
TECL Direxion Daily Technology Bull 3X Shares | 51.67% | 38.60% | 36.15% | 203.14% | -74.32% | 112.80% | 69.46% | 185.58% | -24.03% | 124.82% |
Correlation
The correlation between BTAL and TECL is -0.79, 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 | -0.79 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.50 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.47 |
Over the past year, the inverse relationship between BTAL and TECL has strengthened: their correlation has moved from -0.47 to -0.79, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. TECL — Risk / Return Rank
BTAL
TECL
BTAL vs. TECL - 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 Technology Bull 3X Shares (TECL). 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 | TECL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 1.22 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 1.87 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.39 | 4.75 | -6.14 |
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Drawdowns
BTAL vs. TECL - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, smaller than the maximum TECL drawdown of -77.96%. Use the drawdown chart below to compare losses from any high point for BTAL and TECL.
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Drawdown Indicators
| BTAL | TECL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -77.96% | +25.26% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -46.58% | +12.01% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -66.58% | +18.75% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -77.96% | +30.13% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -77.96% | +25.26% |
Current DrawdownCurrent decline from peak | -47.55% | -34.86% | -12.69% |
Average DrawdownAverage peak-to-trough decline | -22.19% | -18.41% | -3.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.40% | 18.31% | +0.09% |
Volatility
BTAL vs. TECL - Volatility Comparison
The current volatility for AGF U.S. Market Neutral Anti-Beta Fund (BTAL) is 7.95%, while Direxion Daily Technology Bull 3X Shares (TECL) has a volatility of 28.79%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than TECL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | TECL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.95% | 28.79% | -20.84% |
Volatility (6M)Calculated over the trailing 6-month period | 17.50% | 63.05% | -45.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.51% | 73.41% | -49.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.27% | 76.08% | -56.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.40% | 73.29% | -55.89% |
BTAL vs. TECL - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than TECL's 0.91% expense ratio.
Dividends
BTAL vs. TECL - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.96%, less than TECL's 4.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
TECL Direxion Daily Technology Bull 3X Shares | 4.69% | 7.19% | 0.29% | 0.28% | 0.22% | 0.32% | 0.52% | 0.25% | 0.47% | 0.10% |
Frequently Asked Questions
BTAL and TECL have a correlation of -0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TECL has higher volatility (28.79%) compared to BTAL (7.95%). In terms of maximum drawdown, BTAL dropped -52.70% vs TECL's -77.96%.
On 10-year performance, TECL leads with 46.56% vs -4.60% for BTAL. On fees, TECL is cheaper at 0.91% per year. On volatility, BTAL has been the lower-risk option at 7.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, TECL has performed better with a 46.56% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TECL is cheaper with a 0.91% expense ratio, compared with 1.40% for BTAL.
TECL has the higher dividend yield at 4.69%, compared with 2.96% for BTAL.
BTAL is categorized as Equity Market Neutral, while TECL is Leveraged Equities. They also come from different issuers: AGF and Direxion. Their fees differ too: 1.40% for BTAL and 0.91% for TECL.
TECL currently has the higher Sharpe Ratio (1.19 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.
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