BTAL vs. TRFM
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and TRFM (AAM Transformers ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while TRFM is a Technology Equities fund tracking the Pence Transformers Index - Benchmark TR Gross. BTAL is actively managed, while TRFM is passively managed. Over the past 3 years, BTAL returned -8.33%/yr vs 23.92%/yr for TRFM. Their -0.81 correlation means they have often moved in opposite directions in the past. BTAL charges 1.40%/yr vs 0.49%/yr for TRFM.
Performance
BTAL vs. TRFM - 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 TRFM's 21.27% 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%
TRFM
- 1D
- 0.52%
- 1M
- -5.31%
- 6M
- 17.60%
- YTD
- 21.27%
- 1Y
- 34.05%
- 3Y*
- 23.92%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 23.93%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $10.19M | $8.38M | $8.16M | |
| $2.71M | $2.26M | $1.99M |
BTAL vs. TRFM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -14.87% | -20.17% | 12.83% | -15.11% | 1.14% |
TRFM AAM Transformers ETF | 21.27% | 25.76% | 19.96% | 44.71% | -9.92% |
Correlation
The correlation between BTAL and TRFM is -0.87, 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. | -0.87 |
Correlation (3Y) Balances recent behavior with more history. | -0.80 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2022 | -0.81 |
The correlation between BTAL and TRFM has been stable across timeframes, ranging from -0.87 to -0.80 - a consistent structural relationship.
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Return for Risk
BTAL vs. TRFM — Risk / Return Rank
BTAL
TRFM
BTAL vs. TRFM - 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 AAM Transformers ETF (TRFM). 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 | TRFM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.14 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 1.21 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | 2.43 | -3.12 |
| Martin ratioReturn relative to average drawdown | -1.25 | 6.98 | -8.22 |
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Drawdowns
BTAL vs. TRFM - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than TRFM's maximum drawdown of -28.40%. Use the drawdown chart below to compare losses from any high point for BTAL and TRFM.
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Drawdown Indicators
| BTAL | TRFM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -28.40% | -24.30% |
Max Drawdown (1Y)Largest decline over 1 year | -34.57% | -12.99% | -21.58% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -28.40% | -19.43% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | — | — |
Current DrawdownCurrent decline from peak | -46.94% | -8.52% | -38.42% |
Average DrawdownAverage peak-to-trough decline | -22.25% | -6.56% | -15.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 19.09% | 4.52% | +14.57% |
Volatility
BTAL vs. TRFM - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) and AAM Transformers ETF (TRFM) have volatilities of 7.89% and 7.74%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | TRFM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.89% | 7.74% | +0.15% |
Volatility (6M)Calculated over the trailing 6-month period | 17.97% | 20.87% | -2.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.85% | 25.57% | -1.72% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.39% | 27.26% | -7.87% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.47% | 27.26% | -9.79% |
BTAL vs. TRFM - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than TRFM's 0.49% expense ratio.
Dividends
BTAL vs. TRFM - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 2.92%, more than TRFM's 0.14% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
TRFM AAM Transformers ETF | 0.14% | 0.17% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BTAL and TRFM have a correlation of -0.87, 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 TRFM (7.74%). In terms of maximum drawdown, BTAL dropped -52.70% vs TRFM's -28.40%.
On 3-year performance, TRFM leads with 23.92% vs -8.33% for BTAL. On fees, TRFM is cheaper at 0.49% per year. On volatility, TRFM has been the lower-risk option at 7.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, TRFM has performed better with a 23.92% return vs -8.33%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TRFM is cheaper with a 0.49% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 2.92%, compared with 0.14% for TRFM.
BTAL is categorized as Equity Market Neutral, while TRFM is Technology Equities. They also come from different issuers: AGF and AAM. Their fees differ too: 1.40% for BTAL and 0.49% for TRFM.
TRFM currently has the higher Sharpe Ratio (1.24 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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