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BTAL vs. USMV
Performance
Return for Risk
Drawdowns
Volatility
Dividends

BTAL vs. USMV

Last updated Jun 9, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and USMV (iShares MSCI USA Min Vol Factor ETF) are both exchange-traded funds - BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility Index. Both are passively managed. Over the past 10 years, BTAL returned -4.76%/yr vs 9.75%/yr for USMV. At a correlation of -0.25, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.15%/yr for USMV.

Performance

BTAL vs. USMV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and iShares MSCI USA Min Vol Factor ETF (USMV). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, BTAL achieves a -18.69% return, which is significantly lower than USMV's 1.55% return. Over the past 10 years, BTAL has underperformed USMV with an annualized return of -4.76%, while USMV has yielded a comparatively higher 9.75% annualized return.

BTAL

1D
-2.26%
1M
-2.66%
YTD
-18.69%
6M
-16.94%
1Y
-35.41%
3Y*
-12.18%
5Y*
-4.53%
10Y*
-4.76%

USMV

1D
-0.43%
1M
1.28%
YTD
1.55%
6M
2.27%
1Y
3.18%
3Y*
11.35%
5Y*
7.21%
10Y*
9.75%
*Multi-year figures are annualized to reflect compound growth (CAGR)

BTAL vs. USMV - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		-18.69%-20.17%12.83%-15.11%20.48%-6.81%-13.86%1.07%15.13%-2.13%
USMV
iShares MSCI USA Min Vol Factor ETF		1.55%7.65%15.74%10.33%-9.43%20.85%5.64%27.69%1.33%18.91%

Correlation

The correlation between BTAL and USMV is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

-0.06

Correlation (3Y)
Calculated over the trailing 3-year period

-0.17

Correlation (5Y)
Calculated over the trailing 5-year period

-0.27

Correlation (10Y)
Calculated over the trailing 10-year period

-0.24

Correlation (All Time)
Calculated using the full available price history since Oct 20, 2011

-0.25

The correlation between BTAL and USMV shifts across timeframes, from -0.27 (5 years) to -0.06 (1 year), reflecting how their relationship changes across market environments.

BTAL vs. USMV - Sectors Allocation Comparison

Sectors
BTAL
USMV

Technology

19.5%
30.8%

Financial Services

14.9%
12.4%

Industrials

13.7%
5.7%

Consumer Cyclical

12.8%
5.7%

Healthcare

10.2%
12.5%

Real Estate

6.2%
2.2%

Consumer Defensive

5.6%
10.0%

Utilities

5.2%
7.5%

Energy

4.4%
3.6%

Basic Materials

4.0%
2.2%

Communication Services

3.4%
5.9%

Technology

BTAL
19.5%
USMV
30.8%

Financial Services

BTAL
14.9%
USMV
12.4%

Industrials

BTAL
13.7%
USMV
5.7%

Consumer Cyclical

BTAL
12.8%
USMV
5.7%

Healthcare

BTAL
10.2%
USMV
12.5%

Real Estate

BTAL
6.2%
USMV
2.2%

Consumer Defensive

BTAL
5.6%
USMV
10.0%

Utilities

BTAL
5.2%
USMV
7.5%

Energy

BTAL
4.4%
USMV
3.6%

Basic Materials

BTAL
4.0%
USMV
2.2%

Communication Services

BTAL
3.4%
USMV
5.9%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

AGFiQ US Market Neutral Anti-Beta Fund

iShares MSCI USA Min Vol Factor ETF

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Often compared with USMV:
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Return for Risk

BTAL vs. USMV — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
BTAL
BTAL Risk / Return Rank: 00
Overall Rank
BTAL Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BTAL Sortino Ratio Rank: 00
Sortino Ratio Rank
BTAL Omega Ratio Rank: 00
Omega Ratio Rank
BTAL Calmar Ratio Rank: 11
Calmar Ratio Rank
BTAL Martin Ratio Rank: 11
Martin Ratio Rank
USMV
USMV Risk / Return Rank: 1515
Overall Rank
USMV Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
USMV Sortino Ratio Rank: 1515
Sortino Ratio Rank
USMV Omega Ratio Rank: 1414
Omega Ratio Rank
USMV Calmar Ratio Rank: 1616
Calmar Ratio Rank
USMV Martin Ratio Rank: 1717
Martin Ratio Rank
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. USMV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and iShares MSCI USA Min Vol Factor ETF (USMV). 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.

BTALUSMVDifference
Sharpe ratioReturn per unit of total volatility
-1.61
0.37

-1.99

Sortino ratioReturn per unit of downside risk
-2.52
0.58

-3.10

Omega ratioGain probability vs. loss probability

0.74

1.07

-0.33

Calmar ratioReturn relative to maximum drawdown

-0.95

0.49

-1.44

Martin ratioReturn relative to average drawdown

-1.62

1.64

-3.26

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTAL vs. USMV - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.61, which is lower than the USMV Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of BTAL and USMV, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

BTALUSMVDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-1.61

0.37

-1.99

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.24

0.59

-0.83

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

-0.28

0.67

-0.95

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.24

0.86

-1.10

Drawdowns

BTAL vs. USMV - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, which is greater than USMV's maximum drawdown of -33.10%. Use the drawdown chart below to compare losses from any high point for BTAL and USMV.

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Drawdown Indicators

BTALUSMVDifference

Max Drawdown

Largest peak-to-trough decline

-50.28%

-33.10%

-17.18%

Max Drawdown (1Y)

Largest decline over 1 year

-37.50%

-6.46%

-31.04%

Max Drawdown (3Y)

Largest decline over 3 years

-45.16%

-9.36%

-35.80%

Max Drawdown (5Y)

Largest decline over 5 years

-45.16%

-17.93%

-27.23%

Max Drawdown (10Y)

Largest decline over 10 years

-50.28%

-33.10%

-17.18%

Current Drawdown

Current decline from peak

-49.32%

-2.24%

-47.08%

Average Drawdown

Average peak-to-trough decline

-21.98%

-2.88%

-19.10%

Ulcer Index

Depth and duration of drawdowns from previous peaks

21.90%

1.94%

+19.96%

Volatility

BTAL vs. USMV - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 7.68% compared to iShares MSCI USA Min Vol Factor ETF (USMV) at 2.65%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than USMV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

BTALUSMVDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.68%

2.65%

+5.03%

Volatility (6M)

Calculated over the trailing 6-month period

15.98%

6.02%

+9.96%

Volatility (1Y)

Calculated over the trailing 1-year period

22.07%

8.57%

+13.50%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

18.86%

12.36%

+6.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

17.29%

14.51%

+2.78%

BTAL vs. USMV - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than USMV's 0.15% expense ratio.

Dividends

BTAL vs. USMV - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.06%, more than USMV's 1.54% yield.

PositionTTM20252024202320222021202020192018201720162015
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		3.06%2.49%3.49%6.14%1.01%0.00%0.00%0.88%0.39%0.00%0.00%0.00%
USMV
iShares MSCI USA Min Vol Factor ETF		1.54%1.49%1.67%1.82%1.62%1.26%1.81%1.88%2.12%1.77%2.22%2.02%

Frequently Asked Questions

BTAL and USMV have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

BTAL has higher volatility (7.68%) compared to USMV (2.65%). In terms of maximum drawdown, BTAL dropped -50.28% vs USMV's -33.10%.

On 10-year performance, USMV leads with 9.75% vs -4.76% for BTAL. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, USMV has performed better with a 9.75% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

USMV is cheaper with a 0.15% expense ratio, compared with 2.11% for BTAL.

BTAL has the higher dividend yield at 3.06%, compared with 1.54% for USMV.

BTAL is categorized as Long-Short, while USMV is Large Cap Blend Equities. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while USMV tracks MSCI USA Minimum Volatility Index. They also come from different issuers: AGF and iShares. Their fees differ too: 2.11% for BTAL and 0.15% for USMV.

USMV currently has the higher Sharpe Ratio (0.37 vs -1.61), 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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