BTAL vs. VOO
BTAL (AGF U.S. Market Neutral Anti-Beta Fund) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - BTAL is a Equity Market Neutral fund actively managed by AGF, while VOO is a S&P 500 fund tracking the S&P 500 Index. BTAL is actively managed, while VOO is passively managed. Over the past 10 years, BTAL returned -5.79%/yr vs 15.77%/yr for VOO. At a correlation of -0.52, they often move in opposite directions. BTAL charges 1.40%/yr vs 0.03%/yr for VOO.
Performance
BTAL vs. VOO - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -24.11% return, which is significantly lower than VOO's 9.75% return. Over the past 10 years, BTAL has underperformed VOO with an annualized return of -5.79%, while VOO has yielded a comparatively higher 15.77% annualized return.
BTAL
- 1D
- -0.36%
- 1M
- -10.49%
- YTD
- -24.11%
- 6M
- -22.69%
- 1Y
- -38.86%
- 3Y*
- -13.90%
- 5Y*
- -5.99%
- 10Y*
- -5.79%
VOO
- 1D
- -0.29%
- 1M
- 0.08%
- YTD
- 9.75%
- 6M
- 9.30%
- 1Y
- 26.77%
- 3Y*
- 21.36%
- 5Y*
- 13.58%
- 10Y*
- 15.77%
BTAL vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -24.11% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
VOO Vanguard S&P 500 ETF | 9.75% | 17.82% | 24.98% | 26.32% | -18.17% | 28.79% | 18.32% | 31.37% | -4.50% | 21.77% |
Correlation
The correlation between BTAL and VOO is -0.74, 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 | -0.74 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.65 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.56 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.52 |
Over the past year, the inverse relationship between BTAL and VOO has strengthened: their correlation has moved from -0.52 to -0.74, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
BTAL vs. VOO — Risk / Return Rank
BTAL
VOO
BTAL vs. VOO - 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 Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.90 | ||
| Sortino ratioReturn per unit of downside risk | -5.66 | ||
| Omega ratioGain probability vs. loss probability | 0.72 | 1.39 | -0.68 |
| Calmar ratioReturn relative to maximum drawdown | -1.00 | 3.02 | -4.02 |
| Martin ratioReturn relative to average drawdown | -1.84 | 13.58 | -15.43 |
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Drawdowns
BTAL vs. VOO - Drawdown Comparison
The maximum BTAL drawdown since its inception was -52.70%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for BTAL and VOO.
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Drawdown Indicators
| BTAL | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.70% | -33.99% | -18.71% |
Max Drawdown (1Y)Largest decline over 1 year | -38.86% | -8.90% | -29.96% |
Max Drawdown (3Y)Largest decline over 3 years | -47.83% | -18.69% | -29.14% |
Max Drawdown (5Y)Largest decline over 5 years | -47.83% | -24.52% | -23.31% |
Max Drawdown (10Y)Largest decline over 10 years | -52.70% | -33.99% | -18.71% |
Current DrawdownCurrent decline from peak | -52.70% | -1.74% | -50.96% |
Average DrawdownAverage peak-to-trough decline | -22.05% | -3.68% | -18.37% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.09% | 1.98% | +19.11% |
Volatility
BTAL vs. VOO - Volatility Comparison
AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.55% compared to Vanguard S&P 500 ETF (VOO) at 4.60%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.55% | 4.60% | +3.95% |
Volatility (6M)Calculated over the trailing 6-month period | 16.47% | 9.73% | +6.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.63% | 12.39% | +10.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.05% | 16.90% | +2.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.38% | 18.05% | -0.67% |
BTAL vs. VOO - Expense Ratio Comparison
BTAL has a 1.40% expense ratio, which is higher than VOO's 0.03% expense ratio.
Dividends
BTAL vs. VOO - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.28%, more than VOO's 1.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.28% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
VOO Vanguard S&P 500 ETF | 1.04% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
BTAL and VOO have a correlation of -0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.55%) compared to VOO (4.60%). In terms of maximum drawdown, BTAL dropped -52.70% vs VOO's -33.99%.
On 10-year performance, VOO leads with 15.77% vs -5.79% for BTAL. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VOO has performed better with a 15.77% return vs -5.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VOO is cheaper with a 0.03% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.28%, compared with 1.04% for VOO.
BTAL is categorized as Equity Market Neutral, while VOO is S&P 500. They also come from different issuers: AGF and Vanguard. Their fees differ too: 1.40% for BTAL and 0.03% for VOO.
VOO currently has the higher Sharpe Ratio (2.17 vs -1.73), 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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