BTAL vs. VTEB
BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and VTEB (Vanguard Tax-Exempt Bond 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 VTEB is a Municipal Bonds fund tracking the S&P National AMT-Free Municipal Bond Index. Both are passively managed. Over the past 10 years, BTAL returned -5.05%/yr vs 2.03%/yr for VTEB. At a 0.02 correlation, their price movements are largely independent. BTAL charges 2.11%/yr vs 0.03%/yr for VTEB.
Performance
BTAL vs. VTEB - Performance Comparison
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Returns By Period
In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than VTEB's 1.44% return. Over the past 10 years, BTAL has underperformed VTEB with an annualized return of -5.05%, while VTEB has yielded a comparatively higher 2.03% annualized return.
BTAL
- 1D
- -0.09%
- 1M
- -4.17%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
VTEB
- 1D
- -0.08%
- 1M
- 0.78%
- YTD
- 1.44%
- 6M
- 1.95%
- 1Y
- 6.57%
- 3Y*
- 3.44%
- 5Y*
- 0.80%
- 10Y*
- 2.03%
BTAL vs. VTEB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -20.15% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
VTEB Vanguard Tax-Exempt Bond ETF | 1.44% | 3.72% | 1.31% | 6.15% | -7.99% | 1.14% | 5.19% | 7.35% | 1.04% | 4.87% |
Correlation
The correlation between BTAL and VTEB is -0.19, 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 | -0.19 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.18 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.00 |
Correlation (All Time) Calculated using the full available price history since Aug 25, 2015 | 0.02 |
The correlation between BTAL and VTEB shifts across timeframes, from -0.22 (3 years) to 0.02 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. VTEB — Risk / Return Rank
BTAL
VTEB
BTAL vs. VTEB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Vanguard Tax-Exempt Bond ETF (VTEB). 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 | VTEB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -4.01 | ||
| Sortino ratioReturn per unit of downside risk | -6.06 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.51 | -0.78 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 2.35 | -3.33 |
| Martin ratioReturn relative to average drawdown | -1.64 | 8.30 | -9.94 |
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Drawdowns
BTAL vs. VTEB - Drawdown Comparison
The maximum BTAL drawdown since its inception was -50.28%, which is greater than VTEB's maximum drawdown of -17.00%. Use the drawdown chart below to compare losses from any high point for BTAL and VTEB.
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Drawdown Indicators
| BTAL | VTEB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.28% | -17.00% | -33.28% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -2.71% | -34.79% |
Max Drawdown (3Y)Largest decline over 3 years | -45.16% | -5.53% | -39.63% |
Max Drawdown (5Y)Largest decline over 5 years | -45.16% | -12.64% | -32.52% |
Max Drawdown (10Y)Largest decline over 10 years | -50.28% | -17.00% | -33.28% |
Current DrawdownCurrent decline from peak | -50.23% | -0.54% | -49.69% |
Average DrawdownAverage peak-to-trough decline | -22.01% | -2.32% | -19.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.38% | 0.77% | +21.61% |
Volatility
BTAL vs. VTEB - Volatility Comparison
AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to Vanguard Tax-Exempt Bond ETF (VTEB) at 0.93%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than VTEB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | VTEB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 0.93% | +7.81% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 2.04% | +14.54% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 2.70% | +19.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 3.90% | +15.06% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.33% | 5.26% | +12.07% |
BTAL vs. VTEB - Expense Ratio Comparison
BTAL has a 2.11% expense ratio, which is higher than VTEB's 0.03% expense ratio.
Dividends
BTAL vs. VTEB - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.11%, less than VTEB's 3.36% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGFiQ US Market Neutral Anti-Beta Fund | 3.11% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
VTEB Vanguard Tax-Exempt Bond ETF | 3.36% | 3.29% | 3.14% | 2.79% | 2.09% | 1.64% | 1.99% | 2.30% | 2.25% | 1.96% | 1.66% | 0.58% |
Frequently Asked Questions
BTAL and VTEB have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.74%) compared to VTEB (0.93%). In terms of maximum drawdown, BTAL dropped -50.28% vs VTEB's -17.00%.
On 10-year performance, VTEB leads with 2.03% vs -5.05% for BTAL. On fees, VTEB is cheaper at 0.03% per year. On volatility, VTEB has been the lower-risk option at 0.93%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, VTEB has performed better with a 2.03% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VTEB is cheaper with a 0.03% expense ratio, compared with 2.11% for BTAL.
VTEB has the higher dividend yield at 3.36%, compared with 3.11% for BTAL.
BTAL is categorized as Long-Short, while VTEB is Municipal Bonds. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while VTEB tracks S&P National AMT-Free Municipal Bond Index. They also come from different issuers: AGF and Vanguard. Their fees differ too: 2.11% for BTAL and 0.03% for VTEB.
VTEB currently has the higher Sharpe Ratio (2.38 vs -1.64), 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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