BTAL vs. VWCE.DE

Last updated Jun 14, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and VWCE.DE (Vanguard FTSE All-World UCITS 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 VWCE.DE is a Global Equities fund tracking the FTSE All-World Index. Both are passively managed. Over the past 5 years, BTAL returned -4.94%/yr vs 10.87%/yr for VWCE.DE. At a correlation of -0.48, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.19%/yr for VWCE.DE.

Performance

BTAL vs. VWCE.DE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and Vanguard FTSE All-World UCITS ETF (VWCE.DE). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BTAL is traded in USD, while VWCE.DE is traded in EUR. To make them comparable, the VWCE.DE values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BTAL achieves a -20.15% return, which is significantly lower than VWCE.DE's 10.00% 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%

VWCE.DE

• 1D: 1.71%
• 1M: 0.00%
• YTD: 10.00%
• 6M: 11.71%
• 1Y: 26.52%
• 3Y*: 19.75%
• 5Y*: 10.87%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTAL vs. VWCE.DE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.15%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	2.65%
VWCE.DE Vanguard FTSE All-World UCITS ETF	10.00%	23.23%	17.30%	21.91%	-18.24%	18.47%	15.65%	7.58%

Correlation

The correlation between BTAL and VWCE.DE is -0.58, 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	-0.58
Correlation (3Y) Calculated over the trailing 3-year period	-0.53
Correlation (5Y) Calculated over the trailing 5-year period	-0.53
Correlation (All Time) Calculated using the full available price history since Jul 25, 2019	-0.48

The correlation between BTAL and VWCE.DE has been stable across timeframes, ranging from -0.58 to -0.48 - a consistent structural relationship.

Return for Risk

BTAL vs. VWCE.DE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL Martin Ratio Rank: 1

VWCE.DE

VWCE.DE Risk / Return Rank: 82
VWCE.DE Sharpe Ratio Rank: 80
VWCE.DE Sortino Ratio Rank: 81
VWCE.DE Omega Ratio Rank: 80
VWCE.DE Calmar Ratio Rank: 83
VWCE.DE Martin Ratio Rank: 87

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. VWCE.DE - 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 FTSE All-World UCITS ETF (VWCE.DE). 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	VWCE.DE	Difference
Sharpe ratio: Return per unit of total volatility	-1.64	2.05	-3.68
Sortino ratio: Return per unit of downside risk	-2.56	2.97	-5.53
Omega ratio: Gain probability vs. loss probability	0.73	1.36	-0.63
Calmar ratio: Return relative to maximum drawdown	-0.98	2.86	-3.84
Martin ratio: Return relative to average drawdown	-1.64	11.93	-13.57

BTAL vs. VWCE.DE - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.64, which is lower than the VWCE.DE Sharpe Ratio of 2.05. The chart below compares the historical Sharpe Ratios of BTAL and VWCE.DE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTAL vs. VWCE.DE - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, which is greater than VWCE.DE's maximum drawdown of -33.91%. Use the drawdown chart below to compare losses from any high point for BTAL and VWCE.DE.

Drawdown Indicators

	BTAL	VWCE.DE	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-33.91%	-16.37%
Max Drawdown (1Y) Largest decline over 1 year	-37.50%	-8.91%	-28.59%
Max Drawdown (3Y) Largest decline over 3 years	-45.16%	-17.27%	-27.89%
Max Drawdown (5Y) Largest decline over 5 years	-45.16%	-26.11%	-19.05%
Max Drawdown (10Y) Largest decline over 10 years	-50.28%	—	—
Current Drawdown Current decline from peak	-50.23%	-2.01%	-48.22%
Average Drawdown Average peak-to-trough decline	-22.01%	-5.43%	-16.58%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.38%	2.14%	+20.24%

Volatility

BTAL vs. VWCE.DE - Volatility Comparison

AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to Vanguard FTSE All-World UCITS ETF (VWCE.DE) at 3.93%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than VWCE.DE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	VWCE.DE	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.74%	3.93%	+4.81%
Volatility (6M) Calculated over the trailing 6-month period	16.58%	9.70%	+6.88%
Volatility (1Y) Calculated over the trailing 1-year period	22.49%	12.46%	+10.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.96%	15.33%	+3.63%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.33%	17.33%	0.00%

BTAL vs. VWCE.DE - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than VWCE.DE's 0.19% expense ratio.

Dividends

BTAL vs. VWCE.DE - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.11%, while VWCE.DE has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
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%
VWCE.DE Vanguard FTSE All-World UCITS ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTAL and VWCE.DE in my portfolio?

BTAL and VWCE.DE have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BTAL or VWCE.DE?

On fees, VWCE.DE is cheaper at 0.19% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BTAL or VWCE.DE?

VWCE.DE is cheaper with a 0.19% expense ratio, compared with 2.11% for BTAL.

What is the main difference between BTAL and VWCE.DE?

BTAL is categorized as Long-Short, while VWCE.DE is Global Equities. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while VWCE.DE tracks FTSE All-World Index. They also come from different issuers: AGF and Vanguard. Their fees differ too: 2.11% for BTAL and 0.19% for VWCE.DE.