BTAL vs. XLK

Last updated Jun 9, 2026

BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and XLK (State Street Technology Select Sector SPDR 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 XLK is a Technology Equities fund tracking the S&P Technology Select Sector Daily Capped 35/20 Index. Both are passively managed. Over the past 10 years, BTAL returned -4.76%/yr vs 25.04%/yr for XLK. At a correlation of -0.47, they often move in opposite directions. BTAL charges 2.11%/yr vs 0.08%/yr for XLK.

Performance

BTAL vs. XLK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and State Street Technology Select Sector SPDR ETF (XLK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTAL achieves a -18.69% return, which is significantly lower than XLK's 28.09% return. Over the past 10 years, BTAL has underperformed XLK with an annualized return of -4.76%, while XLK has yielded a comparatively higher 25.04% 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%

XLK

• 1D: 2.15%
• 1M: 4.93%
• YTD: 28.09%
• 6M: 25.10%
• 1Y: 55.42%
• 3Y*: 31.33%
• 5Y*: 22.26%
• 10Y*: 25.04%

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

BTAL vs. XLK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
XLK State Street Technology Select Sector SPDR ETF	28.09%	24.61%	21.63%	56.02%	-27.73%	34.74%	43.62%	49.86%	-1.68%	34.26%

Correlation

The correlation between BTAL and XLK is -0.75, 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	-0.75
Correlation (3Y) Calculated over the trailing 3-year period	-0.64
Correlation (5Y) Calculated over the trailing 5-year period	-0.65
Correlation (10Y) Calculated over the trailing 10-year period	-0.50
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	-0.47

Over the past year, the inverse relationship between BTAL and XLK has strengthened: their correlation has moved from -0.47 to -0.75, meaning they now move in opposite directions more often than their long-term average.

BTAL vs. XLK - Sectors Allocation Comparison

Sectors	BTAL	XLK
Technology	19.5%	99.7%
Financial Services	14.9%	-
Industrials	13.7%	0.1%
Consumer Cyclical	12.8%	-
Healthcare	10.2%	-
Real Estate	6.2%	-
Consumer Defensive	5.6%	-
Utilities	5.2%	-
Energy	4.4%	0.2%
Basic Materials	4.0%	-
Communication Services	3.4%	-

Return for Risk

BTAL vs. XLK — 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: 1
BTAL Martin Ratio Rank: 1

XLK

XLK Risk / Return Rank: 77
XLK Sharpe Ratio Rank: 86
XLK Sortino Ratio Rank: 76
XLK Omega Ratio Rank: 79
XLK Calmar Ratio Rank: 76
XLK Martin Ratio Rank: 69

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. XLK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and State Street Technology Select Sector SPDR ETF (XLK). 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.

	BTAL	XLK	Difference
Sharpe ratio: Return per unit of total volatility	-1.61	2.53	-4.14
Sortino ratio: Return per unit of downside risk	-2.52	3.06	-5.58
Omega ratio: Gain probability vs. loss probability	0.74	1.42	-0.68
Calmar ratio: Return relative to maximum drawdown	-0.95	3.50	-4.45
Martin ratio: Return relative to average drawdown	-1.62	11.58	-13.20
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. XLK - Sharpe Ratio Comparison

The current BTAL Sharpe Ratio is -1.61, which is lower than the XLK Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of BTAL and XLK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BTAL	XLK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.61	2.53	-4.14
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.24	0.89	-1.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.28	1.02	-1.30
Sharpe Ratio (All Time) Calculated using the full available price history	-0.24	0.41	-0.64

Drawdowns

BTAL vs. XLK - Drawdown Comparison

The maximum BTAL drawdown since its inception was -50.28%, smaller than the maximum XLK drawdown of -82.05%. Use the drawdown chart below to compare losses from any high point for BTAL and XLK.

Drawdown Indicators

	BTAL	XLK	Difference
Max Drawdown Largest peak-to-trough decline	-50.28%	-82.05%	+31.77%
Max Drawdown (1Y) Largest decline over 1 year	-37.50%	-15.92%	-21.58%
Max Drawdown (3Y) Largest decline over 3 years	-45.16%	-25.66%	-19.50%
Max Drawdown (5Y) Largest decline over 5 years	-45.16%	-33.56%	-11.60%
Max Drawdown (10Y) Largest decline over 10 years	-50.28%	-33.56%	-16.72%
Current Drawdown Current decline from peak	-49.32%	-7.08%	-42.24%
Average Drawdown Average peak-to-trough decline	-21.98%	-34.95%	+12.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.90%	4.80%	+17.10%

Volatility

BTAL vs. XLK - Volatility Comparison

The current volatility for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) is 7.68%, while State Street Technology Select Sector SPDR ETF (XLK) has a volatility of 10.42%. This indicates that BTAL experiences smaller price fluctuations and is considered to be less risky than XLK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTAL	XLK	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.68%	10.42%	-2.74%
Volatility (6M) Calculated over the trailing 6-month period	15.98%	18.32%	-2.34%
Volatility (1Y) Calculated over the trailing 1-year period	22.07%	22.08%	-0.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.86%	25.10%	-6.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.29%	24.60%	-7.31%

BTAL vs. XLK - Expense Ratio Comparison

BTAL has a 2.11% expense ratio, which is higher than XLK's 0.08% expense ratio.

Dividends

BTAL vs. XLK - Dividend Comparison

BTAL's dividend yield for the trailing twelve months is around 3.06%, more than XLK's 0.41% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
XLK State Street Technology Select Sector SPDR ETF	0.41%	0.54%	0.66%	0.76%	1.04%	0.65%	0.92%	1.16%	1.60%	1.37%	1.74%	1.79%

Frequently Asked Questions

Can I hold both BTAL and XLK in my portfolio?

BTAL and XLK have a correlation of -0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTAL or XLK?

XLK has higher volatility (10.42%) compared to BTAL (7.68%). In terms of maximum drawdown, BTAL dropped -50.28% vs XLK's -82.05%.

Which ETF is better, BTAL or XLK?

On 10-year performance, XLK leads with 25.04% vs -4.76% for BTAL. On fees, XLK is cheaper at 0.08% per year. On volatility, BTAL has been the lower-risk option at 7.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTAL or XLK?

Over the 10-year period, XLK has performed better with a 25.04% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTAL or XLK?

XLK is cheaper with a 0.08% expense ratio, compared with 2.11% for BTAL.

Which ETF pays a higher dividend yield, BTAL or XLK?

BTAL has the higher dividend yield at 3.06%, compared with 0.41% for XLK.

What is the main difference between BTAL and XLK?

BTAL is categorized as Long-Short, while XLK is Technology Equities. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while XLK tracks S&P Technology Select Sector Daily Capped 35/20 Index. They also come from different issuers: AGF and State Street. Their fees differ too: 2.11% for BTAL and 0.08% for XLK.

Which has better risk-adjusted returns?

XLK currently has the higher Sharpe Ratio (2.53 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.