BTAL vs. ZROZ
BTAL (AGFiQ US Market Neutral Anti-Beta Fund) and ZROZ (PIMCO 25+ Year Zero Coupon US Treasury Index Fund) 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 ZROZ is a Government Bonds fund tracking the ICE BofA Long U.S. Treasury Principal STRIPS Index. Both are passively managed. Over the past 10 years, BTAL returned -5.05%/yr vs -4.28%/yr for ZROZ. At a 0.18 correlation, their price movements are largely independent. BTAL charges 2.11%/yr vs 0.15%/yr for ZROZ.
Performance
BTAL vs. ZROZ - 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 ZROZ's -0.11% return. Over the past 10 years, BTAL has underperformed ZROZ with an annualized return of -5.05%, while ZROZ has yielded a comparatively higher -4.28% annualized return.
BTAL
- 1D
- -0.09%
- 1M
- -4.33%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -36.60%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
ZROZ
- 1D
- -0.31%
- 1M
- 3.23%
- YTD
- -0.11%
- 6M
- -0.09%
- 1Y
- 0.65%
- 3Y*
- -6.87%
- 5Y*
- -11.89%
- 10Y*
- -4.28%
BTAL vs. ZROZ - 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% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | -0.11% | -1.84% | -16.18% | 1.19% | -41.28% | -5.22% | 24.57% | 21.22% | -5.43% | 14.77% |
Correlation
The correlation between BTAL and ZROZ is -0.10, 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 | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.07 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.13 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.18 |
The correlation between BTAL and ZROZ shifts across timeframes, from -0.13 (3 years) to 0.18 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BTAL vs. ZROZ — Risk / Return Rank
BTAL
ZROZ
BTAL vs. ZROZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AGFiQ US Market Neutral Anti-Beta Fund (BTAL) and PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ). 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 | ZROZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.68 | ||
| Sortino ratioReturn per unit of downside risk | -2.74 | ||
| Omega ratioGain probability vs. loss probability | 0.73 | 1.02 | -0.28 |
| Calmar ratioReturn relative to maximum drawdown | -0.98 | 0.05 | -1.03 |
| Martin ratioReturn relative to average drawdown | -1.64 | 0.10 | -1.74 |
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Drawdowns
BTAL vs. ZROZ - Drawdown Comparison
The maximum BTAL drawdown since its inception was -50.28%, smaller than the maximum ZROZ drawdown of -62.93%. Use the drawdown chart below to compare losses from any high point for BTAL and ZROZ.
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Drawdown Indicators
| BTAL | ZROZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.28% | -62.93% | +12.65% |
Max Drawdown (1Y)Largest decline over 1 year | -37.50% | -14.02% | -23.48% |
Max Drawdown (3Y)Largest decline over 3 years | -45.16% | -28.62% | -16.54% |
Max Drawdown (5Y)Largest decline over 5 years | -45.16% | -57.98% | +12.82% |
Max Drawdown (10Y)Largest decline over 10 years | -50.28% | -62.93% | +12.65% |
Current DrawdownCurrent decline from peak | -50.23% | -59.54% | +9.31% |
Average DrawdownAverage peak-to-trough decline | -22.01% | -24.10% | +2.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.38% | 6.31% | +16.07% |
Volatility
BTAL vs. ZROZ - Volatility Comparison
AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a higher volatility of 8.74% compared to PIMCO 25+ Year Zero Coupon US Treasury Index Fund (ZROZ) at 4.59%. This indicates that BTAL's price experiences larger fluctuations and is considered to be riskier than ZROZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTAL | ZROZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.74% | 4.59% | +4.15% |
Volatility (6M)Calculated over the trailing 6-month period | 16.58% | 10.78% | +5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.49% | 16.12% | +6.37% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 18.96% | 23.89% | -4.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.33% | 22.06% | -4.73% |
BTAL vs. ZROZ - Expense Ratio Comparison
BTAL has a 2.11% expense ratio, which is higher than ZROZ's 0.15% expense ratio.
Dividends
BTAL vs. ZROZ - Dividend Comparison
BTAL's dividend yield for the trailing twelve months is around 3.11%, less than ZROZ's 5.10% 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% |
ZROZ PIMCO 25+ Year Zero Coupon US Treasury Index Fund | 5.10% | 4.96% | 4.58% | 3.52% | 2.76% | 1.60% | 1.68% | 2.22% | 2.06% | 2.53% | 3.00% | 2.98% |
Frequently Asked Questions
BTAL and ZROZ have a correlation of -0.10, 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 ZROZ (4.59%). In terms of maximum drawdown, BTAL dropped -50.28% vs ZROZ's -62.93%.
On 10-year performance, ZROZ leads with -4.28% vs -5.05% for BTAL. On fees, ZROZ is cheaper at 0.15% per year. On volatility, ZROZ has been the lower-risk option at 4.59%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, ZROZ has performed better with a -4.28% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ZROZ is cheaper with a 0.15% expense ratio, compared with 2.11% for BTAL.
ZROZ has the higher dividend yield at 5.10%, compared with 3.11% for BTAL.
BTAL is categorized as Long-Short, while ZROZ is Government Bonds. BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index, while ZROZ tracks ICE BofA Long U.S. Treasury Principal STRIPS Index. They also come from different issuers: AGF and PIMCO. Their fees differ too: 2.11% for BTAL and 0.15% for ZROZ.
ZROZ currently has the higher Sharpe Ratio (0.04 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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