CSM vs. BTAL
CSM (Proshares Large Cap Core Plus) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - CSM is a Long-Short fund tracking the Credit Suisse 130/30 Large-Cap Index, while BTAL is a Equity Market Neutral fund actively managed by AGF. CSM is passively managed, while BTAL is actively managed. Over the past 10 years, CSM returned 14.40%/yr vs -5.51%/yr for BTAL. At a correlation of -0.52, they often move in opposite directions. CSM charges 0.45%/yr vs 1.40%/yr for BTAL.
Performance
CSM vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, CSM achieves a 5.82% return, which is significantly higher than BTAL's -21.82% return. Over the past 10 years, CSM has outperformed BTAL with an annualized return of 14.40%, while BTAL has yielded a comparatively lower -5.51% annualized return.
CSM
- 1D
- -0.26%
- 1M
- -1.53%
- YTD
- 5.82%
- 6M
- 4.63%
- 1Y
- 22.54%
- 3Y*
- 20.59%
- 5Y*
- 12.48%
- 10Y*
- 14.40%
BTAL
- 1D
- -0.09%
- 1M
- -7.79%
- YTD
- -21.82%
- 6M
- -20.63%
- 1Y
- -35.93%
- 3Y*
- -13.04%
- 5Y*
- -5.19%
- 10Y*
- -5.51%
CSM vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 5.82% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 10.94% | 29.26% | -7.88% | 22.52% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.82% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between CSM and BTAL is -0.68, 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 | -0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.64 |
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 |
The correlation between CSM and BTAL shifts across timeframes, from -0.68 (1 year) to -0.52 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
CSM vs. BTAL — Risk / Return Rank
CSM
BTAL
CSM vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) and AGF U.S. Market Neutral Anti-Beta Fund (BTAL). 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.
| CSM | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.42 | ||
| Sortino ratioReturn per unit of downside risk | +5.00 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 0.74 | +0.58 |
| Calmar ratioReturn relative to maximum drawdown | 2.41 | -0.96 | +3.37 |
| Martin ratioReturn relative to average drawdown | 10.04 | -1.81 | +11.85 |
Loading charts...
Drawdowns
CSM vs. BTAL - Drawdown Comparison
The maximum CSM drawdown since its inception was -36.11%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for CSM and BTAL.
Loading charts...
Drawdown Indicators
| CSM | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.11% | -52.70% | +16.59% |
Max Drawdown (1Y)Largest decline over 1 year | -9.40% | -37.60% | +28.20% |
Max Drawdown (3Y)Largest decline over 3 years | -18.30% | -47.83% | +29.53% |
Max Drawdown (5Y)Largest decline over 5 years | -23.82% | -47.83% | +24.01% |
Max Drawdown (10Y)Largest decline over 10 years | -36.11% | -52.70% | +16.59% |
Current DrawdownCurrent decline from peak | -3.72% | -51.27% | +47.55% |
Average DrawdownAverage peak-to-trough decline | -4.03% | -22.06% | +18.03% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.25% | 20.14% | -17.89% |
Volatility
CSM vs. BTAL - Volatility Comparison
The current volatility for Proshares Large Cap Core Plus (CSM) is 4.46%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.29%. This indicates that CSM experiences smaller price fluctuations and is considered to be less risky than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| CSM | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.46% | 9.29% | -4.83% |
Volatility (6M)Calculated over the trailing 6-month period | 9.55% | 16.70% | -7.15% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.39% | 22.83% | -10.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 19.10% | -1.91% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 18.39% | 17.35% | +1.04% |
CSM vs. BTAL - Expense Ratio Comparison
CSM has a 0.45% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
CSM vs. BTAL - Dividend Comparison
CSM's dividend yield for the trailing twelve months is around 1.03%, less than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
Frequently Asked Questions
CSM and BTAL have a correlation of -0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.29%) compared to CSM (4.46%). In terms of maximum drawdown, CSM dropped -36.11% vs BTAL's -52.70%.
On 10-year performance, CSM leads with 14.40% vs -5.51% for BTAL. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 4.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSM has performed better with a 14.40% return vs -5.51%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 1.03% for CSM.
CSM is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.45% for CSM and 1.40% for BTAL.
CSM currently has the higher Sharpe Ratio (1.83 vs -1.58), 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.
Find the right allocation for CSM and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer