DWSH vs. BTAL
DWSH (AdvisorShares Dorsey Wright Short ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - DWSH is a Inverse Equities fund actively managed by AdvisorShares, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, DWSH returned -2.62%/yr vs -4.64%/yr for BTAL. A 0.60 correlation means they provide meaningful diversification when combined. DWSH charges 3.67%/yr vs 1.40%/yr for BTAL.
Performance
DWSH vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, DWSH achieves a -5.73% return, which is significantly higher than BTAL's -17.58% return.
DWSH
- 1D
- -1.14%
- 1M
- -3.93%
- 6M
- -0.06%
- YTD
- -5.73%
- 1Y
- -6.96%
- 3Y*
- -3.38%
- 5Y*
- -2.62%
- 10Y*
- —
BTAL
- 1D
- 1.98%
- 1M
- 3.22%
- 6M
- -14.80%
- YTD
- -17.58%
- 1Y
- -28.86%
- 3Y*
- -9.69%
- 5Y*
- -4.64%
- 10Y*
- -4.85%
DWSH vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | -5.73% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.37% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -17.58% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 11.65% |
Correlation
The correlation between DWSH and BTAL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.41 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | 0.60 |
Over the past year, the correlation between DWSH and BTAL has dropped to 0.17 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.
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Return for Risk
DWSH vs. BTAL — Risk / Return Rank
DWSH
BTAL
DWSH vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.
| DWSH | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.93 | ||
| Sortino ratioReturn per unit of downside risk | +1.56 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 0.81 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | -0.84 | +0.47 |
| Martin ratioReturn relative to average drawdown | -0.82 | -1.61 | +0.78 |
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Drawdowns
DWSH vs. BTAL - Drawdown Comparison
The maximum DWSH drawdown since its inception was -83.55%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for DWSH and BTAL.
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Drawdown Indicators
| DWSH | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.55% | -52.70% | -30.85% |
Max Drawdown (1Y)Largest decline over 1 year | -18.88% | -34.61% | +15.73% |
Max Drawdown (3Y)Largest decline over 3 years | -32.61% | -47.83% | +15.22% |
Max Drawdown (5Y)Largest decline over 5 years | -36.09% | -47.83% | +11.74% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -82.48% | -48.63% | -33.85% |
Average DrawdownAverage peak-to-trough decline | -63.81% | -22.15% | -41.66% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.46% | 18.00% | -9.54% |
Volatility
DWSH vs. BTAL - Volatility Comparison
AdvisorShares Dorsey Wright Short ETF (DWSH) has a higher volatility of 10.81% compared to AGF U.S. Market Neutral Anti-Beta Fund (BTAL) at 8.77%. This indicates that DWSH's price experiences larger fluctuations and is considered to be riskier than BTAL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| DWSH | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.81% | 8.77% | +2.04% |
Volatility (6M)Calculated over the trailing 6-month period | 16.82% | 17.19% | -0.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.28% | 23.28% | -1.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.35% | 19.23% | +7.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.24% | 17.36% | +13.88% |
DWSH vs. BTAL - Expense Ratio Comparison
DWSH has a 3.67% expense ratio, which is higher than BTAL's 1.40% expense ratio.
Dividends
DWSH vs. BTAL - Dividend Comparison
DWSH's dividend yield for the trailing twelve months is around 6.69%, more than BTAL's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.02% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
DWSH AdvisorShares Dorsey Wright Short ETF | 6.69% | 6.31% | 6.17% | 10.28% | 0.00% | 0.00% | 0.00% | 0.14% | 0.12% |
Frequently Asked Questions
DWSH and BTAL have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (10.81%) compared to BTAL (8.77%). In terms of maximum drawdown, DWSH dropped -83.55% vs BTAL's -52.70%.
On 5-year performance, DWSH leads with -2.62% vs -4.64% for BTAL. On fees, BTAL is cheaper at 1.40% per year. On volatility, BTAL has been the lower-risk option at 8.77%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DWSH has performed better with a -2.62% return vs -4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTAL is cheaper with a 1.40% expense ratio, compared with 3.67% for DWSH.
DWSH has the higher dividend yield at 6.69%, compared with 3.02% for BTAL.
DWSH is categorized as Inverse Equities, while BTAL is Equity Market Neutral. They also come from different issuers: AdvisorShares and AGF. Their fees differ too: 3.67% for DWSH and 1.40% for BTAL.
DWSH currently has the higher Sharpe Ratio (-0.31 vs -1.25), 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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