FAS vs. BTAL
FAS (Direxion Daily Financial Bull 3X Shares) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - FAS is a Leveraged Equities fund tracking the Russell 1000 Financial Services Index (300%), while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Both are passively managed. Over the past 10 years, FAS returned 21.20%/yr vs -5.05%/yr for BTAL. At a correlation of -0.48, they often move in opposite directions. FAS charges 1.00%/yr vs 2.11%/yr for BTAL.
Performance
FAS vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, FAS achieves a -13.50% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, FAS has outperformed BTAL with an annualized return of 21.20%, while BTAL has yielded a comparatively lower -5.05% annualized return.
FAS
- 1D
- 4.15%
- 1M
- 12.28%
- YTD
- -13.50%
- 6M
- -13.89%
- 1Y
- 7.93%
- 3Y*
- 38.21%
- 5Y*
- 7.30%
- 10Y*
- 21.20%
BTAL
- 1D
- -0.09%
- 1M
- -5.59%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
FAS vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FAS Direxion Daily Financial Bull 3X Shares | -13.50% | 21.48% | 84.47% | 14.92% | -43.19% | 116.59% | -34.97% | 113.04% | -33.84% | 67.37% |
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% |
Correlation
The correlation between FAS and BTAL is -0.32, 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 | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.36 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.51 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.48 |
The correlation between FAS and BTAL shifts across timeframes, from -0.51 (10 years) to -0.32 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FAS vs. BTAL — Risk / Return Rank
FAS
BTAL
FAS vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Direxion Daily Financial Bull 3X Shares (FAS) and AGFiQ US 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.
| FAS | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.67 | ||
| Sortino ratioReturn per unit of downside risk | +2.90 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 0.73 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 0.03 | -0.98 | +1.01 |
| Martin ratioReturn relative to average drawdown | 0.08 | -1.64 | +1.71 |
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Drawdowns
FAS vs. BTAL - Drawdown Comparison
The maximum FAS drawdown since its inception was -91.61%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for FAS and BTAL.
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Drawdown Indicators
| FAS | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.61% | -50.28% | -41.33% |
Max Drawdown (1Y)Largest decline over 1 year | -40.88% | -37.50% | -3.38% |
Max Drawdown (3Y)Largest decline over 3 years | -43.10% | -45.16% | +2.06% |
Max Drawdown (5Y)Largest decline over 5 years | -66.88% | -45.16% | -21.72% |
Max Drawdown (10Y)Largest decline over 10 years | -85.99% | -50.28% | -35.71% |
Current DrawdownCurrent decline from peak | -20.63% | -50.23% | +29.60% |
Average DrawdownAverage peak-to-trough decline | -31.12% | -22.01% | -9.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.97% | 22.38% | -4.41% |
Volatility
FAS vs. BTAL - Volatility Comparison
Direxion Daily Financial Bull 3X Shares (FAS) has a higher volatility of 12.45% compared to AGFiQ US Market Neutral Anti-Beta Fund (BTAL) at 8.74%. This indicates that FAS'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
| FAS | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.45% | 8.74% | +3.71% |
Volatility (6M)Calculated over the trailing 6-month period | 33.46% | 16.58% | +16.88% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.61% | 22.49% | +21.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 55.59% | 18.96% | +36.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.33% | 17.33% | +44.00% |
FAS vs. BTAL - Expense Ratio Comparison
FAS has a 1.00% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
FAS vs. BTAL - Dividend Comparison
FAS's dividend yield for the trailing twelve months is around 9.64%, more than BTAL's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
FAS Direxion Daily Financial Bull 3X Shares | 9.64% | 8.21% | 0.76% | 1.77% | 0.91% | 0.60% | 0.47% | 0.62% | 1.43% | 0.11% |
Frequently Asked Questions
FAS and BTAL have a correlation of -0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAS has higher volatility (12.45%) compared to BTAL (8.74%). In terms of maximum drawdown, FAS dropped -91.61% vs BTAL's -50.28%.
On 10-year performance, FAS leads with 21.20% vs -5.05% for BTAL. On fees, FAS is cheaper at 1.00% per year. On volatility, BTAL has been the lower-risk option at 8.74%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FAS has performed better with a 21.20% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAS is cheaper with a 1.00% expense ratio, compared with 2.11% for BTAL.
FAS has the higher dividend yield at 9.64%, compared with 3.11% for BTAL.
FAS is categorized as Leveraged Equities, while BTAL is Long-Short. FAS tracks Russell 1000 Financial Services Index (300%), while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: Direxion and AGF. Their fees differ too: 1.00% for FAS and 2.11% for BTAL.
FAS currently has the higher Sharpe Ratio (0.03 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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