FLSP vs. BTAL
FLSP (Franklin Liberty Systematic Style Premia ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - FLSP is a Long-Short fund actively managed by Franklin Templeton, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, FLSP returned 8.35%/yr vs -5.21%/yr for BTAL. At a 0.03 correlation, their price movements are largely independent. FLSP charges 0.65%/yr vs 1.40%/yr for BTAL.
Performance
FLSP vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, FLSP achieves a 1.97% return, which is significantly higher than BTAL's -21.75% return.
FLSP
- 1D
- -0.36%
- 1M
- 0.59%
- YTD
- 1.97%
- 6M
- 2.01%
- 1Y
- 14.58%
- 3Y*
- 10.33%
- 5Y*
- 8.35%
- 10Y*
- —
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
FLSP vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLSP Franklin Liberty Systematic Style Premia ETF | 1.97% | 15.56% | 11.75% | 3.14% | 0.44% | 11.44% | -15.19% | 0.90% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | -0.24% |
Correlation
The correlation between FLSP and BTAL is -0.04, 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 | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 23, 2019 | 0.03 |
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Return for Risk
FLSP vs. BTAL — Risk / Return Rank
FLSP
BTAL
FLSP vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Franklin Liberty Systematic Style Premia ETF (FLSP) 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.
| FLSP | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.24 | ||
| Sortino ratioReturn per unit of downside risk | +4.86 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 0.74 | +0.54 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | -0.98 | +4.61 |
| Martin ratioReturn relative to average drawdown | 10.82 | -1.85 | +12.67 |
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Drawdowns
FLSP vs. BTAL - Drawdown Comparison
The maximum FLSP drawdown since its inception was -22.75%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for FLSP and BTAL.
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Drawdown Indicators
| FLSP | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.75% | -52.70% | +29.95% |
Max Drawdown (1Y)Largest decline over 1 year | -4.03% | -37.81% | +33.78% |
Max Drawdown (3Y)Largest decline over 3 years | -6.69% | -47.83% | +41.14% |
Max Drawdown (5Y)Largest decline over 5 years | -9.52% | -47.83% | +38.31% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -1.26% | -51.23% | +49.97% |
Average DrawdownAverage peak-to-trough decline | -6.26% | -22.05% | +15.79% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.39% | 21.21% | -19.82% |
Volatility
FLSP vs. BTAL - Volatility Comparison
The current volatility for Franklin Liberty Systematic Style Premia ETF (FLSP) is 1.79%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.28%. This indicates that FLSP 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.
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Volatility by Period
| FLSP | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.79% | 9.28% | -7.49% |
Volatility (6M)Calculated over the trailing 6-month period | 6.78% | 16.73% | -9.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.07% | 22.83% | -13.76% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.35% | 19.10% | -5.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.48% | 17.36% | -3.88% |
FLSP vs. BTAL - Expense Ratio Comparison
FLSP has a 0.65% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
FLSP vs. BTAL - Dividend Comparison
FLSP's dividend yield for the trailing twelve months is around 2.60%, less than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FLSP Franklin Liberty Systematic Style Premia ETF | 2.60% | 2.65% | 1.18% | 1.19% | 2.18% | 1.19% | 8.08% | 0.00% | 0.00% |
Frequently Asked Questions
FLSP and BTAL have a correlation of -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.28%) compared to FLSP (1.79%). In terms of maximum drawdown, FLSP dropped -22.75% vs BTAL's -52.70%.
On 5-year performance, FLSP leads with 8.35% vs -5.21% for BTAL. On fees, FLSP is cheaper at 0.65% per year. On volatility, FLSP has been the lower-risk option at 1.79%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FLSP has performed better with a 8.35% return vs -5.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FLSP is cheaper with a 0.65% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.18%, compared with 2.60% for FLSP.
FLSP is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Franklin Templeton and AGF. Their fees differ too: 0.65% for FLSP and 1.40% for BTAL.
FLSP currently has the higher Sharpe Ratio (1.62 vs -1.62), 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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