FXF vs. BTAL
FXF (Invesco CurrencyShares® Swiss Franc Trust) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - FXF is a Currency fund tracking the Swiss Franc, 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, FXF returned 1.06%/yr vs -5.05%/yr for BTAL. At a correlation of -0.03, they often move in opposite directions. FXF charges 0.40%/yr vs 2.11%/yr for BTAL.
Performance
FXF vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, FXF achieves a -0.80% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, FXF has outperformed BTAL with an annualized return of 1.06%, while BTAL has yielded a comparatively lower -5.05% annualized return.
FXF
- 1D
- -0.15%
- 1M
- -1.88%
- YTD
- -0.80%
- 6M
- -0.32%
- 1Y
- 1.23%
- 3Y*
- 4.05%
- 5Y*
- 1.88%
- 10Y*
- 1.06%
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%
FXF vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FXF Invesco CurrencyShares® Swiss Franc Trust | -0.80% | 14.04% | -7.46% | 9.63% | -2.29% | -4.08% | 8.18% | 0.32% | -2.01% | 3.31% |
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 FXF and BTAL is -0.13, 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 | -0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.14 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.03 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.03 |
The correlation between FXF and BTAL shifts across timeframes, from -0.14 (5 years) to -0.03 (10 years), reflecting how their relationship changes across market environments.
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Return for Risk
FXF vs. BTAL — Risk / Return Rank
FXF
BTAL
FXF vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco CurrencyShares® Swiss Franc Trust (FXF) 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.
| FXF | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.87 | ||
| Omega ratioGain probability vs. loss probability | 1.03 | 0.73 | +0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.25 | -0.98 | +1.23 |
| Martin ratioReturn relative to average drawdown | 0.54 | -1.64 | +2.18 |
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Drawdowns
FXF vs. BTAL - Drawdown Comparison
The maximum FXF drawdown since its inception was -35.58%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for FXF and BTAL.
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Drawdown Indicators
| FXF | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -35.58% | -50.28% | +14.70% |
Max Drawdown (1Y)Largest decline over 1 year | -4.97% | -37.50% | +32.53% |
Max Drawdown (3Y)Largest decline over 3 years | -8.52% | -45.16% | +36.64% |
Max Drawdown (5Y)Largest decline over 5 years | -12.68% | -45.16% | +32.48% |
Max Drawdown (10Y)Largest decline over 10 years | -15.04% | -50.28% | +35.24% |
Current DrawdownCurrent decline from peak | -19.02% | -50.23% | +31.21% |
Average DrawdownAverage peak-to-trough decline | -20.83% | -22.01% | +1.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.28% | 22.38% | -20.10% |
Volatility
FXF vs. BTAL - Volatility Comparison
The current volatility for Invesco CurrencyShares® Swiss Franc Trust (FXF) is 1.81%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. This indicates that FXF 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
| FXF | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.81% | 8.74% | -6.93% |
Volatility (6M)Calculated over the trailing 6-month period | 5.56% | 16.58% | -11.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.49% | 22.49% | -15.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.33% | 18.96% | -10.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.57% | 17.33% | -9.76% |
FXF vs. BTAL - Expense Ratio Comparison
FXF has a 0.40% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
FXF vs. BTAL - Dividend Comparison
FXF has not paid dividends to shareholders, while BTAL's dividend yield for the trailing twelve months is around 3.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
FXF Invesco CurrencyShares® Swiss Franc Trust | 0.00% | 0.00% | 0.03% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FXF and BTAL have a correlation of -0.13, 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 FXF (1.81%). In terms of maximum drawdown, FXF dropped -35.58% vs BTAL's -50.28%.
On 10-year performance, FXF leads with 1.06% vs -5.05% for BTAL. On fees, FXF is cheaper at 0.40% per year. On volatility, FXF has been the lower-risk option at 1.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FXF has performed better with a 1.06% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FXF is cheaper with a 0.40% expense ratio, compared with 2.11% for BTAL.
BTAL has the higher dividend yield at 3.11%, compared with 0.00% for FXF.
FXF is categorized as Currency, while BTAL is Long-Short. FXF tracks Swiss Franc, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: Invesco and AGF. Their fees differ too: 0.40% for FXF and 2.11% for BTAL.
FXF currently has the higher Sharpe Ratio (0.17 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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