GSY vs. BTAL
GSY (Invesco Ultra Short Duration ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - GSY is a Ultrashort Bond fund actively managed by Invesco, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 10 years, GSY returned 2.88%/yr vs -4.60%/yr for BTAL. At a correlation of -0.03, they often move in opposite directions. GSY charges 0.22%/yr vs 1.40%/yr for BTAL.
Performance
GSY vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, GSY achieves a 2.11% return, which is significantly higher than BTAL's -15.84% return. Over the past 10 years, GSY has outperformed BTAL with an annualized return of 2.88%, while BTAL has yielded a comparatively lower -4.60% annualized return.
GSY
- 1D
- 0.02%
- 1M
- 0.35%
- 6M
- 1.91%
- YTD
- 2.11%
- 1Y
- 4.34%
- 3Y*
- 5.39%
- 5Y*
- 3.75%
- 10Y*
- 2.88%
- ALL TIME*
- 1.96%
BTAL
- 1D
- 0.00%
- 1M
- 10.49%
- 6M
- -12.25%
- YTD
- -15.84%
- 1Y
- -25.57%
- 3Y*
- -9.44%
- 5Y*
- -4.30%
- 10Y*
- -4.60%
- ALL TIME*
- -3.86%
GSY vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GSY Invesco Ultra Short Duration ETF | 2.11% | 4.96% | 5.95% | 5.99% | 0.01% | 0.03% | 1.88% | 3.39% | 2.18% | 1.86% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -15.84% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between GSY and BTAL is -0.17, 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 | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.12 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.05 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.03 |
The correlation between GSY and BTAL shifts across timeframes, from -0.17 (1 year) to -0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GSY vs. BTAL — Risk / Return Rank
GSY
BTAL
GSY vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Ultra Short Duration ETF (GSY) 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.
| GSY | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +11.64 | ||
| Sortino ratioReturn per unit of downside risk | +25.78 | ||
| Omega ratioGain probability vs. loss probability | 5.84 | 0.83 | +5.01 |
| Calmar ratioReturn relative to maximum drawdown | 72.75 | -0.74 | +73.49 |
| Martin ratioReturn relative to average drawdown | 324.54 | -1.39 | +325.93 |
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Drawdowns
GSY vs. BTAL - Drawdown Comparison
The maximum GSY drawdown since its inception was -12.14%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for GSY and BTAL.
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Drawdown Indicators
| GSY | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -12.14% | -52.70% | +40.56% |
Max Drawdown (1Y)Largest decline over 1 year | -0.06% | -34.57% | +34.51% |
Max Drawdown (3Y)Largest decline over 3 years | -0.18% | -47.83% | +47.65% |
Max Drawdown (5Y)Largest decline over 5 years | -1.48% | -47.83% | +46.35% |
Max Drawdown (10Y)Largest decline over 10 years | -5.25% | -52.70% | +47.45% |
Current DrawdownCurrent decline from peak | 0.00% | -47.55% | +47.55% |
Average DrawdownAverage peak-to-trough decline | -2.37% | -22.19% | +19.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.01% | 18.40% | -18.39% |
Volatility
GSY vs. BTAL - Volatility Comparison
The current volatility for Invesco Ultra Short Duration ETF (GSY) is 0.13%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.95%. This indicates that GSY 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
| GSY | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.13% | 7.95% | -7.82% |
Volatility (6M)Calculated over the trailing 6-month period | 0.32% | 17.50% | -17.18% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.41% | 23.51% | -23.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.59% | 19.27% | -18.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 1.22% | 17.40% | -16.18% |
GSY vs. BTAL - Expense Ratio Comparison
GSY has a 0.22% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
GSY vs. BTAL - Dividend Comparison
GSY's dividend yield for the trailing twelve months is around 4.64%, more than BTAL's 2.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.96% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
GSY Invesco Ultra Short Duration ETF | 4.64% | 4.56% | 5.31% | 4.95% | 1.70% | 0.58% | 1.45% | 2.71% | 2.30% | 1.80% | 1.21% | 1.17% |
Frequently Asked Questions
GSY 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.
BTAL has higher volatility (7.95%) compared to GSY (0.13%). In terms of maximum drawdown, GSY dropped -12.14% vs BTAL's -52.70%.
On 10-year performance, GSY leads with 2.88% vs -4.60% for BTAL. On fees, GSY is cheaper at 0.22% per year. On volatility, GSY has been the lower-risk option at 0.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, GSY has performed better with a 2.88% return vs -4.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GSY is cheaper with a 0.22% expense ratio, compared with 1.40% for BTAL.
GSY has the higher dividend yield at 4.64%, compared with 2.96% for BTAL.
GSY is categorized as Ultrashort Bond, while BTAL is Equity Market Neutral. They also come from different issuers: Invesco and AGF. Their fees differ too: 0.22% for GSY and 1.40% for BTAL.
GSY currently has the higher Sharpe Ratio (10.54 vs -1.09), 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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