HICOX vs. BTAL
HICOX (Colorado Bond Shares A Tax Exempt Fund) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both funds - HICOX is a Municipal Bonds fund managed by Freedom Funds, while BTAL is a Equity Market Neutral fund actively managed by AGF. Over the past 10 years, HICOX returned 4.03%/yr vs -4.34%/yr for BTAL. Their -0.01 correlation means they have often moved in opposite directions in the past. HICOX charges 0.55%/yr vs 1.40%/yr for BTAL.
Performance
HICOX vs. BTAL - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, HICOX achieves a 2.00% return, which is significantly higher than BTAL's -16.19% return. Over the past 10 years, HICOX has outperformed BTAL with an annualized return of 4.03%, while BTAL has yielded a comparatively lower -4.34% annualized return.
HICOX
- 1D
- -0.11%
- 1M
- -1.00%
- 6M
- 1.59%
- YTD
- 2.00%
- 1Y
- 5.55%
- 3Y*
- 5.71%
- 5Y*
- 2.89%
- 10Y*
- 4.03%
- ALL TIME*
- 3.81%
BTAL
- 1D
- -1.55%
- 1M
- 4.15%
- 6M
- -14.41%
- YTD
- -16.19%
- 1Y
- -26.63%
- 3Y*
- -9.91%
- 5Y*
- -4.51%
- 10Y*
- -4.34%
- ALL TIME*
- -3.88%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $11.44M | $8.83M | $8.21M | |
| $0.00 | $0.00 | $0.00 |
HICOX vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HICOX Colorado Bond Shares A Tax Exempt Fund | 2.00% | 4.36% | 8.64% | 5.10% | -6.14% | 4.44% | 4.69% | 6.42% | 4.64% | 5.63% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -16.19% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between HICOX and BTAL is -0.15, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.15 |
Correlation (3Y) Balances recent behavior with more history. | -0.12 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.11 |
Correlation (10Y) Provides a long-term view across more market conditions. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | -0.01 |
The correlation between HICOX and BTAL shifts across timeframes, from -0.15 (1 year) to -0.01 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
HICOX vs. BTAL — Risk / Return Rank
HICOX
BTAL
HICOX vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Colorado Bond Shares A Tax Exempt Fund (HICOX) 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.
| HICOX | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.83 | ||
| Sortino ratioReturn per unit of downside risk | +6.30 | ||
| Omega ratioGain probability vs. loss probability | 1.78 | 0.83 | +0.96 |
| Calmar ratioReturn relative to maximum drawdown | 5.65 | -0.77 | +6.42 |
| Martin ratioReturn relative to average drawdown | 19.15 | -1.39 | +20.55 |
Loading charts...
Drawdowns
HICOX vs. BTAL - Drawdown Comparison
The maximum HICOX drawdown since its inception was -11.00%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for HICOX and BTAL.
Loading charts...
Drawdown Indicators
| HICOX | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -11.00% | -52.70% | +41.70% |
Max Drawdown (1Y)Largest decline over 1 year | -1.10% | -34.57% | +33.47% |
Max Drawdown (3Y)Largest decline over 3 years | -4.16% | -47.83% | +43.67% |
Max Drawdown (5Y)Largest decline over 5 years | -9.66% | -47.83% | +38.17% |
Max Drawdown (10Y)Largest decline over 10 years | -9.66% | -52.70% | +43.04% |
Current DrawdownCurrent decline from peak | -1.00% | -47.76% | +46.76% |
Average DrawdownAverage peak-to-trough decline | -2.55% | -22.25% | +19.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.32% | 19.17% | -18.85% |
Volatility
HICOX vs. BTAL - Volatility Comparison
The current volatility for Colorado Bond Shares A Tax Exempt Fund (HICOX) is 0.75%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.90%. This indicates that HICOX 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.
Loading charts...
Volatility by Period
| HICOX | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.75% | 7.90% | -7.15% |
Volatility (6M)Calculated over the trailing 6-month period | 1.69% | 17.92% | -16.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.29% | 23.82% | -21.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.56% | 19.41% | -15.85% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.10% | 17.48% | -14.38% |
HICOX vs. BTAL - Expense Ratio Comparison
HICOX has a 0.55% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
HICOX vs. BTAL - Dividend Comparison
HICOX's dividend yield for the trailing twelve months is around 4.39%, more than BTAL's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 2.97% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% | 0.00% | 0.00% | 0.00% |
HICOX Colorado Bond Shares A Tax Exempt Fund | 4.39% | 3.98% | 6.34% | 2.53% | 2.85% | 3.60% | 3.64% | 4.11% | 4.54% | 4.56% | 5.49% | 4.32% |
Frequently Asked Questions
HICOX and BTAL have a correlation of -0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (7.90%) compared to HICOX (0.75%). In terms of maximum drawdown, HICOX dropped -11.00% vs BTAL's -52.70%.
HICOX currently has the higher Sharpe Ratio (2.70 vs -1.12), 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.
Find the right allocation for HICOX and BTAL
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer