IEI vs. BTAL
IEI (iShares 3-7 Year Treasury Bond ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - IEI is a Government Bonds fund tracking the ICE U.S. Treasury 3-7 Year Bond Index, 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, IEI returned 1.24%/yr vs -5.05%/yr for BTAL. At a 0.15 correlation, their price movements are largely independent. IEI charges 0.15%/yr vs 2.11%/yr for BTAL.
Performance
IEI vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, IEI achieves a -0.30% return, which is significantly higher than BTAL's -20.15% return. Over the past 10 years, IEI has outperformed BTAL with an annualized return of 1.24%, while BTAL has yielded a comparatively lower -5.05% annualized return.
IEI
- 1D
- -0.12%
- 1M
- 0.10%
- YTD
- -0.30%
- 6M
- -0.00%
- 1Y
- 3.16%
- 3Y*
- 3.77%
- 5Y*
- 0.21%
- 10Y*
- 1.24%
BTAL
- 1D
- -0.09%
- 1M
- -4.17%
- YTD
- -20.15%
- 6M
- -19.27%
- 1Y
- -37.44%
- 3Y*
- -12.17%
- 5Y*
- -4.94%
- 10Y*
- -5.05%
IEI vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
IEI iShares 3-7 Year Treasury Bond ETF | -0.30% | 6.96% | 1.81% | 4.42% | -9.51% | -2.54% | 6.95% | 5.71% | 1.36% | 1.22% |
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 IEI and BTAL is -0.12, 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 | -0.12 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.11 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.09 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.15 |
The correlation between IEI and BTAL shifts across timeframes, from -0.12 (1 year) to 0.15 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
IEI vs. BTAL — Risk / Return Rank
IEI
BTAL
IEI vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 3-7 Year Treasury Bond ETF (IEI) 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.
| IEI | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.64 | ||
| Sortino ratioReturn per unit of downside risk | +4.08 | ||
| Omega ratioGain probability vs. loss probability | 1.17 | 0.73 | +0.44 |
| Calmar ratioReturn relative to maximum drawdown | 1.19 | -0.98 | +2.17 |
| Martin ratioReturn relative to average drawdown | 3.35 | -1.64 | +4.99 |
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Drawdowns
IEI vs. BTAL - Drawdown Comparison
The maximum IEI drawdown since its inception was -14.60%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for IEI and BTAL.
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Drawdown Indicators
| IEI | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.60% | -50.28% | +35.68% |
Max Drawdown (1Y)Largest decline over 1 year | -2.50% | -37.50% | +35.00% |
Max Drawdown (3Y)Largest decline over 3 years | -3.66% | -45.16% | +41.50% |
Max Drawdown (5Y)Largest decline over 5 years | -13.88% | -45.16% | +31.28% |
Max Drawdown (10Y)Largest decline over 10 years | -14.60% | -50.28% | +35.68% |
Current DrawdownCurrent decline from peak | -1.74% | -50.23% | +48.49% |
Average DrawdownAverage peak-to-trough decline | -2.67% | -22.01% | +19.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 22.38% | -21.49% |
Volatility
IEI vs. BTAL - Volatility Comparison
The current volatility for iShares 3-7 Year Treasury Bond ETF (IEI) is 0.98%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.74%. This indicates that IEI 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
| IEI | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.98% | 8.74% | -7.76% |
Volatility (6M)Calculated over the trailing 6-month period | 2.18% | 16.58% | -14.40% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.00% | 22.49% | -19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.78% | 18.96% | -14.18% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.93% | 17.33% | -13.40% |
IEI vs. BTAL - Expense Ratio Comparison
IEI has a 0.15% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
IEI vs. BTAL - Dividend Comparison
IEI's dividend yield for the trailing twelve months is around 3.64%, more than BTAL's 3.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% | 0.00% | 0.00% |
IEI iShares 3-7 Year Treasury Bond ETF | 3.64% | 3.48% | 3.18% | 2.36% | 1.37% | 0.73% | 1.12% | 2.01% | 1.95% | 1.51% | 1.33% | 1.39% |
Frequently Asked Questions
IEI and BTAL have a correlation of -0.12, 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 IEI (0.98%). In terms of maximum drawdown, IEI dropped -14.60% vs BTAL's -50.28%.
On 10-year performance, IEI leads with 1.24% vs -5.05% for BTAL. On fees, IEI is cheaper at 0.15% per year. On volatility, IEI has been the lower-risk option at 0.98%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, IEI has performed better with a 1.24% return vs -5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IEI is cheaper with a 0.15% expense ratio, compared with 2.11% for BTAL.
IEI has the higher dividend yield at 3.64%, compared with 3.11% for BTAL.
IEI is categorized as Government Bonds, while BTAL is Long-Short. IEI tracks ICE U.S. Treasury 3-7 Year Bond Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: iShares and AGF. Their fees differ too: 0.15% for IEI and 2.11% for BTAL.
IEI currently has the higher Sharpe Ratio (1.00 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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