LFMAX vs. BTAL

Last updated Jun 3, 2026

LFMAX (LoCorr Macro Strategies Fund) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both funds - LFMAX is a Systematic Trend fund managed by LoCorr Funds, while BTAL is a Long-Short fund tracking the Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. Over the past 10 years, LFMAX returned 4.02%/yr vs -4.80%/yr for BTAL. At a 0.00 correlation, their price movements are largely independent. LFMAX charges 2.13%/yr vs 2.11%/yr for BTAL.

Performance

LFMAX vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LoCorr Macro Strategies Fund (LFMAX) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LFMAX achieves a 10.38% return, which is significantly higher than BTAL's -20.22% return. Over the past 10 years, LFMAX has outperformed BTAL with an annualized return of 4.02%, while BTAL has yielded a comparatively lower -4.80% annualized return.

LFMAX

• 1D: 0.48%
• 1M: 0.12%
• YTD: 10.38%
• 6M: 11.31%
• 1Y: 15.47%
• 3Y*: 5.27%
• 5Y*: 4.04%
• 10Y*: 4.02%

BTAL

• 1D: -1.46%
• 1M: -7.27%
• YTD: -20.22%
• 6M: -20.85%
• 1Y: -38.09%
• 3Y*: -12.84%
• 5Y*: -4.71%
• 10Y*: -4.80%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LFMAX vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
LFMAX LoCorr Macro Strategies Fund	10.38%	2.56%	6.36%	-6.69%	15.03%	-0.17%	5.41%	12.51%	-5.38%	2.69%
BTAL AGFiQ US Market Neutral Anti-Beta Fund	-20.22%	-20.17%	12.83%	-15.11%	20.48%	-6.81%	-13.86%	1.07%	15.13%	-2.13%

Correlation

The correlation between LFMAX and BTAL is -0.07, 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	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	-0.03
Correlation (5Y) Calculated over the trailing 5-year period	0.04
Correlation (10Y) Calculated over the trailing 10-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	0.00

The correlation between LFMAX and BTAL shifts across timeframes, from -0.07 (1 year) to 0.04 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

LFMAX vs. BTAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

LFMAX

LFMAX Risk / Return Rank: 88
LFMAX Sharpe Ratio Rank: 85
LFMAX Sortino Ratio Rank: 86
LFMAX Omega Ratio Rank: 79
LFMAX Calmar Ratio Rank: 95
LFMAX Martin Ratio Rank: 92

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 0
BTAL Martin Ratio Rank: 0

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

LFMAX vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LoCorr Macro Strategies Fund (LFMAX) 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.

	LFMAX	BTAL	Difference
Sharpe ratio Return per unit of total volatility	2.75	-1.77	+4.53
Sortino ratio Return per unit of downside risk	4.10	-2.80	+6.89
Omega ratio Gain probability vs. loss probability	1.52	0.71	+0.81
Calmar ratio Return relative to maximum drawdown	6.05	-1.02	+7.07
Martin ratio Return relative to average drawdown	19.35	-1.76	+21.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LFMAX vs. BTAL - Sharpe Ratio Comparison

The current LFMAX Sharpe Ratio is 2.75, which is higher than the BTAL Sharpe Ratio of -1.77. The chart below compares the historical Sharpe Ratios of LFMAX and BTAL, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LFMAX	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.75	-1.77	+4.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	-0.25	+0.81
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.53	-0.28	+0.81
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	-0.24	+0.59

Drawdowns

LFMAX vs. BTAL - Drawdown Comparison

The maximum LFMAX drawdown since its inception was -23.16%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for LFMAX and BTAL.

Drawdown Indicators

	LFMAX	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-23.16%	-50.28%	+27.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.53%	-37.50%	+34.97%
Max Drawdown (3Y) Largest decline over 3 years	-8.95%	-45.16%	+36.21%
Max Drawdown (5Y) Largest decline over 5 years	-12.54%	-45.16%	+32.62%
Max Drawdown (10Y) Largest decline over 10 years	-12.54%	-50.28%	+37.74%
Current Drawdown Current decline from peak	-0.36%	-50.28%	+49.92%
Average Drawdown Average peak-to-trough decline	-7.05%	-21.95%	+14.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.79%	22.09%	-21.30%

Volatility

LFMAX vs. BTAL - Volatility Comparison

The current volatility for LoCorr Macro Strategies Fund (LFMAX) is 1.42%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.47%. This indicates that LFMAX 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.

Volatility by Period

	LFMAX	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	7.47%	-6.05%
Volatility (6M) Calculated over the trailing 6-month period	4.39%	15.35%	-10.96%
Volatility (1Y) Calculated over the trailing 1-year period	5.65%	21.60%	-15.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.23%	18.75%	-11.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.60%	17.24%	-9.64%

LFMAX vs. BTAL - Expense Ratio Comparison

LFMAX has a 2.13% expense ratio, which is higher than BTAL's 2.11% expense ratio.

Dividends

LFMAX vs. BTAL - Dividend Comparison

LFMAX's dividend yield for the trailing twelve months is around 2.67%, less than BTAL's 3.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BTAL AGFiQ US Market Neutral Anti-Beta Fund	3.12%	2.49%	3.49%	6.14%	1.01%	0.00%	0.00%	0.88%	0.39%	0.00%	0.00%	0.00%
LFMAX LoCorr Macro Strategies Fund	2.67%	2.94%	2.88%	2.96%	14.38%	4.79%	5.65%	4.48%	2.83%	5.98%	1.97%	2.87%

Frequently Asked Questions

Can I hold both LFMAX and BTAL in my portfolio?

LFMAX and BTAL have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LFMAX or BTAL?

BTAL has higher volatility (7.47%) compared to LFMAX (1.42%). In terms of maximum drawdown, LFMAX dropped -23.16% vs BTAL's -50.28%.

Which has better risk-adjusted returns?

LFMAX currently has the higher Sharpe Ratio (2.75 vs -1.77), 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.