LSEQ vs. BTAL
LSEQ (Harbor Long-Short Equity ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - LSEQ is a Long-Short fund actively managed by Harbor, while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past year, LSEQ returned 21.18% vs -26.63% for BTAL. Their -0.23 correlation means they have often moved in opposite directions in the past. LSEQ charges 1.70%/yr vs 1.40%/yr for BTAL.
Performance
LSEQ vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, LSEQ achieves a 19.52% return, which is significantly higher than BTAL's -16.19% return.
LSEQ
- 1D
- -3.11%
- 1M
- -4.11%
- 6M
- 7.53%
- YTD
- 19.52%
- 1Y
- 21.18%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 13.07%
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 | |
| $52.67K | $50.40K | $61.03K |
LSEQ vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LSEQ Harbor Long-Short Equity ETF | 19.52% | 4.13% | 12.80% | -1.20% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -16.19% | -20.17% | 12.83% | -8.09% |
Correlation
The correlation between LSEQ and BTAL is -0.48, 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. | -0.48 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2023 | -0.23 |
Over the past year, the inverse relationship between LSEQ and BTAL has strengthened: their correlation has moved from -0.23 to -0.48, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LSEQ vs. BTAL — Risk / Return Rank
LSEQ
BTAL
LSEQ vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harbor Long-Short Equity ETF (LSEQ) 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.
| LSEQ | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.35 | ||
| Sortino ratioReturn per unit of downside risk | +3.39 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 0.83 | +0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | -0.77 | +3.28 |
| Martin ratioReturn relative to average drawdown | 7.61 | -1.39 | +9.00 |
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Drawdowns
LSEQ vs. BTAL - Drawdown Comparison
The maximum LSEQ drawdown since its inception was -8.47%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for LSEQ and BTAL.
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Drawdown Indicators
| LSEQ | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -8.47% | -52.70% | +44.23% |
Max Drawdown (1Y)Largest decline over 1 year | -8.47% | -34.57% | +26.10% |
Max Drawdown (3Y)Largest decline over 3 years | — | -47.83% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -47.83% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -8.47% | -47.76% | +39.29% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -22.25% | +19.01% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.79% | 19.17% | -16.38% |
Volatility
LSEQ vs. BTAL - Volatility Comparison
The current volatility for Harbor Long-Short Equity ETF (LSEQ) is 7.34%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.90%. This indicates that LSEQ 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
| LSEQ | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.34% | 7.90% | -0.56% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 17.92% | -3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 17.34% | 23.82% | -6.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 15.01% | 19.41% | -4.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.01% | 17.48% | -2.47% |
LSEQ vs. BTAL - Expense Ratio Comparison
LSEQ has a 1.70% expense ratio, which is higher than BTAL's 1.40% expense ratio.
Dividends
LSEQ vs. BTAL - Dividend Comparison
LSEQ's dividend yield for the trailing twelve months is around 1.84%, less than BTAL's 2.97% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
LSEQ Harbor Long-Short Equity ETF | 1.84% | 2.20% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LSEQ and BTAL have a correlation of -0.48, 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 LSEQ (7.34%). In terms of maximum drawdown, LSEQ dropped -8.47% vs BTAL's -52.70%.
On 1-year performance, LSEQ leads with 21.18% vs -26.63% for BTAL. On fees, BTAL is cheaper at 1.40% per year. On volatility, LSEQ has been the lower-risk option at 7.34%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, LSEQ has performed better with a 21.18% return vs -26.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTAL is cheaper with a 1.40% expense ratio, compared with 1.70% for LSEQ.
BTAL has the higher dividend yield at 2.97%, compared with 1.84% for LSEQ.
LSEQ is categorized as Long-Short, while BTAL is Equity Market Neutral. They also come from different issuers: Harbor and AGF. Their fees differ too: 1.70% for LSEQ and 1.40% for BTAL.
LSEQ currently has the higher Sharpe Ratio (1.23 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.
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