MRSK vs. BTAL
MRSK (Agility Shares Managed Risk ETF) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - MRSK is a Hedge Fund fund actively managed by Toews Corp., while BTAL is a Equity Market Neutral fund actively managed by AGF. Both are actively managed. Over the past 5 years, MRSK returned 7.68%/yr vs -4.64%/yr for BTAL. At a correlation of -0.49, they often move in opposite directions. MRSK charges 0.99%/yr vs 1.40%/yr for BTAL.
Performance
MRSK vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, MRSK achieves a 5.31% return, which is significantly higher than BTAL's -17.58% return.
MRSK
- 1D
- -0.16%
- 1M
- 1.44%
- 6M
- 3.87%
- YTD
- 5.31%
- 1Y
- 15.39%
- 3Y*
- 10.30%
- 5Y*
- 7.68%
- 10Y*
- —
BTAL
- 1D
- 1.98%
- 1M
- 3.22%
- 6M
- -14.80%
- YTD
- -17.58%
- 1Y
- -28.86%
- 3Y*
- -9.69%
- 5Y*
- -4.64%
- 10Y*
- -4.85%
MRSK vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
MRSK Agility Shares Managed Risk ETF | 5.31% | 11.93% | 14.62% | 13.29% | -11.86% | 20.74% | 15.57% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -17.58% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -21.51% |
Correlation
The correlation between MRSK and BTAL is -0.63, 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 | -0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Jun 25, 2020 | -0.49 |
The correlation between MRSK and BTAL shifts across timeframes, from -0.63 (1 year) to -0.49 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
MRSK vs. BTAL — Risk / Return Rank
MRSK
BTAL
MRSK vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Agility Shares Managed Risk ETF (MRSK) 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.
| MRSK | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.67 | ||
| Sortino ratioReturn per unit of downside risk | +3.83 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.81 | +0.46 |
| Calmar ratioReturn relative to maximum drawdown | 1.98 | -0.84 | +2.81 |
| Martin ratioReturn relative to average drawdown | 7.74 | -1.61 | +9.34 |
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Drawdowns
MRSK vs. BTAL - Drawdown Comparison
The maximum MRSK drawdown since its inception was -14.70%, smaller than the maximum BTAL drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for MRSK and BTAL.
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Drawdown Indicators
| MRSK | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -14.70% | -52.70% | +38.00% |
Max Drawdown (1Y)Largest decline over 1 year | -7.82% | -34.61% | +26.79% |
Max Drawdown (3Y)Largest decline over 3 years | -12.22% | -47.83% | +35.61% |
Max Drawdown (5Y)Largest decline over 5 years | -14.70% | -47.83% | +33.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -52.70% | — |
Current DrawdownCurrent decline from peak | -0.16% | -48.63% | +48.47% |
Average DrawdownAverage peak-to-trough decline | -3.54% | -22.15% | +18.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.99% | 18.00% | -16.01% |
Volatility
MRSK vs. BTAL - Volatility Comparison
The current volatility for Agility Shares Managed Risk ETF (MRSK) is 2.72%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 8.77%. This indicates that MRSK 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
| MRSK | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.72% | 8.77% | -6.05% |
Volatility (6M)Calculated over the trailing 6-month period | 8.24% | 17.19% | -8.95% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.88% | 23.28% | -12.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 11.77% | 19.23% | -7.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.83% | 17.36% | -5.53% |
MRSK vs. BTAL - Expense Ratio Comparison
MRSK has a 0.99% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
MRSK vs. BTAL - Dividend Comparison
MRSK's dividend yield for the trailing twelve months is around 0.36%, less than BTAL's 3.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.02% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
MRSK Agility Shares Managed Risk ETF | 0.36% | 0.37% | 0.44% | 0.60% | 1.11% | 14.20% | 4.29% | 0.00% | 0.00% |
Frequently Asked Questions
MRSK and BTAL have a correlation of -0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (8.77%) compared to MRSK (2.72%). In terms of maximum drawdown, MRSK dropped -14.70% vs BTAL's -52.70%.
On 5-year performance, MRSK leads with 7.68% vs -4.64% for BTAL. On fees, MRSK is cheaper at 0.99% per year. On volatility, MRSK has been the lower-risk option at 2.72%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MRSK has performed better with a 7.68% return vs -4.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MRSK is cheaper with a 0.99% expense ratio, compared with 1.40% for BTAL.
BTAL has the higher dividend yield at 3.02%, compared with 0.36% for MRSK.
MRSK is categorized as Hedge Fund, while BTAL is Equity Market Neutral. They also come from different issuers: Toews Corp. and AGF. Their fees differ too: 0.99% for MRSK and 1.40% for BTAL.
MRSK currently has the higher Sharpe Ratio (1.42 vs -1.25), 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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