PortfoliosLab logoPortfoliosLab logo

Documentation

Upgrade your plan
QUAL vs. BTAL
Performance
Return for Risk
Drawdowns
Volatility
Dividends

QUAL vs. BTAL

Last updated Jun 9, 2026

QUAL (iShares MSCI USA Quality Factor ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - QUAL is a Large Cap Blend Equities fund tracking the MSCI USA Sector Neutral Quality 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, QUAL returned 14.19%/yr vs -4.76%/yr for BTAL. At a correlation of -0.48, they often move in opposite directions. QUAL charges 0.15%/yr vs 2.11%/yr for BTAL.

Performance

QUAL vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Quality Factor ETF (QUAL) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, QUAL achieves a 7.89% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, QUAL has outperformed BTAL with an annualized return of 14.19%, while BTAL has yielded a comparatively lower -4.76% annualized return.

QUAL

1D
0.32%
1M
1.62%
YTD
7.89%
6M
8.26%
1Y
19.70%
3Y*
19.43%
5Y*
11.82%
10Y*
14.19%

BTAL

1D
-2.26%
1M
-2.66%
YTD
-18.69%
6M
-16.94%
1Y
-35.41%
3Y*
-12.18%
5Y*
-4.53%
10Y*
-4.76%
*Multi-year figures are annualized to reflect compound growth (CAGR)

QUAL vs. BTAL - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
QUAL
iShares MSCI USA Quality Factor ETF		7.89%12.65%22.29%30.88%-20.50%26.94%17.04%33.89%-5.70%22.26%
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		-18.69%-20.17%12.83%-15.11%20.48%-6.81%-13.86%1.07%15.13%-2.13%

Correlation

The correlation between QUAL 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

-0.58

Correlation (5Y)
Calculated over the trailing 5-year period

-0.60

Correlation (10Y)
Calculated over the trailing 10-year period

-0.52

Correlation (All Time)
Calculated using the full available price history since Jul 18, 2013

-0.48

The correlation between QUAL and BTAL shifts across timeframes, from -0.63 (1 year) to -0.48 (all time), reflecting how their relationship changes across market environments.

QUAL vs. BTAL - Sectors Allocation Comparison

Sectors
QUAL
BTAL

Technology

36.5%
19.5%

Financial Services

11.5%
14.9%

Communication Services

11.1%
3.4%

Consumer Cyclical

9.3%
12.8%

Healthcare

9.0%
10.2%

Industrials

8.2%
13.7%

Consumer Defensive

4.9%
5.6%

Energy

4.0%
4.4%

Utilities

1.9%
5.2%

Real Estate

1.8%
6.2%

Basic Materials

1.7%
4.0%

Technology

QUAL
36.5%
BTAL
19.5%

Financial Services

QUAL
11.5%
BTAL
14.9%

Communication Services

QUAL
11.1%
BTAL
3.4%

Consumer Cyclical

QUAL
9.3%
BTAL
12.8%

Healthcare

QUAL
9.0%
BTAL
10.2%

Industrials

QUAL
8.2%
BTAL
13.7%

Consumer Defensive

QUAL
4.9%
BTAL
5.6%

Energy

QUAL
4.0%
BTAL
4.4%

Utilities

QUAL
1.9%
BTAL
5.2%

Real Estate

QUAL
1.8%
BTAL
6.2%

Basic Materials

QUAL
1.7%
BTAL
4.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

iShares MSCI USA Quality Factor ETF

AGFiQ US Market Neutral Anti-Beta Fund

Often compared with QUAL:
QUAL vs. SPHQQUAL vs. SPYQUAL vs. MTUMQUAL vs. USMVQUAL vs. VOOQUAL vs. IVVQUAL vs. SCHD
Often compared with BTAL:
BTAL vs. SPYBTAL vs. TAILBTAL vs. KMLMBTAL vs. CCORBTAL vs. VOOBTAL vs. CPBBTAL vs. EUO

Return for Risk

QUAL vs. BTAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
QUAL
QUAL Risk / Return Rank: 5454
Overall Rank
QUAL Sharpe Ratio Rank: 5353
Sharpe Ratio Rank
QUAL Sortino Ratio Rank: 5353
Sortino Ratio Rank
QUAL Omega Ratio Rank: 5252
Omega Ratio Rank
QUAL Calmar Ratio Rank: 4949
Calmar Ratio Rank
QUAL Martin Ratio Rank: 6161
Martin Ratio Rank
BTAL
BTAL Risk / Return Rank: 00
Overall Rank
BTAL Sharpe Ratio Rank: 00
Sharpe Ratio Rank
BTAL Sortino Ratio Rank: 00
Sortino Ratio Rank
BTAL Omega Ratio Rank: 00
Omega Ratio Rank
BTAL Calmar Ratio Rank: 11
Calmar Ratio Rank
BTAL Martin Ratio Rank: 11
Martin Ratio Rank
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.

QUAL vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares MSCI USA Quality Factor ETF (QUAL) 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.

QUALBTALDifference
Sharpe ratioReturn per unit of total volatility
1.65
-1.61

+3.26

Sortino ratioReturn per unit of downside risk
2.34
-2.52

+4.86

Omega ratioGain probability vs. loss probability

1.29

0.74

+0.55

Calmar ratioReturn relative to maximum drawdown

2.19

-0.95

+3.14

Martin ratioReturn relative to average drawdown

9.96

-1.62

+11.58

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

QUAL vs. BTAL - Sharpe Ratio Comparison

The current QUAL Sharpe Ratio is 1.65, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of QUAL 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.

Loading charts...

Sharpe Ratios by Period

QUALBTALDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.65

-1.61

+3.26

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.68

-0.24

+0.93

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.79

-0.28

+1.06

Sharpe Ratio (All Time)

Calculated using the full available price history

0.80

-0.24

+1.03

Drawdowns

QUAL vs. BTAL - Drawdown Comparison

The maximum QUAL drawdown since its inception was -34.06%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for QUAL and BTAL.

Loading charts...

Drawdown Indicators

QUALBTALDifference

Max Drawdown

Largest peak-to-trough decline

-34.06%

-50.28%

+16.22%

Max Drawdown (1Y)

Largest decline over 1 year

-9.03%

-37.50%

+28.47%

Max Drawdown (3Y)

Largest decline over 3 years

-18.00%

-45.16%

+27.16%

Max Drawdown (5Y)

Largest decline over 5 years

-28.23%

-45.16%

+16.93%

Max Drawdown (10Y)

Largest decline over 10 years

-34.06%

-50.28%

+16.22%

Current Drawdown

Current decline from peak

-1.61%

-49.32%

+47.71%

Average Drawdown

Average peak-to-trough decline

-4.10%

-21.98%

+17.88%

Ulcer Index

Depth and duration of drawdowns from previous peaks

1.98%

21.90%

-19.92%

Volatility

QUAL vs. BTAL - Volatility Comparison

The current volatility for iShares MSCI USA Quality Factor ETF (QUAL) is 3.12%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that QUAL 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

QUALBTALDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.12%

7.68%

-4.56%

Volatility (6M)

Calculated over the trailing 6-month period

9.28%

15.98%

-6.70%

Volatility (1Y)

Calculated over the trailing 1-year period

12.01%

22.07%

-10.06%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

17.35%

18.86%

-1.51%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.11%

17.29%

+0.82%

QUAL vs. BTAL - Expense Ratio Comparison

QUAL has a 0.15% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

QUAL vs. BTAL - Dividend Comparison

QUAL's dividend yield for the trailing twelve months is around 0.88%, less than BTAL's 3.06% yield.

PositionTTM20252024202320222021202020192018201720162015
BTAL
AGFiQ US Market Neutral Anti-Beta Fund		3.06%2.49%3.49%6.14%1.01%0.00%0.00%0.88%0.39%0.00%0.00%0.00%
QUAL
iShares MSCI USA Quality Factor ETF		0.88%0.94%1.02%1.23%1.59%1.20%1.39%1.60%2.00%1.76%1.96%1.63%

Frequently Asked Questions

QUAL 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 (7.68%) compared to QUAL (3.12%). In terms of maximum drawdown, QUAL dropped -34.06% vs BTAL's -50.28%.

On 10-year performance, QUAL leads with 14.19% vs -4.76% for BTAL. On fees, QUAL is cheaper at 0.15% per year. On volatility, QUAL has been the lower-risk option at 3.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 10-year period, QUAL has performed better with a 14.19% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

QUAL is cheaper with a 0.15% expense ratio, compared with 2.11% for BTAL.

BTAL has the higher dividend yield at 3.06%, compared with 0.88% for QUAL.

QUAL is categorized as Large Cap Blend Equities, while BTAL is Long-Short. QUAL tracks MSCI USA Sector Neutral Quality 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 QUAL and 2.11% for BTAL.

QUAL currently has the higher Sharpe Ratio (1.65 vs -1.61), 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.

Portfolio Optimizer

Find the right allocation for QUAL 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