SGOV vs. BTAL
SGOV (iShares 0-3 Month Treasury Bond ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - SGOV is a Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities 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 5 years, SGOV returned 3.55%/yr vs -4.53%/yr for BTAL. At a 0.04 correlation, their price movements are largely independent. SGOV charges 0.09%/yr vs 2.11%/yr for BTAL.
Performance
SGOV vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, SGOV achieves a 1.56% return, which is significantly higher than BTAL's -18.69% return.
SGOV
- 1D
- 0.01%
- 1M
- 0.28%
- YTD
- 1.56%
- 6M
- 1.80%
- 1Y
- 3.95%
- 3Y*
- 4.70%
- 5Y*
- 3.55%
- 10Y*
- —
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%
SGOV vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
SGOV iShares 0-3 Month Treasury Bond ETF | 1.56% | 4.24% | 5.27% | 5.12% | 1.58% | 0.04% | 0.04% |
BTAL AGFiQ US Market Neutral Anti-Beta Fund | -18.69% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -21.90% |
Correlation
The correlation between SGOV and BTAL is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.08 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since May 28, 2020 | 0.04 |
The correlation between SGOV and BTAL shifts across timeframes, from 0.04 (5 years) to 0.17 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
SGOV vs. BTAL — Risk / Return Rank
SGOV
BTAL
SGOV vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares 0-3 Month Treasury Bond ETF (SGOV) 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.
| SGOV | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +21.89 | ||
| Sortino ratioReturn per unit of downside risk | +278.21 | ||
| Omega ratioGain probability vs. loss probability | 195.55 | 0.74 | +194.81 |
| Calmar ratioReturn relative to maximum drawdown | 398.20 | -0.95 | +399.14 |
| Martin ratioReturn relative to average drawdown | 4,461.99 | -1.62 | +4,463.61 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SGOV | BTAL | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 20.28 | -1.61 | +21.89 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 14.78 | -0.24 | +15.02 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.28 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 12.50 | -0.24 | +12.74 |
Drawdowns
SGOV vs. BTAL - Drawdown Comparison
The maximum SGOV drawdown since its inception was -0.03%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for SGOV and BTAL.
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Drawdown Indicators
| SGOV | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.03% | -50.28% | +50.25% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -37.50% | +37.49% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -45.16% | +45.15% |
Max Drawdown (5Y)Largest decline over 5 years | -0.03% | -45.16% | +45.13% |
Max Drawdown (10Y)Largest decline over 10 years | — | -50.28% | — |
Current DrawdownCurrent decline from peak | 0.00% | -49.32% | +49.32% |
Average DrawdownAverage peak-to-trough decline | -0.00% | -21.98% | +21.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 21.90% | -21.90% |
Volatility
SGOV vs. BTAL - Volatility Comparison
The current volatility for iShares 0-3 Month Treasury Bond ETF (SGOV) is 0.06%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that SGOV 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
| SGOV | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.06% | 7.68% | -7.62% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 15.98% | -15.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 22.07% | -21.87% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.24% | 18.86% | -18.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.24% | 17.29% | -17.05% |
SGOV vs. BTAL - Expense Ratio Comparison
SGOV has a 0.09% expense ratio, which is lower than BTAL's 2.11% expense ratio.
Dividends
SGOV vs. BTAL - Dividend Comparison
SGOV's dividend yield for the trailing twelve months is around 3.85%, more than BTAL's 3.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
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% |
SGOV iShares 0-3 Month Treasury Bond ETF | 3.85% | 4.10% | 5.10% | 4.87% | 1.45% | 0.03% | 0.05% | 0.00% | 0.00% |
Frequently Asked Questions
SGOV and BTAL have a correlation of 0.17, 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 SGOV (0.06%). In terms of maximum drawdown, SGOV dropped -0.03% vs BTAL's -50.28%.
On 5-year performance, SGOV leads with 3.55% vs -4.53% for BTAL. On fees, SGOV is cheaper at 0.09% per year. On volatility, SGOV has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SGOV has performed better with a 3.55% return vs -4.53%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SGOV is cheaper with a 0.09% expense ratio, compared with 2.11% for BTAL.
SGOV has the higher dividend yield at 3.85%, compared with 3.06% for BTAL.
SGOV is categorized as Ultrashort Bond, while BTAL is Long-Short. SGOV tracks ICE 0-3 Month US Treasury Securities 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: 0.09% for SGOV and 2.11% for BTAL.
SGOV currently has the higher Sharpe Ratio (20.28 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.
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