SJB vs. BTAL
SJB (ProShares Short High Yield) and BTAL (AGF U.S. Market Neutral Anti-Beta Fund) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while BTAL is a Equity Market Neutral fund actively managed by AGF. SJB is passively managed, while BTAL is actively managed. Over the past 10 years, SJB returned -3.86%/yr vs -5.50%/yr for BTAL. At a 0.42 correlation, their price movements are largely independent. SJB charges 0.95%/yr vs 1.40%/yr for BTAL.
Performance
SJB vs. BTAL - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly higher than BTAL's -21.75% return. Over the past 10 years, SJB has outperformed BTAL with an annualized return of -3.86%, while BTAL has yielded a comparatively lower -5.50% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
BTAL
- 1D
- 3.11%
- 1M
- -7.70%
- YTD
- -21.75%
- 6M
- -20.50%
- 1Y
- -36.96%
- 3Y*
- -13.01%
- 5Y*
- -5.21%
- 10Y*
- -5.50%
SJB vs. BTAL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
BTAL AGF U.S. Market Neutral Anti-Beta Fund | -21.75% | -20.17% | 12.83% | -15.11% | 20.48% | -6.81% | -13.86% | 1.07% | 15.13% | -2.13% |
Correlation
The correlation between SJB and BTAL is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.53 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.54 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.46 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011 | 0.42 |
The correlation between SJB and BTAL shifts across timeframes, from 0.42 (all time) to 0.54 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SJB vs. BTAL — Risk / Return Rank
SJB
BTAL
SJB vs. BTAL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | BTAL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +2.55 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 0.74 | +0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.98 | +0.96 |
| Martin ratioReturn relative to average drawdown | -0.05 | -1.85 | +1.80 |
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Drawdowns
SJB vs. BTAL - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than BTAL's maximum drawdown of -52.70%. Use the drawdown chart below to compare losses from any high point for SJB and BTAL.
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Drawdown Indicators
| SJB | BTAL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -52.70% | -5.36% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -37.81% | +35.07% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -47.83% | +37.29% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -47.83% | +34.53% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -52.70% | +18.13% |
Current DrawdownCurrent decline from peak | -57.40% | -51.23% | -6.17% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -22.05% | -20.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 21.21% | -19.91% |
Volatility
SJB vs. BTAL - Volatility Comparison
The current volatility for ProShares Short High Yield (SJB) is 1.06%, while AGF U.S. Market Neutral Anti-Beta Fund (BTAL) has a volatility of 9.28%. This indicates that SJB 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
| SJB | BTAL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 9.28% | -8.22% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 16.73% | -13.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 22.83% | -18.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 19.10% | -11.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 17.36% | -8.86% |
SJB vs. BTAL - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is lower than BTAL's 1.40% expense ratio.
Dividends
SJB vs. BTAL - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, more than BTAL's 3.18% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BTAL AGF U.S. Market Neutral Anti-Beta Fund | 3.18% | 2.49% | 3.49% | 6.14% | 1.01% | 0.00% | 0.00% | 0.88% | 0.39% |
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% |
Frequently Asked Questions
SJB and BTAL have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BTAL has higher volatility (9.28%) compared to SJB (1.06%). In terms of maximum drawdown, SJB dropped -58.06% vs BTAL's -52.70%.
On 10-year performance, SJB leads with -3.86% vs -5.50% for BTAL. On fees, SJB is cheaper at 0.95% per year. On volatility, SJB has been the lower-risk option at 1.06%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SJB has performed better with a -3.86% return vs -5.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJB is cheaper with a 0.95% expense ratio, compared with 1.40% for BTAL.
SJB has the higher dividend yield at 3.43%, compared with 3.18% for BTAL.
SJB is categorized as Inverse Bonds, while BTAL is Equity Market Neutral. They also come from different issuers: ProShares and AGF. Their fees differ too: 0.95% for SJB and 1.40% for BTAL.
SJB currently has the higher Sharpe Ratio (-0.02 vs -1.62), 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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