SPHQ vs. BTAL

Last updated Jun 9, 2026

SPHQ (Invesco S&P 500 Quality ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - SPHQ is a S&P 500 fund tracking the S&P 500 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, SPHQ returned 14.91%/yr vs -4.76%/yr for BTAL. At a correlation of -0.46, they often move in opposite directions. SPHQ charges 0.15%/yr vs 2.11%/yr for BTAL.

Performance

SPHQ vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 500 Quality ETF (SPHQ) and AGFiQ US Market Neutral Anti-Beta Fund (BTAL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPHQ achieves a 14.28% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, SPHQ has outperformed BTAL with an annualized return of 14.91%, while BTAL has yielded a comparatively lower -4.76% annualized return.

SPHQ

• 1D: 0.58%
• 1M: 3.64%
• YTD: 14.28%
• 6M: 15.48%
• 1Y: 21.15%
• 3Y*: 22.07%
• 5Y*: 14.25%
• 10Y*: 14.91%

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)

SPHQ vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPHQ Invesco S&P 500 Quality ETF	14.28%	13.25%	25.44%	24.83%	-15.76%	28.03%	17.36%	33.64%	-7.10%	19.10%
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 SPHQ and BTAL is -0.59, 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	-0.59
Correlation (3Y) Calculated over the trailing 3-year period	-0.56
Correlation (5Y) Calculated over the trailing 5-year period	-0.58
Correlation (10Y) Calculated over the trailing 10-year period	-0.49
Correlation (All Time) Calculated using the full available price history since Sep 13, 2011	-0.46

The correlation between SPHQ and BTAL shifts across timeframes, from -0.59 (1 year) to -0.46 (all time), reflecting how their relationship changes across market environments.

SPHQ vs. BTAL - Sectors Allocation Comparison

Sectors	SPHQ	BTAL
Technology	28.1%	19.5%
Industrials	24.3%	13.7%
Consumer Defensive	15.4%	5.6%
Financial Services	13.3%	14.9%
Healthcare	8.4%	10.2%
Consumer Cyclical	4.6%	12.8%
Basic Materials	2.2%	4.0%
Communication Services	2.0%	3.4%
Utilities	1.0%	5.2%
Energy	0.7%	4.4%
Real Estate	-	6.2%

Return for Risk

SPHQ vs. BTAL — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPHQ

SPHQ Risk / Return Rank: 55
SPHQ Sharpe Ratio Rank: 54
SPHQ Sortino Ratio Rank: 55
SPHQ Omega Ratio Rank: 51
SPHQ Calmar Ratio Rank: 53
SPHQ Martin Ratio Rank: 62

BTAL

BTAL Risk / Return Rank: 0
BTAL Sharpe Ratio Rank: 0
BTAL Sortino Ratio Rank: 0
BTAL Omega Ratio Rank: 0
BTAL Calmar Ratio Rank: 1
BTAL Martin Ratio Rank: 1

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.

SPHQ vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Quality ETF (SPHQ) 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.

	SPHQ	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	1.66	-1.61	+3.27
Sortino ratio: Return per unit of downside risk	2.39	-2.52	+4.92
Omega ratio: Gain probability vs. loss probability	1.28	0.74	+0.54
Calmar ratio: Return relative to maximum drawdown	2.39	-0.95	+3.34
Martin ratio: Return relative to average drawdown	10.19	-1.62	+11.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPHQ vs. BTAL - Sharpe Ratio Comparison

The current SPHQ Sharpe Ratio is 1.66, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of SPHQ 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.

Sharpe Ratios by Period

	SPHQ	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.66	-1.61	+3.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.87	-0.24	+1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.84	-0.28	+1.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.24	+0.76

Drawdowns

SPHQ vs. BTAL - Drawdown Comparison

The maximum SPHQ drawdown since its inception was -57.83%, which is greater than BTAL's maximum drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for SPHQ and BTAL.

Drawdown Indicators

	SPHQ	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-57.83%	-50.28%	-7.55%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-37.50%	+28.60%
Max Drawdown (3Y) Largest decline over 3 years	-16.57%	-45.16%	+28.59%
Max Drawdown (5Y) Largest decline over 5 years	-25.04%	-45.16%	+20.12%
Max Drawdown (10Y) Largest decline over 10 years	-31.60%	-50.28%	+18.68%
Current Drawdown Current decline from peak	-1.62%	-49.32%	+47.70%
Average Drawdown Average peak-to-trough decline	-10.70%	-21.98%	+11.28%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.09%	21.90%	-19.81%

Volatility

SPHQ vs. BTAL - Volatility Comparison

The current volatility for Invesco S&P 500 Quality ETF (SPHQ) is 3.90%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that SPHQ 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.

Volatility by Period

	SPHQ	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.90%	7.68%	-3.78%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	15.98%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	12.83%	22.07%	-9.24%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.48%	18.86%	-2.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.88%	17.29%	+0.59%

SPHQ vs. BTAL - Expense Ratio Comparison

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

Dividends

SPHQ vs. BTAL - Dividend Comparison

SPHQ's dividend yield for the trailing twelve months is around 1.05%, less than BTAL's 3.06% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SPHQ Invesco S&P 500 Quality ETF	1.05%	1.09%	1.15%	1.42%	1.85%	1.19%	1.55%	1.51%	1.85%	1.57%	1.67%	2.29%

Frequently Asked Questions

Can I hold both SPHQ and BTAL in my portfolio?

SPHQ and BTAL have a correlation of -0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPHQ or BTAL?

BTAL has higher volatility (7.68%) compared to SPHQ (3.90%). In terms of maximum drawdown, SPHQ dropped -57.83% vs BTAL's -50.28%.

Which ETF is better, SPHQ or BTAL?

On 10-year performance, SPHQ leads with 14.91% vs -4.76% for BTAL. On fees, SPHQ is cheaper at 0.15% per year. On volatility, SPHQ has been the lower-risk option at 3.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SPHQ or BTAL?

Over the 10-year period, SPHQ has performed better with a 14.91% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SPHQ or BTAL?

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

Which ETF pays a higher dividend yield, SPHQ or BTAL?

BTAL has the higher dividend yield at 3.06%, compared with 1.05% for SPHQ.

What is the main difference between SPHQ and BTAL?

SPHQ is categorized as S&P 500, while BTAL is Long-Short. SPHQ tracks S&P 500 Quality Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: Invesco and AGF. Their fees differ too: 0.15% for SPHQ and 2.11% for BTAL.

Which has better risk-adjusted returns?

SPHQ currently has the higher Sharpe Ratio (1.66 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.