USMV vs. BTAL

Last updated Jun 9, 2026

USMV (iShares MSCI USA Min Vol Factor ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - USMV is a Large Cap Blend Equities fund tracking the MSCI USA Minimum Volatility 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, USMV returned 9.75%/yr vs -4.76%/yr for BTAL. At a correlation of -0.25, they often move in opposite directions. USMV charges 0.15%/yr vs 2.11%/yr for BTAL.

Performance

USMV vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares MSCI USA Min Vol Factor ETF (USMV) 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, USMV achieves a 1.55% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, USMV has outperformed BTAL with an annualized return of 9.75%, while BTAL has yielded a comparatively lower -4.76% annualized return.

USMV

• 1D: -0.43%
• 1M: 1.28%
• YTD: 1.55%
• 6M: 2.27%
• 1Y: 3.18%
• 3Y*: 11.35%
• 5Y*: 7.21%
• 10Y*: 9.75%

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)

USMV vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
USMV iShares MSCI USA Min Vol Factor ETF	1.55%	7.65%	15.74%	10.33%	-9.43%	20.85%	5.64%	27.69%	1.33%	18.91%
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 USMV and BTAL is -0.06, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.06
Correlation (3Y) Calculated over the trailing 3-year period	-0.17
Correlation (5Y) Calculated over the trailing 5-year period	-0.27
Correlation (10Y) Calculated over the trailing 10-year period	-0.24
Correlation (All Time) Calculated using the full available price history since Oct 20, 2011	-0.25

The correlation between USMV and BTAL shifts across timeframes, from -0.27 (5 years) to -0.06 (1 year), reflecting how their relationship changes across market environments.

USMV vs. BTAL - Sectors Allocation Comparison

Sectors	USMV	BTAL
Technology	30.8%	19.5%
Healthcare	12.5%	10.2%
Financial Services	12.4%	14.9%
Consumer Defensive	10.0%	5.6%
Utilities	7.5%	5.2%
Communication Services	5.9%	3.4%
Industrials	5.7%	13.7%
Consumer Cyclical	5.7%	12.8%
Energy	3.6%	4.4%
Basic Materials	2.2%	4.0%
Real Estate	2.2%	6.2%

Return for Risk

USMV vs. BTAL — Risk / Return Rank

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

USMV

USMV Risk / Return Rank: 15
USMV Sharpe Ratio Rank: 15
USMV Sortino Ratio Rank: 15
USMV Omega Ratio Rank: 14
USMV Calmar Ratio Rank: 16
USMV Martin Ratio Rank: 17

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.

USMV vs. BTAL - Risk-Adjusted Trends Comparison

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

	USMV	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	0.37	-1.61	+1.99
Sortino ratio: Return per unit of downside risk	0.58	-2.52	+3.10
Omega ratio: Gain probability vs. loss probability	1.07	0.74	+0.33
Calmar ratio: Return relative to maximum drawdown	0.49	-0.95	+1.44
Martin ratio: Return relative to average drawdown	1.64	-1.62	+3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

USMV vs. BTAL - Sharpe Ratio Comparison

The current USMV Sharpe Ratio is 0.37, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of USMV 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

	USMV	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.37	-1.61	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.59	-0.24	+0.83
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	-0.28	+0.95
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	-0.24	+1.10

Drawdowns

USMV vs. BTAL - Drawdown Comparison

The maximum USMV drawdown since its inception was -33.10%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for USMV and BTAL.

Drawdown Indicators

	USMV	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-33.10%	-50.28%	+17.18%
Max Drawdown (1Y) Largest decline over 1 year	-6.46%	-37.50%	+31.04%
Max Drawdown (3Y) Largest decline over 3 years	-9.36%	-45.16%	+35.80%
Max Drawdown (5Y) Largest decline over 5 years	-17.93%	-45.16%	+27.23%
Max Drawdown (10Y) Largest decline over 10 years	-33.10%	-50.28%	+17.18%
Current Drawdown Current decline from peak	-2.24%	-49.32%	+47.08%
Average Drawdown Average peak-to-trough decline	-2.88%	-21.98%	+19.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.94%	21.90%	-19.96%

Volatility

USMV vs. BTAL - Volatility Comparison

The current volatility for iShares MSCI USA Min Vol Factor ETF (USMV) is 2.65%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that USMV 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

	USMV	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.65%	7.68%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	6.02%	15.98%	-9.96%
Volatility (1Y) Calculated over the trailing 1-year period	8.57%	22.07%	-13.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.36%	18.86%	-6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.51%	17.29%	-2.78%

USMV vs. BTAL - Expense Ratio Comparison

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

Dividends

USMV vs. BTAL - Dividend Comparison

USMV's dividend yield for the trailing twelve months is around 1.54%, 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%
USMV iShares MSCI USA Min Vol Factor ETF	1.54%	1.49%	1.67%	1.82%	1.62%	1.26%	1.81%	1.88%	2.12%	1.77%	2.22%	2.02%

Frequently Asked Questions

Can I hold both USMV and BTAL in my portfolio?

USMV and BTAL have a correlation of -0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USMV or BTAL?

BTAL has higher volatility (7.68%) compared to USMV (2.65%). In terms of maximum drawdown, USMV dropped -33.10% vs BTAL's -50.28%.

Which ETF is better, USMV or BTAL?

On 10-year performance, USMV leads with 9.75% vs -4.76% for BTAL. On fees, USMV is cheaper at 0.15% per year. On volatility, USMV has been the lower-risk option at 2.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, USMV or BTAL?

Over the 10-year period, USMV has performed better with a 9.75% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, USMV or BTAL?

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

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

BTAL has the higher dividend yield at 3.06%, compared with 1.54% for USMV.

What is the main difference between USMV and BTAL?

USMV is categorized as Large Cap Blend Equities, while BTAL is Long-Short. USMV tracks MSCI USA Minimum Volatility 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 USMV and 2.11% for BTAL.

Which has better risk-adjusted returns?

USMV currently has the higher Sharpe Ratio (0.37 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.