VHT vs. BTAL

Last updated Jun 9, 2026

VHT (Vanguard Health Care ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - VHT is a Health & Biotech Equities fund tracking the MSCI US Investable Market Health Care 25/50 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, VHT returned 9.66%/yr vs -4.76%/yr for BTAL. At a correlation of -0.32, they often move in opposite directions. VHT charges 0.09%/yr vs 2.11%/yr for BTAL.

Performance

VHT vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Health Care ETF (VHT) 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, VHT achieves a -1.21% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, VHT has outperformed BTAL with an annualized return of 9.66%, while BTAL has yielded a comparatively lower -4.76% annualized return.

VHT

• 1D: -0.29%
• 1M: 5.33%
• YTD: -1.21%
• 6M: 0.70%
• 1Y: 16.43%
• 3Y*: 7.21%
• 5Y*: 4.80%
• 10Y*: 9.66%

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)

VHT vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VHT Vanguard Health Care ETF	-1.21%	15.46%	2.66%	2.52%	-5.60%	20.57%	18.29%	21.87%	5.58%	23.26%
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 VHT and BTAL is -0.17, 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	-0.17
Correlation (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (5Y) Calculated over the trailing 5-year period	-0.29
Correlation (10Y) Calculated over the trailing 10-year period	-0.30
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	-0.32

The correlation between VHT and BTAL shifts across timeframes, from -0.32 (all time) to -0.17 (1 year), reflecting how their relationship changes across market environments.

VHT vs. BTAL - Sectors Allocation Comparison

Sectors	VHT	BTAL
Healthcare	100.0%	10.2%
Financial Services	0.0%	14.9%
Industrials	0.0%	13.7%
Technology	0.0%	19.5%
Basic Materials	-	4.0%
Communication Services	-	3.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	5.6%
Energy	-	4.4%
Real Estate	-	6.2%
Utilities	-	5.2%

Return for Risk

VHT vs. BTAL — Risk / Return Rank

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

VHT

VHT Risk / Return Rank: 34
VHT Sharpe Ratio Rank: 34
VHT Sortino Ratio Rank: 37
VHT Omega Ratio Rank: 33
VHT Calmar Ratio Rank: 35
VHT Martin Ratio Rank: 30

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.

VHT vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Health Care ETF (VHT) 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.

	VHT	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	1.13	-1.61	+2.74
Sortino ratio: Return per unit of downside risk	1.77	-2.52	+4.29
Omega ratio: Gain probability vs. loss probability	1.20	0.74	+0.46
Calmar ratio: Return relative to maximum drawdown	1.59	-0.95	+2.53
Martin ratio: Return relative to average drawdown	3.95	-1.62	+5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VHT vs. BTAL - Sharpe Ratio Comparison

The current VHT Sharpe Ratio is 1.13, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of VHT 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

	VHT	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	-1.61	+2.74
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	-0.24	+0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.57	-0.28	+0.85
Sharpe Ratio (All Time) Calculated using the full available price history	0.57	-0.24	+0.80

Drawdowns

VHT vs. BTAL - Drawdown Comparison

The maximum VHT drawdown since its inception was -39.12%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for VHT and BTAL.

Drawdown Indicators

	VHT	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-39.12%	-50.28%	+11.16%
Max Drawdown (1Y) Largest decline over 1 year	-10.40%	-37.50%	+27.10%
Max Drawdown (3Y) Largest decline over 3 years	-16.91%	-45.16%	+28.25%
Max Drawdown (5Y) Largest decline over 5 years	-17.71%	-45.16%	+27.45%
Max Drawdown (10Y) Largest decline over 10 years	-28.85%	-50.28%	+21.43%
Current Drawdown Current decline from peak	-4.34%	-49.32%	+44.98%
Average Drawdown Average peak-to-trough decline	-5.99%	-21.98%	+15.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.17%	21.90%	-17.73%

Volatility

VHT vs. BTAL - Volatility Comparison

The current volatility for Vanguard Health Care ETF (VHT) is 4.90%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that VHT 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

	VHT	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.90%	7.68%	-2.78%
Volatility (6M) Calculated over the trailing 6-month period	10.45%	15.98%	-5.53%
Volatility (1Y) Calculated over the trailing 1-year period	14.64%	22.07%	-7.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.02%	18.86%	-3.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.97%	17.29%	-0.32%

VHT vs. BTAL - Expense Ratio Comparison

VHT has a 0.09% expense ratio, which is lower than BTAL's 2.11% expense ratio.

Dividends

VHT vs. BTAL - Dividend Comparison

VHT's dividend yield for the trailing twelve months is around 1.66%, 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%
VHT Vanguard Health Care ETF	1.66%	1.61%	1.53%	1.36%	1.33%	1.14%	1.21%	1.89%	1.38%	1.31%	1.45%	1.22%

Frequently Asked Questions

Can I hold both VHT and BTAL in my portfolio?

VHT 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.

Which is riskier, VHT or BTAL?

BTAL has higher volatility (7.68%) compared to VHT (4.90%). In terms of maximum drawdown, VHT dropped -39.12% vs BTAL's -50.28%.

Which ETF is better, VHT or BTAL?

On 10-year performance, VHT leads with 9.66% vs -4.76% for BTAL. On fees, VHT is cheaper at 0.09% per year. On volatility, VHT has been the lower-risk option at 4.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VHT or BTAL?

Over the 10-year period, VHT has performed better with a 9.66% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VHT or BTAL?

VHT is cheaper with a 0.09% expense ratio, compared with 2.11% for BTAL.

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

BTAL has the higher dividend yield at 3.06%, compared with 1.66% for VHT.

What is the main difference between VHT and BTAL?

VHT is categorized as Health & Biotech Equities, while BTAL is Long-Short. VHT tracks MSCI US Investable Market Health Care 25/50 Index, while BTAL tracks Dow Jones U.S. Thematic Market Neutral Anti-Beta Total Return Index. They also come from different issuers: Vanguard and AGF. Their fees differ too: 0.09% for VHT and 2.11% for BTAL.

Which has better risk-adjusted returns?

VHT currently has the higher Sharpe Ratio (1.13 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.