VPU vs. BTAL

Last updated Jun 9, 2026

VPU (Vanguard Utilities ETF) and BTAL (AGFiQ US Market Neutral Anti-Beta Fund) are both exchange-traded funds - VPU is a Utilities Equities fund tracking the MSCI US Investable Market Utilities 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, VPU returned 8.85%/yr vs -4.76%/yr for BTAL. At a correlation of -0.06, they often move in opposite directions. VPU charges 0.09%/yr vs 2.11%/yr for BTAL.

Performance

VPU vs. BTAL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vanguard Utilities ETF (VPU) 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, VPU achieves a 2.68% return, which is significantly higher than BTAL's -18.69% return. Over the past 10 years, VPU has outperformed BTAL with an annualized return of 8.85%, while BTAL has yielded a comparatively lower -4.76% annualized return.

VPU

• 1D: -1.87%
• 1M: -2.65%
• YTD: 2.68%
• 6M: 3.11%
• 1Y: 10.68%
• 3Y*: 12.74%
• 5Y*: 8.91%
• 10Y*: 8.85%

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)

VPU vs. BTAL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
VPU Vanguard Utilities ETF	2.68%	16.46%	23.04%	-7.45%	1.06%	17.40%	-0.74%	24.89%	4.38%	12.44%
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 VPU and BTAL is -0.11, 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	-0.11
Correlation (3Y) Calculated over the trailing 3-year period	-0.10
Correlation (5Y) Calculated over the trailing 5-year period	-0.10
Correlation (10Y) Calculated over the trailing 10-year period	-0.02
Correlation (All Time) Calculated using the full available price history since Sep 14, 2011	-0.06

VPU vs. BTAL - Sectors Allocation Comparison

Sectors	VPU	BTAL
Utilities	99.3%	5.2%
Energy	0.5%	4.4%
Industrials	0.2%	13.7%
Basic Materials	-	4.0%
Communication Services	-	3.4%
Consumer Cyclical	-	12.8%
Consumer Defensive	-	5.6%
Financial Services	-	14.9%
Healthcare	-	10.2%
Real Estate	-	6.2%
Technology	-	19.5%

Return for Risk

VPU vs. BTAL — Risk / Return Rank

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

VPU

VPU Risk / Return Rank: 23
VPU Sharpe Ratio Rank: 23
VPU Sortino Ratio Rank: 22
VPU Omega Ratio Rank: 22
VPU Calmar Ratio Rank: 27
VPU Martin Ratio Rank: 22

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.

VPU vs. BTAL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vanguard Utilities ETF (VPU) 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.

	VPU	BTAL	Difference
Sharpe ratio: Return per unit of total volatility	0.75	-1.61	+2.36
Sortino ratio: Return per unit of downside risk	1.09	-2.52	+3.61
Omega ratio: Gain probability vs. loss probability	1.14	0.74	+0.39
Calmar ratio: Return relative to maximum drawdown	1.20	-0.95	+2.15
Martin ratio: Return relative to average drawdown	2.66	-1.62	+4.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VPU vs. BTAL - Sharpe Ratio Comparison

The current VPU Sharpe Ratio is 0.75, which is higher than the BTAL Sharpe Ratio of -1.61. The chart below compares the historical Sharpe Ratios of VPU 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

	VPU	BTAL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	-1.61	+2.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	-0.24	+0.77
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.46	-0.28	+0.74
Sharpe Ratio (All Time) Calculated using the full available price history	0.53	-0.24	+0.77

Drawdowns

VPU vs. BTAL - Drawdown Comparison

The maximum VPU drawdown since its inception was -46.31%, smaller than the maximum BTAL drawdown of -50.28%. Use the drawdown chart below to compare losses from any high point for VPU and BTAL.

Drawdown Indicators

	VPU	BTAL	Difference
Max Drawdown Largest peak-to-trough decline	-46.31%	-50.28%	+3.97%
Max Drawdown (1Y) Largest decline over 1 year	-8.90%	-37.50%	+28.60%
Max Drawdown (3Y) Largest decline over 3 years	-17.34%	-45.16%	+27.82%
Max Drawdown (5Y) Largest decline over 5 years	-25.15%	-45.16%	+20.01%
Max Drawdown (10Y) Largest decline over 10 years	-36.42%	-50.28%	+13.86%
Current Drawdown Current decline from peak	-7.71%	-49.32%	+41.61%
Average Drawdown Average peak-to-trough decline	-7.78%	-21.98%	+14.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.02%	21.90%	-17.88%

Volatility

VPU vs. BTAL - Volatility Comparison

The current volatility for Vanguard Utilities ETF (VPU) is 5.56%, while AGFiQ US Market Neutral Anti-Beta Fund (BTAL) has a volatility of 7.68%. This indicates that VPU 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

	VPU	BTAL	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.56%	7.68%	-2.12%
Volatility (6M) Calculated over the trailing 6-month period	11.53%	15.98%	-4.45%
Volatility (1Y) Calculated over the trailing 1-year period	14.38%	22.07%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.07%	18.86%	-1.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.14%	17.29%	+1.85%

VPU vs. BTAL - Expense Ratio Comparison

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

Dividends

VPU vs. BTAL - Dividend Comparison

VPU's dividend yield for the trailing twelve months is around 2.70%, 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%
VPU Vanguard Utilities ETF	2.70%	2.73%	3.02%	3.49%	2.98%	2.70%	3.17%	2.83%	3.23%	3.18%	3.19%	3.63%

Frequently Asked Questions

Can I hold both VPU and BTAL in my portfolio?

VPU and BTAL have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, VPU or BTAL?

BTAL has higher volatility (7.68%) compared to VPU (5.56%). In terms of maximum drawdown, VPU dropped -46.31% vs BTAL's -50.28%.

Which ETF is better, VPU or BTAL?

On 10-year performance, VPU leads with 8.85% vs -4.76% for BTAL. On fees, VPU is cheaper at 0.09% per year. On volatility, VPU has been the lower-risk option at 5.56%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, VPU or BTAL?

Over the 10-year period, VPU has performed better with a 8.85% return vs -4.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, VPU or BTAL?

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

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

BTAL has the higher dividend yield at 3.06%, compared with 2.70% for VPU.

What is the main difference between VPU and BTAL?

VPU is categorized as Utilities Equities, while BTAL is Long-Short. VPU tracks MSCI US Investable Market Utilities 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 VPU and 2.11% for BTAL.

Which has better risk-adjusted returns?

VPU currently has the higher Sharpe Ratio (0.75 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.