BTAL vs SPY
AGF US Market Neutral Anti-Beta Fund ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BTAL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 1.40% | 0.09% | |
| AUM | $294M | $821.1B | |
| Dividend Yield | 2.92% | 1.01% | |
| Holdings | 402 | 505 | |
| YTD Return | -14.38% | +13.47% | |
| 1Y Return | -24.57% | +20.57% | |
| 3Y Return (annualized) | -11.26% | +21.83% | |
| 5Y Return (annualized) | -4.13% | +12.88% | |
| Volatility (annualized) | 14.9% | 15.3% | |
| Max Drawdown | -52.7% | -56.5% | |
| Fund Family | AGFiQ | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Sep 13, 2011 | Jan 22, 1993 |
BTAL vs SPY Performance
AGF US Market Neutral Anti-Beta Fund ETF (BTAL) is a ETF from AGFiQ and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BTAL returned -24.57% while SPY returned +20.57%. Year to date, BTAL is down 14.38% versus a gain of 13.47% for SPY.
Over three years, BTAL compounded at -11.26% per year against +21.83% for SPY; over five years the annualized figures are -4.13% and +12.88% respectively. Across the full 15-year window we track, SPY has the edge at +8.83% annualized vs -3.69%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 14.9% for BTAL. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -52.7% for BTAL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at -0.62. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BTAL charges 1.40% per year while SPY charges 0.09%. On a $10,000 position that is $140 vs $9 annually, a gap of $131 per year that compounds over a long holding period. On income, BTAL currently yields 2.92% against 1.01% for SPY.
Holdings Overlap
BTAL and SPY share 191 holdings out of 712 unique holdings combined, representing a 12.9% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BTAL or SPY?
BTAL has an expense ratio of 1.40% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $131 per year of difference.
Which performed better, BTAL or SPY?
Over the past year BTAL returned -24.57% vs +20.57% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), BTAL annualized -3.69% vs +8.83% for SPY. Past performance does not guarantee future results.
Which is riskier, BTAL or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 14.9% for BTAL. Worst drawdown: BTAL -52.7% vs SPY -56.5%.
Should I hold both BTAL and SPY?
BTAL and SPY have a monthly-return correlation of -0.62, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BTAL and SPY?
BTAL and SPY share 191 common holdings with a 12.9% weight overlap. Combined, they hold 712 unique securities.
Which pays a higher dividend, BTAL or SPY?
BTAL yields 2.92% while SPY yields 1.01%, so BTAL currently pays the higher dividend yield.
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