BTAL vs SPY
AGF US Market Neutral Anti-Beta Fund ETF vs State Street SPDR S&P 500 ETF Trust
Which is better, BTAL or SPY?
Opposite sides of the same exposure.
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.62, so holding both offsets the exposure while paying both fees.
MarketXLS is not an investment adviser. This comparison is generated automatically from market data and is for information only. A Best mark means the better reading on that one measure, not a recommendation to buy.
Side-by-Side Comparison
| Metric | BTAL | SPY |
|---|---|---|
| Expense Ratio | 1.40% | 0.09%Best |
| AUM | $306M | $804.7B |
| Dividend Yield | 2.92% | 0.98% |
| Holdings | 402 | 505 |
| YTD Return | -12.60% | +12.09%Best |
| 1Y Return | -18.73% | +16.29%Best |
| 3Y Return (annualized) | -10.96% | +21.20%Best |
| 5Y Return (annualized) | -4.06% | +13.37%Best |
| Volatility (annualized) | 14.8% | 14.1%Best |
| Max Drawdown | -52.7% | -34.1%Best |
| $10,000 over 5 years | $8,128 | $18,728Best |
| Fund Family | AGFiQ | State Street Investment Management |
| Category | Alternative | Equity |
| Style | Multi Alternative | Large Cap Blend |
| Inception | Sep 13, 2011 | Jan 22, 1993 |
Not shown on this pair: Top 10 Weight.
Volatility and max drawdown are measured over the window both funds cover: Sep 13, 2011 to Sep 18, 2026 (15 years).
BTAL vs SPY growth
Month-end closes. Both lines start at 0% in the first month shown, so the gap between them is the difference in growth across that window. The full view is available from the range buttons; it is not the opening view here because over the whole period one of these two funds moves so much further than the other that its line would sit flat on the axis.
BTAL vs SPY Performance
AGF US Market Neutral Anti-Beta Fund ETF (BTAL) is an ETF from AGFiQ and State Street SPDR S&P 500 ETF Trust (SPY) is an ETF from State Street Investment Management. Over the past year BTAL returned -18.73% while SPY returned +16.29%. Year to date, BTAL is down 12.60% versus a gain of 12.09% for SPY.
Over three years, BTAL compounded at -10.96% per year against +21.20% for SPY; over five years the annualized figures are -4.06% and +13.37% respectively. Across the full 15-year window we track, SPY has the edge at +13.80% annualized vs -3.54%.
Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BTAL has been the more volatile fund, with annualized monthly volatility of 14.8% compared with 14.1% for SPY. 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 -34.1% for SPY. Drawdown depth is what each fund did in the worst stretch of the window measured above.
The two funds' monthly returns correlate at -0.62. They move opposite each other. Holding both offsets the exposure rather than spreading it, while paying both funds' fees.
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 0.98% for SPY.
Holdings Overlap
At least 34.1% of SPY's money is in holdings BTAL also owns.
Stated as a floor: for BTAL, our book for it covers 79.8% of that fund, so a holding it does not list is one we cannot count as shared. The real figure is this or higher.
They hold the same names on opposite sides, so owning both offsets the exposure rather than doubling it.
188 positions in common, counted across the 400 positions we hold weights for in BTAL and 504 in SPY, against full books of 402 and 505.
Top Shared Holdings
| Stock | Weight in BTAL | Weight in SPY | Difference |
|---|---|---|---|
| AMZNAmazon.Com Inc | -0.38% | 3.79% | 4.17% |
| AVGOBroadcom Inc | -0.37% | 2.66% | 3.03% |
| METAMeta Platforms Inc | -0.41% | 1.93% | 2.34% |
| JNJJohnson & Johnson - Common | 0.40% | 0.99% | 0.59% |
| MUMicron Technology, Inc. | -0.50% | 1.60% | 2.10% |
| TSLATesla Inc | -0.43% | 1.52% | 1.95% |
| ABBVAbbvie Inc. | 0.37% | 0.70% | 0.33% |
| CSCOCisco Systems Inc. - Ordinary Shares | 0.40% | 0.66% | 0.26% |
| MRKMerck & Company Inc | 0.39% | 0.56% | 0.17% |
| NFLXNetflix, Inc. | 0.39% | 0.52% | 0.13% |
34.1% of SPY is already inside BTAL.
You probably hold more than these two. Add the rest and see how much of the whole book is the same companies twice.
Free for up to 10 holdings. No account needed.
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, by $131 a year on a $10,000 investment.
Which performed better, BTAL or SPY?
Over the past year BTAL returned -18.73% vs +16.29% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (15 years), BTAL annualized -3.54% vs +13.80% for SPY. Past performance does not guarantee future results. This is information, not a recommendation.
Which is riskier, BTAL or SPY?
BTAL has been the more volatile fund at 14.8% annualized versus 14.1% for SPY. Worst drawdown: BTAL -52.7% vs SPY -34.1%.
Should I hold both BTAL and SPY?
BTAL and SPY have a monthly-return correlation of -0.62, so they move opposite each other. Holding both offsets the exposure rather than spreading it, and pays both funds' fees on the way. This is information, not a recommendation.
What is the holdings overlap between BTAL and SPY?
At least 34.1% of SPY's money is in holdings BTAL also owns. Our book for BTAL is partial, so the real figure is this or higher. They hold 188 positions in common, counted across the 400 positions we hold weights for in BTAL and 504 in SPY.
Which pays a higher dividend, BTAL or SPY?
BTAL yields 2.92% while SPY yields 0.98%, so BTAL currently pays the higher dividend yield.
Is SPY better than BTAL?
SPY has a lower expense ratio. SPY led over 1Y, 3Y, 5Y and the full window. The two move opposite each other, correlation -0.62, so holding both offsets the exposure while paying both fees. Which one suits a particular account depends on what it is for. This is information, not a recommendation.