BTAL vs DSM

Comparison between AGF U.S. MARKET NEUTRAL ANTI-BETA FUND (BTAL, ETF) and BNY Mellon Strategic Municipal Bond Fund Inc (DSM, ETF).

5-Year PerformanceDSM has outperformed BTAL, delivering a return of -1.5% compared to -3.9%

BTAL vs DSM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BTAL(ETF)	DSM(ETF)
Net Assets	$321M	$321M
Expense Ratio	1.40%	N/A
Max Drawdown	56.68%	53.69%
Sharpe Ratio	-1.98	1.07
5Y Beta	-0.83	0.19
5Y Dividends CAGR	N/A	-4.74%

Net Assets

Winner

BTAL

$321M

DSM

$321M

Expense Ratio

BTAL

1.40%

DSM

N/A

Max Drawdown

BTAL

56.68%

Winner

DSM

53.69%

Sharpe Ratio

BTAL

-1.98

Winner

DSM

1.07

5Y Beta

Winner

BTAL

-0.83

DSM

0.19

5Y Dividends CAGR

BTAL

N/A

DSM

-4.74%

BTAL vs DSM - Historical Returns

Returns include dividend reinvestment.

Period	BTAL	DSM
1 month	-1.97%	+0.42%
3 months	-15.76%	+1.29%
6 months	-15.74%	+3.50%
1 year	-34.85%	+14.94%
5 years(CAGR)	-3.90%	-1.46%
10 years(CAGR)	-4.25%	+1.25%
Max(CAGR)	-3.78%	+5.15%

BTAL

-1.97%

Winner

DSM

+0.42%

BTAL

-15.76%

Winner

DSM

+1.29%

BTAL

-15.74%

Winner

DSM

+3.50%

BTAL

-34.85%

Winner

DSM

+14.94%

5Y(CAGR)

BTAL

-3.90%

Winner

DSM

-1.46%

10Y(CAGR)

BTAL

-4.25%

Winner

DSM

+1.25%

Max(CAGR)

BTAL

-3.78%

Winner

DSM

+5.15%

BTAL vs DSM - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	BTAL	DSM
2026	-14.80%	+0.60%
2025	-19.89%	+10.70%
2024	+10.73%	+4.98%
2023	-16.21%	+3.00%
2022	+21.71%	-27.37%
2021	-7.35%	+11.90%
2020	-13.74%	+3.37%
2019	+2.04%	+18.05%
2018	+16.45%	-13.10%
2017	-1.13%	+12.39%
2016	-5.06%	+4.71%
2015	+4.33%	+7.30%
2014	+8.06%	+15.36%
2013	-11.09%	-16.99%
2012	-7.04%	+14.93%
2011	-2.50%	+24.19%
2010	N/A	+5.63%
2009	N/A	+45.32%
2008	N/A	-24.63%
2007	N/A	-13.34%
2006	N/A	+23.72%
2005	N/A	+1.31%
2004	N/A	+4.76%
2003	N/A	+18.37%
2002	N/A	+2.05%
2001	N/A	+3.76%
2000	N/A	+23.02%
1999	N/A	-6.54%

BTAL vs DSM Drawdown Comparison

The maximum drawdown for BTAL was -50.29%, occurring on Jun 2, 2026. This drawdown has not yet recovered.

The maximum drawdown for DSM was -49.10%, occurring on Oct 10, 2008. Recovery took 691 trading sessions.

The current BTAL drawdown is -48.17%. The current DSM drawdown is -11.86%.

Rank	BTAL	DSM
#1	-50.29% Mar 12, 2020 - Jun 2, 2026	-49.10% May 4, 2007 - Feb 1, 2010
#2	-29.52% Oct 3, 2011 - Mar 9, 2020	-38.73% Aug 3, 2021 - Oct 25, 2023
#3	-2.13% Sep 26, 2011 - Sep 29, 2011	-31.97% Nov 6, 2019 - May 5, 2021
#4	-1.62% Sep 13, 2011 - Sep 21, 2011	-23.32% Jan 9, 2013 - Dec 21, 2015
#5	-1.46% Mar 9, 2020 - Mar 12, 2020	-17.18% Oct 1, 2010 - Aug 31, 2011
#6	N/A	-16.59% Aug 2, 2017 - May 9, 2019
#7	N/A	-16.42% Feb 18, 2004 - Nov 3, 2004
#8	N/A	-13.68% Jul 8, 2005 - Aug 16, 2006
#9	N/A	-12.71% Sep 30, 2002 - Mar 4, 2003
#10	N/A	-12.32% Nov 12, 1999 - Jan 28, 2000
#11	N/A	-12.03% Aug 13, 2001 - Jul 1, 2002
#12	N/A	-11.60% Sep 28, 2016 - Jul 12, 2017
#13	N/A	-11.55% Jun 16, 2003 - Jan 7, 2004
#14	N/A	-8.87% Jan 28, 2000 - Apr 4, 2000
#15	N/A	-7.89% Sep 30, 2011 - Dec 6, 2011

Correlation

Correlation between BTAL and DSM is -0.27 which considered as a very weak or no correlation - the stocks move independently of each other.

-0.27

-101

Dividend Comparison (1999 - 2026)

BTAL vs DSM dividend yield comparison.

Year	BTAL	DSM
2026	0.00%	2.08%
2025	2.49%	4.07%
2024	3.49%	3.72%
2023	6.14%	4.27%
2022	1.01%	5.95%
2021	0.00%	4.31%
2020	0.00%	4.57%
2019	0.88%	5.19%
2018	0.39%	6.11%
2017	0.00%	5.82%
2016	0.00%	6.19%
2015	0.00%	6.17%
2014	0.00%	7.71%
2013	0.00%	7.68%
2012	0.00%	6.60%
2011	1.80%	6.56%
2010	0.00%	7.22%
2009	0.00%	6.09%
2008	0.00%	8.38%
2007	0.00%	6.37%
2006	0.00%	5.39%
2005	0.00%	7.15%
2004	0.00%	7.19%
2003	0.00%	6.90%
2002	0.00%	6.94%
2001	0.00%	6.67%
2000	0.00%	6.94%
1999	0.00%	1.36%