BTAL vs HEEM

Comparison between AGF U.S. MARKET NEUTRAL ANTI-BETA FUND (BTAL, ETF) and ISHARES CURRENCY HEDGED MSCI EMERGING MARKETS ETF (HEEM, ETF).

5-Year PerformanceHEEM has outperformed BTAL, delivering a return of +9.8% compared to -4.9%

BTAL vs HEEM - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	BTAL(ETF)	HEEM(ETF)
Net Assets	$276M	$275M
Expense Ratio	1.40%	0.72%
Max Drawdown	56.68%	35.35%
Sharpe Ratio	-2.02	2.12
5Y Beta	-0.84	0.73
5Y Dividends CAGR	N/A	14.21%

Net Assets

Winner

BTAL

$276M

HEEM

$275M

Expense Ratio

BTAL

1.40%

Winner

HEEM

0.72%

Max Drawdown

BTAL

56.68%

Winner

HEEM

35.35%

Sharpe Ratio

BTAL

-2.02

Winner

HEEM

2.12

5Y Beta

Winner

BTAL

-0.84

HEEM

0.73

5Y Dividends CAGR

BTAL

N/A

HEEM

14.21%

BTAL vs HEEM - Holdings Comparison

BTAL and HEEM have 1 common holdings. Overlap is -23.89%

BTAL's top 25 holdings weight is 108.81%. HEEM's top 25 holdings weight is 180.33%.

Rank	BTAL	HEEM
#1	CASH (n/a) - 97.58%	ISHARES MSCI EMERGING MARKETS ETF (EEM) - 99.95%
#2	OKTA INC CLASS A (OKTA) - 0.61%	TWD/USD PURCHASED (n/a) - 23.90%
#3	SAILPOINT INC (SAIL) - 0.54%	KRW/USD PURCHASED (n/a) - 17.94%
#4	CLOUDFLARE INC (NET) - 0.52%	HKD/USD PURCHASED (n/a) - 17.28%
#5	INTERNATIONAL BUSINESS MACHINES CORP (IBM) - 0.52%	INR/USD PURCHASED (n/a) - 11.18%
#6	NEXTPOWER INC CLASS A (NXT) - 0.51%	BRL/USD PURCHASED (n/a) - 3.92%
#7	SAMSARA INC ORDINARY SHARES CLASS A (IOT) - 0.50%	CNH/USD PURCHASED (n/a) - 3.49%
#8	RIVIAN AUTOMOTIVE INC CLASS A (RIVN) - 0.50%	MYR/USD PURCHASED (n/a) - 3.05%
#9	BORGWARNER INC (BWA) - 0.48%	ZAR/USD PURCHASED (n/a) - 3.03%
#10	GUIDEWIRE SOFTWARE INC (GWRE) - 0.48%	EUR/USD PURCHASED (n/a) - 1.88%
#11	UIPATH INC CLASS A (PATH) - 0.47%	MXN/USD PURCHASED (n/a) - 1.71%
#12	DYNATRACE INC ORDINARY SHARES (DT) - 0.46%	THB/USD PURCHASED (n/a) - 0.95%
#13	CACI INTERNATIONAL INC CLASS A (CACI) - 0.46%	IDR/USD PURCHASED (n/a) - 0.78%
#14	CISCO SYSTEMS INC (CSCO) - 0.45%	CLP/USD PURCHASED (n/a) - 0.58%
#15	INTUIT INC (INTU) - 0.45%	TRY/USD PURCHASED (n/a) - 0.41%
#16	CCC INTELLIGENT SOLUTIONS HOLDINGS INC (CCC) - 0.45%	BLACKROCK CASH FUNDS TREASURY SL AGENCY (n/a) - 0.00%
#17	AKAMAI TECHNOLOGIES INC (AKAM) - 0.45%	CASH OFFSET (n/a) - -0.01%
#18	GARTNER INC (IT) - 0.45%	USD CASH (n/a) - -0.37%
#19	PAYCHEX INC (PAYX) - 0.44%	TRY/USD SOLD (n/a) - -0.41%
#20	MOTOROLA SOLUTIONS INC (MSI) - 0.44%	CLP/USD SOLD (n/a) - -0.58%
#21	NEW YORK TIMES CO CLASS A (NYT) - 0.41%	IDR/USD SOLD (n/a) - -0.78%
#22	AUTODESK INC (ADSK) - 0.41%	THB/USD SOLD (n/a) - -0.95%
#23	AUTOZONE INC (AZO) - 0.41%	MXN/USD SOLD (n/a) - -1.71%
#24	QUEST DIAGNOSTICS INC (DGX) - 0.41%	EUR/USD SOLD (n/a) - -1.88%
#25	H&R BLOCK INC (HRB) - 0.41%	ZAR/USD SOLD (n/a) - -3.03%
Total Holdings	366	32

BTAL vs HEEM - Historical Returns

Returns include dividend reinvestment.

Period	BTAL	HEEM
1 month	-4.41%	+3.60%
3 months	-19.99%	+18.85%
6 months	-19.28%	+28.40%
1 year	-36.62%	+53.43%
5 years(CAGR)	-4.95%	+9.83%
10 years(CAGR)	-4.98%	+11.24%
Max(CAGR)	-4.04%	+8.51%

BTAL

-4.41%

Winner

HEEM

+3.60%

BTAL

-19.99%

Winner

HEEM

+18.85%

BTAL

-19.28%

Winner

HEEM

+28.40%

BTAL

-36.62%

Winner

HEEM

+53.43%

5Y(CAGR)

BTAL

-4.95%

Winner

HEEM

+9.83%

10Y(CAGR)

BTAL

-4.98%

Winner

HEEM

+11.24%

Max(CAGR)

BTAL

-4.04%

Winner

HEEM

+8.51%

BTAL vs HEEM - Annual Returns (2011 - 2026)

Returns include dividend reinvestment.

Year	BTAL	HEEM
2026	-18.22%	+22.58%
2025	-19.89%	+34.47%
2024	+10.73%	+13.00%
2023	-16.21%	+8.27%
2022	+21.71%	-17.43%
2021	-7.35%	-2.74%
2020	-13.74%	+15.36%
2019	+2.04%	+17.92%
2018	+16.45%	-12.68%
2017	-1.13%	+26.04%
2016	-5.06%	+11.00%
2015	+4.33%	-9.15%
2014	+8.06%	-1.12%
2013	-11.09%	N/A
2012	-7.04%	N/A
2011	-2.50%	N/A

BTAL vs HEEM 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 HEEM was -33.53%, occurring on Oct 24, 2022. Recovery took 1097 trading sessions.

The current BTAL drawdown is -50.25%. The current HEEM drawdown is -3.95%.

Rank	BTAL	HEEM
#1	-50.29% Mar 12, 2020 - Jun 2, 2026	-33.53% Feb 17, 2021 - Jul 1, 2025
#2	-29.52% Oct 3, 2011 - Mar 9, 2020	-28.82% Jan 26, 2018 - Aug 5, 2020
#3	-2.13% Sep 26, 2011 - Sep 29, 2011	-27.54% Apr 27, 2015 - Jul 11, 2017
#4	-1.62% Sep 13, 2011 - Sep 21, 2011	-10.83% Feb 25, 2026 - Apr 17, 2026
#5	-1.46% Mar 9, 2020 - Mar 12, 2020	-8.71% Nov 21, 2014 - Jan 22, 2015
#6	N/A	-8.01% Jun 2, 2026 - Jun 10, 2026
#7	N/A	-5.70% Aug 26, 2020 - Oct 12, 2020
#8	N/A	-5.39% Nov 21, 2017 - Jan 2, 2018
#9	N/A	-5.25% Jan 25, 2021 - Feb 5, 2021
#10	N/A	-4.29% Feb 20, 2015 - Apr 2, 2015
#11	N/A	-4.17% Oct 8, 2025 - Oct 20, 2025
#12	N/A	-4.14% Oct 29, 2025 - Dec 4, 2025
#13	N/A	-4.13% May 11, 2026 - May 26, 2026
#14	N/A	-3.56% Jan 22, 2015 - Feb 13, 2015
#15	N/A	-3.36% Oct 6, 2014 - Oct 31, 2014

Correlation

Correlation between BTAL and HEEM is -0.60 which considered as a moderate negative correlation - the stocks show some tendency to move in opposite directions.

-0.60

-101

Dividend Comparison (2011 - 2025)

BTAL vs HEEM dividend yield comparison.

Year	BTAL	HEEM
2025	2.49%	3.98%
2024	3.49%	2.38%
2023	6.14%	2.75%
2022	1.01%	7.49%
2021	0.00%	1.93%
2020	0.00%	1.49%
2019	0.88%	3.04%
2018	0.39%	2.37%
2017	0.00%	2.05%
2016	0.00%	1.84%
2015	0.00%	6.28%
2014	0.00%	2.04%
2012	0.00%	0.00%
2011	1.80%	0.00%