HEEM vs BTAL

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

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

HEEM vs BTAL - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

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

Net Assets

HEEM

$275M

Winner

BTAL

$276M

Expense Ratio

Winner

HEEM

0.72%

BTAL

1.40%

Max Drawdown

Winner

HEEM

35.35%

BTAL

56.68%

Sharpe Ratio

Winner

HEEM

2.12

BTAL

-2.02

5Y Beta

HEEM

0.73

Winner

BTAL

-0.84

5Y Dividends CAGR

HEEM

14.21%

BTAL

N/A

HEEM vs BTAL - Holdings Comparison

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

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

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

HEEM vs BTAL - Historical Returns

Returns include dividend reinvestment.

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

Winner

HEEM

+3.60%

BTAL

-4.41%

Winner

HEEM

+18.85%

BTAL

-19.99%

Winner

HEEM

+28.40%

BTAL

-19.28%

Winner

HEEM

+53.43%

BTAL

-36.62%

5Y(CAGR)

Winner

HEEM

+9.83%

BTAL

-4.95%

10Y(CAGR)

Winner

HEEM

+11.24%

BTAL

-4.98%

Max(CAGR)

Winner

HEEM

+8.51%

BTAL

-4.04%

HEEM vs BTAL - Annual Returns (2011 - 2026)

Returns include dividend reinvestment.

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

HEEM vs BTAL Drawdown Comparison

The maximum drawdown for HEEM was -33.53%, occurring on Oct 24, 2022. Recovery took 1097 trading sessions.

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

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

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

Correlation

Correlation between HEEM and BTAL 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)

HEEM vs BTAL dividend yield comparison.

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