Which did better when the S&P 500 fell, BTAL or MKTN?

In the 25 weeks the S&P 500 fell, by 1.15% a week on average, BTAL averaged +1.62% and MKTN +0.40%, so BTAL returned more in those weeks.

Which earned more than cash, BTAL or MKTN?

Over the same weeks, BTAL finished 25.1 percentage points behind cash and MKTN finished 10.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.

Which is cheaper, BTAL or MKTN?

BTAL charges 1.40% a year and MKTN charges 1.94%, so BTAL is cheaper. Fees come from each fund's prospectus.

Share on X Download as PDF Open live

BTAL vs MKTN: which moved less with stocks?

Over the year to Sep 30, 2026, BTAL moved less with the S&P 500 than MKTN: correlation −0.76 against −0.01. AGF U.S. Market Neutral Anti-Beta Fund and Federated Hermes MDT Market Neutral ETF.

−0.76

BTAL correlation with the S&P 500

−0.01

MKTN correlation with the S&P 500

−141.3%

BTAL down-week capture

−35.0%

MKTN down-week capture

BTALRose when the S&P 500 fell

BTAL in the 25 weeks SPY fell, year to Sep 30, 2026: SPY averaged −1.15%, BTAL +1.62%.

MKTNRose when the S&P 500 fell

MKTN in the 25 weeks SPY fell, year to Sep 30, 2026: SPY averaged −1.15%, MKTN +0.40%.

ETFIQ Diversifier Score · BTAL scores higherHow much does it diversify a stock portfolio?

BTAL 98.7

MKTN 90.8

7.9, the lowest in this set98.7, the highest

A percentile among the 57 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it → How it is computed →

One strategy, two funds

BTAL and MKTN both run a market neutral strategy. Over the same 52 weeks to Sep 30, 2026, BTAL’s weekly returns had a correlation of −0.76 with the S&P 500 and MKTN’s −0.01. In the 25 weeks the index fell, by 1.15% a week on average, BTAL averaged +1.62% and MKTN +0.40%. Over the same weeks, BTAL finished 25.1 percentage points behind cash and MKTN finished 10.2 points ahead of cash.

Performance, window by window

	Total return		vs the S&P 500
Window	BTAL	MKTN	BTAL	MKTN
3 months	+5.8%	+7.3%	+3.3 pts	+4.8 pts
6 months	−13.1%	+6.7%	−30.1 pts	−10.3 pts
1 year	−22.7%	+12.5%	−38.5 pts	−3.2 pts
3 years	−31.9%	not published	−116.9 pts	not published
Since launch BTAL Sep 2011 · MKTN Sep 2025	−43.1%	+12.6%	−789.3 pts	−4.5 pts

BTAL and MKTN over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

BTAL

AGF U.S. Market Neutral Anti-Beta Fund · Market neutral fund: owns stocks it expects to do well and sells short about as much in stocks it expects to lag

MKTN

Federated Hermes MDT Market Neutral ETF · Market neutral fund: owns stocks it expects to do well and sells short about as much in stocks it expects to lag

Issuer AGF Investments Federated Hermes

Strategy Market neutral Market neutral

Correlation with the S&P 500 −0.76 −0.01

Beta to the S&P 500 −1.38 0.00

Down-week capture −141.3% −35.0%

Average week when the S&P 500 fell +1.62% +0.40%

The S&P 500 in those weeks −1.15% −1.15%

Total return, same 52 weeks −21.5% +13.9%

Against T-bills, percentage points −25.1 pts +10.2 pts

Expense ratio 1.40% 1.94%

Listed Sep 13, 2011 Sep 25, 2025

Net assets $283m $107m

BTAL and MKTN on the same fields, as of Sep 30, 2026. Source: ETFIQ.

BTAL in plain words

BTAL is a market neutral fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Sep 30, 2026, its weekly returns had a correlation of −0.76 with the S&P 500’s and a beta of −1.38, so for each 1% the index moved it moved about 1.38% the other way. The S&P 500 fell in 25 of those 52 weeks, by 1.15% on average. In the same weeks BTAL rose 1.62% on average, a down-week capture of −141.3%. Over the same 52 weeks BTAL returned −21.5% and a Treasury bill fund +3.6%, so it finished 25.1 percentage points behind cash.

MKTN in plain words

MKTN is a market neutral fund. Over the year to Sep 30, 2026, its weekly returns had a correlation of −0.01 with the S&P 500’s and a beta of 0.00, so on average it did not move with the index at all. In the same weeks MKTN rose 0.40% on average, a down-week capture of −35.0%. Over the same 52 weeks MKTN returned +13.9% and a Treasury bill fund +3.6%, so it finished 10.2 percentage points ahead of cash.

Questions people ask

Which moved less with the S&P 500, BTAL or MKTN?: Over the 52 weeks to Sep 30, 2026, BTAL’s weekly returns had a correlation of −0.76 with the S&P 500 and MKTN’s −0.01, so BTAL moved less with the index.
Which did better when the S&P 500 fell, BTAL or MKTN?: In the 25 weeks the S&P 500 fell, by 1.15% a week on average, BTAL averaged +1.62% and MKTN +0.40%, so BTAL returned more in those weeks.
Which earned more than cash, BTAL or MKTN?: Over the same weeks, BTAL finished 25.1 percentage points behind cash and MKTN finished 10.2 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
Which is cheaper, BTAL or MKTN?: BTAL charges 1.40% a year and MKTN charges 1.94%, so BTAL is cheaper. Fees come from each fund's prospectus.

Other comparisons

BIL, the T-bill fund these are measured against →BTAL on its own →MKTN on its own →How every figure is computed →Standards and sources →

Where these figures came from

BTAL filings on SEC EDGAR ↗BTAL prospectus with the expense ratio (SEC) ↗AGF Investments website ↗MKTN filings on SEC EDGAR ↗MKTN prospectus with the expense ratio (SEC) ↗Federated Hermes website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, BTAL against MKTN, data as of Sep 30, 2026. https://etfiq.com/compare/alternatives/btal-vs-mktn

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.