ALLW vs. LALT

Last updated Jun 13, 2026

ALLW (State Street Bridgewater All Weather ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both exchange-traded funds - ALLW is a Tactical Allocation fund actively managed by State Street, while LALT is a Global Allocation fund actively managed by First Trust. Both are actively managed. Over the past year, ALLW returned 19.20% vs 19.17% for LALT. At a 0.49 correlation, their price movements are largely independent. ALLW charges 0.85%/yr vs 1.94%/yr for LALT.

Performance

ALLW vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Bridgewater All Weather ETF (ALLW) and First Trust Multi-Strategy Alternative ETF (LALT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ALLW achieves a 7.24% return, which is significantly lower than LALT's 9.27% return.

ALLW

• 1D: 0.10%
• 1M: -2.53%
• YTD: 7.24%
• 6M: 7.64%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LALT

• 1D: 0.05%
• 1M: -2.08%
• YTD: 9.27%
• 6M: 9.77%
• 1Y: 19.17%
• 3Y*: 10.13%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

ALLW vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025
ALLW State Street Bridgewater All Weather ETF	7.24%	15.44%
LALT First Trust Multi-Strategy Alternative ETF	9.27%	9.69%

Correlation

The correlation between ALLW and LALT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.49

ALLW vs. LALT - Sectors Allocation Comparison

Sectors	ALLW	LALT
Technology	26.3%	22.1%
Financial Services	15.8%	31.4%
Consumer Cyclical	11.0%	7.9%
Communication Services	9.7%	5.2%
Industrials	9.2%	7.7%
Healthcare	8.2%	7.3%
Consumer Defensive	5.9%	5.5%
Energy	4.9%	5.8%
Basic Materials	4.6%	4.4%
Utilities	2.8%	1.2%
Real Estate	1.8%	1.5%

Return for Risk

ALLW vs. LALT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALLW

ALLW Risk / Return Rank: 62
ALLW Sharpe Ratio Rank: 61
ALLW Sortino Ratio Rank: 57
ALLW Omega Ratio Rank: 62
ALLW Calmar Ratio Rank: 61
ALLW Martin Ratio Rank: 68

LALT

LALT Risk / Return Rank: 92
LALT Sharpe Ratio Rank: 91
LALT Sortino Ratio Rank: 91
LALT Omega Ratio Rank: 91
LALT Calmar Ratio Rank: 95
LALT Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALLW vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Bridgewater All Weather ETF (ALLW) and First Trust Multi-Strategy Alternative ETF (LALT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	ALLW	LALT	Difference
Sharpe ratio: Return per unit of total volatility	1.77	2.75	-0.98
Sortino ratio: Return per unit of downside risk	2.38	3.81	-1.43
Omega ratio: Gain probability vs. loss probability	1.33	1.53	-0.20
Calmar ratio: Return relative to maximum drawdown	2.67	6.71	-4.04
Martin ratio: Return relative to average drawdown	10.87	23.67	-12.80

ALLW vs. LALT - Sharpe Ratio Comparison

The current ALLW Sharpe Ratio is 1.77, which is lower than the LALT Sharpe Ratio of 2.75. The chart below compares the historical Sharpe Ratios of ALLW and LALT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

ALLW vs. LALT - Drawdown Comparison

The maximum ALLW drawdown since its inception was -8.78%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for ALLW and LALT.

Drawdown Indicators

	ALLW	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-8.78%	-6.97%	-1.81%
Max Drawdown (1Y) Largest decline over 1 year	-7.23%	-2.87%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.97%	—
Current Drawdown Current decline from peak	-2.58%	-2.08%	-0.50%
Average Drawdown Average peak-to-trough decline	-1.23%	-0.98%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.77%	0.81%	+0.96%

Volatility

ALLW vs. LALT - Volatility Comparison

State Street Bridgewater All Weather ETF (ALLW) has a higher volatility of 4.39% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 1.87%. This indicates that ALLW's price experiences larger fluctuations and is considered to be riskier than LALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALLW	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.39%	1.87%	+2.52%
Volatility (6M) Calculated over the trailing 6-month period	9.23%	5.62%	+3.61%
Volatility (1Y) Calculated over the trailing 1-year period	10.93%	7.01%	+3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.72%	5.82%	+6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.72%	5.82%	+6.90%

ALLW vs. LALT - Expense Ratio Comparison

ALLW has a 0.85% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

ALLW vs. LALT - Dividend Comparison

ALLW's dividend yield for the trailing twelve months is around 4.36%, more than LALT's 3.73% yield.

Position	TTM	2025	2024	2023
ALLW State Street Bridgewater All Weather ETF	4.36%	4.67%	0.00%	0.00%
LALT First Trust Multi-Strategy Alternative ETF	3.73%	2.03%	2.06%	2.44%

Frequently Asked Questions

Can I hold both ALLW and LALT in my portfolio?

ALLW and LALT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALLW or LALT?

ALLW has higher volatility (4.39%) compared to LALT (1.87%). In terms of maximum drawdown, ALLW dropped -8.78% vs LALT's -6.97%.

Which ETF is better, ALLW or LALT?

On 1-year performance, ALLW leads with 19.20% vs 19.17% for LALT. On fees, ALLW is cheaper at 0.85% per year. On volatility, LALT has been the lower-risk option at 1.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ALLW or LALT?

Over the 1-year period, ALLW has performed better with a 19.20% return vs 19.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ALLW or LALT?

ALLW is cheaper with a 0.85% expense ratio, compared with 1.94% for LALT.

Which ETF pays a higher dividend yield, ALLW or LALT?

ALLW has the higher dividend yield at 4.36%, compared with 3.73% for LALT.

What is the main difference between ALLW and LALT?

ALLW is categorized as Tactical Allocation, while LALT is Global Allocation. They also come from different issuers: State Street and First Trust. Their fees differ too: 0.85% for ALLW and 1.94% for LALT.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (2.75 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.