FOXY vs. IALT

Last updated Apr 1, 2026

Compare and contrast key facts about Simplify Currency Strategy ETF (FOXY) and iShares Systematic Alternatives Active ETF (IALT).

FOXY and IALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FOXY is an actively managed fund by Simplify. It was launched on Feb 3, 2025. IALT is an actively managed fund by iShares. It was launched on Dec 9, 2025.

Performance

FOXY vs. IALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Simplify Currency Strategy ETF (FOXY) and iShares Systematic Alternatives Active ETF (IALT). The values are adjusted to include any dividend payments, if applicable.

FOXY vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
FOXY Simplify Currency Strategy ETF	9.85%	-3.46%
IALT iShares Systematic Alternatives Active ETF	7.75%	0.73%

Returns By Period

In the year-to-date period, FOXY achieves a 9.85% return, which is significantly higher than IALT's 7.75% return.

FOXY

• 1D: -0.78%
• 1M: -0.15%
• YTD: 9.85%
• 6M: 9.95%
• 1Y: 15.75%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IALT

• 1D: 0.82%
• 1M: 3.45%
• YTD: 7.75%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FOXY vs. IALT - Expense Ratio Comparison

FOXY has a 0.81% expense ratio, which is lower than IALT's 0.99% expense ratio.

IALT

iShares Systematic Alternatives Active ETF

FOXY

Simplify Currency Strategy ETF

Return for Risk

FOXY vs. IALT — Risk / Return Rank

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

FOXY

FOXY Risk / Return Rank: 53
FOXY Sharpe Ratio Rank: 56
FOXY Sortino Ratio Rank: 50
FOXY Omega Ratio Rank: 60
FOXY Calmar Ratio Rank: 51
FOXY Martin Ratio Rank: 50

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.

FOXY vs. IALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Currency Strategy ETF (FOXY) and iShares Systematic Alternatives Active ETF (IALT). 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.

	FOXY	IALT	Difference
Sharpe ratio Return per unit of total volatility	0.99	—	—
Sortino ratio Return per unit of downside risk	1.32	—	—
Omega ratio Gain probability vs. loss probability	1.22	—	—
Calmar ratio Return relative to maximum drawdown	1.30	—	—
Martin ratio Return relative to average drawdown	4.75	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FOXY	IALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.99	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.44	4.40	-2.97

Correlation

The correlation between FOXY and IALT is 0.15, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FOXY vs. IALT - Dividend Comparison

FOXY's dividend yield for the trailing twelve months is around 6.63%, more than IALT's 0.13% yield.

	TTM	2025
FOXY Simplify Currency Strategy ETF	6.63%	5.51%
IALT iShares Systematic Alternatives Active ETF	0.13%	0.14%

Drawdowns

FOXY vs. IALT - Drawdown Comparison

The maximum FOXY drawdown since its inception was -13.09%, which is greater than IALT's maximum drawdown of -1.28%. Use the drawdown chart below to compare losses from any high point for FOXY and IALT.

Drawdown Indicators

	FOXY	IALT	Difference
Max Drawdown Largest peak-to-trough decline	-13.09%	-1.28%	-11.81%
Max Drawdown (1Y) Largest decline over 1 year	-13.09%	—	—
Current Drawdown Current decline from peak	-2.82%	0.00%	-2.82%
Average Drawdown Average peak-to-trough decline	-2.08%	-0.26%	-1.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.59%	—	—

Volatility

Volatility by Period

	FOXY	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.56%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	15.95%	7.25%	+8.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	15.60%	7.25%	+8.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	15.60%	7.25%	+8.35%