FOXY vs. IALT

Last updated Jul 12, 2026

FOXY (Simplify Currency Strategy ETF) and IALT (iShares Systematic Alternatives Active ETF) are both exchange-traded funds - FOXY is a Leveraged Currency fund actively managed by Simplify, while IALT is a Multistrategy fund actively managed by iShares. Both are actively managed. At a 0.05 correlation, their price movements are largely independent. FOXY charges 0.81%/yr vs 0.99%/yr for IALT.

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.

Returns By Period

In the year-to-date period, FOXY achieves a 13.57% return, which is significantly higher than IALT's 12.70% return.

FOXY

• 1D: -0.03%
• 1M: 2.55%
• 6M: 12.94%
• YTD: 13.57%
• 1Y: 22.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IALT

• 1D: -0.14%
• 1M: 0.17%
• 6M: 10.58%
• YTD: 12.70%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FOXY vs. IALT - Yearly Performance Comparison

	2026 (YTD)	2025
FOXY Simplify Currency Strategy ETF	13.57%	-3.22%
IALT iShares Systematic Alternatives Active ETF	12.70%	0.83%

Correlation

The correlation between FOXY and IALT is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.05

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: 89
FOXY Sharpe Ratio Rank: 88
FOXY Sortino Ratio Rank: 90
FOXY Omega Ratio Rank: 86
FOXY Calmar Ratio Rank: 93
FOXY Martin Ratio Rank: 86

IALT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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.

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.

	FOXY	IALT	Difference
Sharpe ratio: Return per unit of total volatility	2.28	—	—
Sortino ratio: Return per unit of downside risk	3.36	—	—
Omega ratio: Gain probability vs. loss probability	1.42	—	—
Calmar ratio: Return relative to maximum drawdown	5.18	—	—
Martin ratio: Return relative to average drawdown	14.02	—	—

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 -2.27%. 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%	-2.27%	-10.82%
Max Drawdown (1Y) Largest decline over 1 year	-4.32%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.46%	-0.48%
Average Drawdown Average peak-to-trough decline	-2.04%	-0.48%	-1.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.59%	—	—

Volatility

Volatility by Period

	FOXY	IALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.45%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.08%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.83%	7.82%	+2.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.71%	7.82%	+6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.71%	7.82%	+6.89%

FOXY vs. IALT - Expense Ratio Comparison

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

Dividends

FOXY vs. IALT - Dividend Comparison

FOXY's dividend yield for the trailing twelve months is around 7.61%, more than IALT's 0.40% yield.

Position	TTM	2025
FOXY Simplify Currency Strategy ETF	7.61%	5.51%
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%

Frequently Asked Questions

Can I hold both FOXY and IALT in my portfolio?

FOXY and IALT have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FOXY or IALT?

On fees, FOXY is cheaper at 0.81% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FOXY or IALT?

FOXY is cheaper with a 0.81% expense ratio, compared with 0.99% for IALT.

Which ETF pays a higher dividend yield, FOXY or IALT?

FOXY has the higher dividend yield at 7.61%, compared with 0.40% for IALT.

What is the main difference between FOXY and IALT?

FOXY is categorized as Leveraged Currency, while IALT is Multistrategy. They also come from different issuers: Simplify and iShares. Their fees differ too: 0.81% for FOXY and 0.99% for IALT.