HECA vs. LALT

Last updated Jun 25, 2026

HECA (Hedgeye Capital Allocation ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both Global Allocation funds. Both are actively managed. At a 0.39 correlation, their price movements are largely independent. HECA charges 1.02%/yr vs 1.94%/yr for LALT.

Performance

HECA vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hedgeye Capital Allocation ETF (HECA) 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, HECA achieves a -1.37% return, which is significantly lower than LALT's 7.83% return.

HECA

• 1D: 0.59%
• 1M: -1.02%
• YTD: -1.37%
• 6M: -2.15%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LALT

• 1D: -0.08%
• 1M: -2.90%
• YTD: 7.83%
• 6M: 7.48%
• 1Y: 18.33%
• 3Y*: 9.85%
• 5Y*: —
• 10Y*: —

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

HECA vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025
HECA Hedgeye Capital Allocation ETF	-1.37%	12.83%
LALT First Trust Multi-Strategy Alternative ETF	7.83%	8.90%

Correlation

The correlation between HECA and LALT is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jul 1, 2025	0.39

Return for Risk

HECA vs. LALT — Risk / Return Rank

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

HECA

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

LALT

LALT Risk / Return Rank: 90
LALT Sharpe Ratio Rank: 89
LALT Sortino Ratio Rank: 89
LALT Omega Ratio Rank: 89
LALT Calmar Ratio Rank: 92
LALT Martin Ratio Rank: 92

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.

HECA vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hedgeye Capital Allocation ETF (HECA) 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.

	HECA	LALT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.61	—
Sortino ratio: Return per unit of downside risk	—	3.60	—
Omega ratio: Gain probability vs. loss probability	—	1.50	—
Calmar ratio: Return relative to maximum drawdown	—	5.46	—
Martin ratio: Return relative to average drawdown	—	20.16	—

Drawdowns

HECA vs. LALT - Drawdown Comparison

The maximum HECA drawdown since its inception was -12.82%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for HECA and LALT.

Drawdown Indicators

	HECA	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-12.82%	-6.97%	-5.85%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.37%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.97%	—
Current Drawdown Current decline from peak	-11.52%	-3.37%	-8.15%
Average Drawdown Average peak-to-trough decline	-3.64%	-1.00%	-2.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.91%	—

Volatility

Volatility by Period

	HECA	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.06%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.67%	—
Volatility (1Y) Calculated over the trailing 1-year period	12.57%	7.07%	+5.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	12.57%	5.83%	+6.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	12.57%	5.83%	+6.74%

HECA vs. LALT - Expense Ratio Comparison

HECA has a 1.02% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

HECA vs. LALT - Dividend Comparison

HECA's dividend yield for the trailing twelve months is around 2.05%, less than LALT's 3.78% yield.

Position	TTM	2025	2024	2023
HECA Hedgeye Capital Allocation ETF	2.05%	2.02%	0.00%	0.00%
LALT First Trust Multi-Strategy Alternative ETF	3.78%	2.03%	2.06%	2.44%

Frequently Asked Questions

Can I hold both HECA and LALT in my portfolio?

HECA and LALT have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HECA or LALT?

On fees, HECA is cheaper at 1.02% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HECA or LALT?

HECA is cheaper with a 1.02% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.78%, compared with 2.05% for HECA.

What is the main difference between HECA and LALT?

They also come from different issuers: Hedgeye and First Trust. Their fees differ too: 1.02% for HECA and 1.94% for LALT.