IALT vs. LALT

Last updated Aug 2, 2026

IALT (iShares Systematic Alternatives Active ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both exchange-traded funds - IALT is a Multistrategy fund actively managed by iShares, while LALT is a Global Allocation fund actively managed by First Trust. Both are actively managed. Their 0.44 correlation means their historical movements had little consistent relationship. IALT charges 0.99%/yr vs 1.94%/yr for LALT.

Performance

IALT vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Systematic Alternatives Active ETF (IALT) 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, IALT achieves a 13.61% return, which is significantly higher than LALT's 8.61% return.

IALT

• 1D: 0.14%
• 1M: 2.17%
• 6M: 10.96%
• YTD: 13.61%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

LALT

• 1D: 0.12%
• 1M: 1.00%
• 6M: 4.22%
• YTD: 8.61%
• 1Y: 16.94%
• 3Y*: 9.26%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IALT iShares Systematic Alternatives Active ETF	$39.70M	$35.42M	$112.35M
LALT First Trust Multi-Strategy Alternative ETF	$1.87M	$2.25M	$4.61M

IALT vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	13.61%	0.83%
LALT First Trust Multi-Strategy Alternative ETF	8.61%	0.28%

Correlation

The correlation between IALT and LALT is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.44

Return for Risk

IALT vs. LALT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IALT

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

LALT

LALT Risk / Return Rank: 91
LALT Sharpe Ratio Rank: 92
LALT Sortino Ratio Rank: 91
LALT Omega Ratio Rank: 92
LALT Calmar Ratio Rank: 93
LALT Martin Ratio Rank: 86

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IALT vs. LALT - Risk-Adjusted Trends Comparison

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

	IALT	LALT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.39	—
Sortino ratio: Return per unit of downside risk	—	3.30	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	4.45	—
Martin ratio: Return relative to average drawdown	—	12.50	—

Drawdowns

IALT vs. LALT - Drawdown Comparison

The maximum IALT drawdown since its inception was -2.27%, smaller than the maximum LALT drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for IALT and LALT.

Drawdown Indicators

	IALT	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-6.97%	+4.70%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.72%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.97%	—
Current Drawdown Current decline from peak	-0.76%	-2.67%	+1.91%
Average Drawdown Average peak-to-trough decline	-0.49%	-1.06%	+0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.32%	—

Volatility

Volatility by Period

	IALT	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.04%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.42%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.03%	6.95%	+1.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.03%	5.77%	+2.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.03%	5.77%	+2.26%

IALT vs. LALT - Expense Ratio Comparison

IALT has a 0.99% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

IALT vs. LALT - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.40%, less than LALT's 3.73% yield.

Position	TTM	2025	2024	2023
IALT iShares Systematic Alternatives Active ETF	0.40%	0.14%	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 IALT and LALT in my portfolio?

IALT and LALT have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, IALT or LALT?

On fees, IALT is cheaper at 0.99% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IALT or LALT?

IALT is cheaper with a 0.99% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.73%, compared with 0.40% for IALT.

What is the main difference between IALT and LALT?

IALT is categorized as Multistrategy, while LALT is Global Allocation. They also come from different issuers: iShares and First Trust. Their fees differ too: 0.99% for IALT and 1.94% for LALT.