IALT vs. LALT
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. At a 0.47 correlation, their price movements are largely independent. IALT charges 0.99%/yr vs 1.94%/yr for LALT.
Performance
IALT vs. LALT - Performance Comparison
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Returns By Period
In the year-to-date period, IALT achieves a 12.39% return, which is significantly higher than LALT's 8.81% return.
IALT
- 1D
- 0.18%
- 1M
- 0.94%
- YTD
- 12.39%
- 6M
- 12.32%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LALT
- 1D
- 0.09%
- 1M
- -2.03%
- YTD
- 8.81%
- 6M
- 8.66%
- 1Y
- 18.67%
- 3Y*
- 10.18%
- 5Y*
- —
- 10Y*
- —
IALT vs. LALT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
IALT iShares Systematic Alternatives Active ETF | 12.39% | 0.83% |
LALT First Trust Multi-Strategy Alternative ETF | 8.81% | 0.28% |
Correlation
The correlation between IALT and LALT is 0.47, 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 Dec 10, 2025 | 0.47 |
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Return for Risk
IALT vs. LALT — Risk / Return Rank
IALT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LALT
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 ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.51 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 6.54 | — |
| Martin ratioReturn relative to average drawdown | — | 21.71 | — |
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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.
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Drawdown Indicators
| IALT | LALT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -2.27% | -6.97% | +4.70% |
Max Drawdown (1Y)Largest decline over 1 year | — | -2.87% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -6.97% | — |
Current DrawdownCurrent decline from peak | -0.74% | -2.50% | +1.76% |
Average DrawdownAverage peak-to-trough decline | -0.38% | -0.99% | +0.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 0.86% | — |
Volatility
IALT vs. LALT - Volatility Comparison
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Volatility by Period
| IALT | LALT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 1.94% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 5.62% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 7.81% | 7.03% | +0.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.81% | 5.82% | +1.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 7.81% | 5.82% | +1.99% |
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 3.74% 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 | 3.74% | 2.03% | 2.06% | 2.44% |
Frequently Asked Questions
IALT and LALT have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
IALT is cheaper with a 0.99% expense ratio, compared with 1.94% for LALT.
LALT has the higher dividend yield at 3.74%, compared with 0.40% for IALT.
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.
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