IALT vs. LALT

Last updated Apr 1, 2026

Compare and contrast key facts about iShares Systematic Alternatives Active ETF (IALT) and First Trust Multi-Strategy Alternative ETF (LALT).

IALT and LALT are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. IALT is an actively managed fund by iShares. It was launched on Dec 9, 2025. LALT is an actively managed fund by First Trust. It was launched on Jan 31, 2023.

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.

IALT vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	7.75%	0.73%
LALT First Trust Multi-Strategy Alternative ETF	8.88%	0.01%

Returns By Period

In the year-to-date period, IALT achieves a 7.75% return, which is significantly lower than LALT's 8.88% return.

IALT

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

LALT

• 1D: 0.49%
• 1M: 2.15%
• YTD: 8.88%
• 6M: 10.43%
• 1Y: 19.03%
• 3Y*: 9.91%
• 5Y*: —
• 10Y*: —

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

IALT vs. LALT - Expense Ratio Comparison

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

LALT

First Trust Multi-Strategy Alternative ETF

IALT

iShares Systematic Alternatives Active ETF

Return for Risk

IALT vs. LALT — Risk / Return Rank

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

LALT

LALT Risk / Return Rank: 95
LALT Sharpe Ratio Rank: 95
LALT Sortino Ratio Rank: 96
LALT Omega Ratio Rank: 95
LALT Calmar Ratio Rank: 93
LALT Martin Ratio Rank: 96

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.

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.

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

Sharpe Ratios by Period

	IALT	LALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	2.41	—
Sharpe Ratio (All Time) Calculated using the full available price history	4.40	1.59	+2.81

Correlation

The correlation between IALT and LALT is 0.49, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IALT vs. LALT - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.13%, less than LALT's 3.74% yield.

	TTM	2025	2024	2023
IALT iShares Systematic Alternatives Active ETF	0.13%	0.14%	0.00%	0.00%
LALT First Trust Multi-Strategy Alternative ETF	3.74%	2.03%	2.06%	2.44%

Drawdowns

IALT vs. LALT - Drawdown Comparison

The maximum IALT drawdown since its inception was -1.28%, 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	-1.28%	-6.97%	+5.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-5.51%	—
Current Drawdown Current decline from peak	0.00%	-0.88%	+0.88%
Average Drawdown Average peak-to-trough decline	-0.26%	-1.02%	+0.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.18%	—

Volatility

Volatility by Period

	IALT	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	2.91%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.94%	—
Volatility (1Y) Calculated over the trailing 1-year period	7.25%	7.95%	-0.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.25%	5.87%	+1.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.25%	5.87%	+1.38%