IALT vs. PCR

Last updated Aug 4, 2026

IALT (iShares Systematic Alternatives Active ETF) and PCR (Simplify VettaFi Private Credit Strategy ETF) are both exchange-traded funds - IALT is a Multistrategy fund actively managed by iShares, while PCR is a Nontraditional Bonds fund actively managed by Simplify. Both are actively managed. Their 0.25 correlation means their historical movements had little consistent relationship. IALT charges 0.99%/yr vs 0.76%/yr for PCR.

Performance

IALT vs. PCR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Systematic Alternatives Active ETF (IALT) and Simplify VettaFi Private Credit Strategy ETF (PCR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IALT achieves a 13.85% return, which is significantly higher than PCR's -11.35% return.

IALT

• 1D: 0.21%
• 1M: 2.39%
• 6M: 11.00%
• YTD: 13.85%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

PCR

• 1D: 1.82%
• 1M: -1.13%
• 6M: -9.03%
• YTD: -11.35%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

*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	$40.45M	$35.41M	$114.47M
PCR Simplify VettaFi Private Credit Strategy ETF	$18.43K	$13.38K	$13.12K

IALT vs. PCR - Yearly Performance Comparison

	2026 (YTD)	2025
IALT iShares Systematic Alternatives Active ETF	13.85%	0.83%
PCR Simplify VettaFi Private Credit Strategy ETF	-11.35%	-1.92%

Correlation

The correlation between IALT and PCR is 0.25, 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	0.25

Return for Risk

IALT vs. PCR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Systematic Alternatives Active ETF (IALT) and Simplify VettaFi Private Credit Strategy ETF (PCR). 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.

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

Drawdowns

IALT vs. PCR - Drawdown Comparison

The maximum IALT drawdown since its inception was -2.27%, smaller than the maximum PCR drawdown of -20.07%. Use the drawdown chart below to compare losses from any high point for IALT and PCR.

Drawdown Indicators

	IALT	PCR	Difference
Max Drawdown Largest peak-to-trough decline	-2.27%	-20.07%	+17.80%
Current Drawdown Current decline from peak	-0.55%	-16.43%	+15.88%
Average Drawdown Average peak-to-trough decline	-0.49%	-10.54%	+10.05%

Volatility

Volatility by Period

	IALT	PCR	Difference
Volatility (1Y) Calculated over the trailing 1-year period	8.01%	18.21%	-10.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.01%	18.21%	-10.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.01%	18.21%	-10.20%

IALT vs. PCR - Expense Ratio Comparison

IALT has a 0.99% expense ratio, which is higher than PCR's 0.76% expense ratio.

Dividends

IALT vs. PCR - Dividend Comparison

IALT's dividend yield for the trailing twelve months is around 0.39%, less than PCR's 10.06% yield.

Position	TTM	2025
IALT iShares Systematic Alternatives Active ETF	0.39%	0.14%
PCR Simplify VettaFi Private Credit Strategy ETF	10.06%	2.30%

Frequently Asked Questions

Can I hold both IALT and PCR in my portfolio?

IALT and PCR have a correlation of 0.25, 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 PCR?

On fees, PCR is cheaper at 0.76% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, IALT or PCR?

PCR is cheaper with a 0.76% expense ratio, compared with 0.99% for IALT.

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

PCR has the higher dividend yield at 10.06%, compared with 0.39% for IALT.

What is the main difference between IALT and PCR?

IALT is categorized as Multistrategy, while PCR is Nontraditional Bonds. They also come from different issuers: iShares and Simplify. Their fees differ too: 0.99% for IALT and 0.76% for PCR.