JMMF vs. LALT

Last updated Jul 14, 2026

JMMF (JPMorgan 100% U.S. Treasury Securities Money Market ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both exchange-traded funds - JMMF is a Money Market fund actively managed by JPMorgan, while LALT is a Global Allocation fund actively managed by First Trust. Both are actively managed. At a correlation of -0.19, they often move in opposite directions. JMMF charges 0.16%/yr vs 1.94%/yr for LALT.

Performance

JMMF vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) 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, JMMF achieves a 1.82% return, which is significantly lower than LALT's 8.48% return.

JMMF

• 1D: 0.02%
• 1M: 0.27%
• 6M: 1.79%
• YTD: 1.82%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LALT

• 1D: 0.46%
• 1M: -0.73%
• 6M: 6.15%
• YTD: 8.48%
• 1Y: 16.88%
• 3Y*: 9.50%
• 5Y*: —
• 10Y*: —

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

JMMF vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF	1.82%	0.17%
LALT First Trust Multi-Strategy Alternative ETF	8.48%	0.01%

Correlation

The correlation between JMMF and LALT is -0.19, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 11, 2025	-0.19

Return for Risk

JMMF vs. LALT — Risk / Return Rank

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

JMMF

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: 90
LALT Sortino Ratio Rank: 90
LALT Omega Ratio Rank: 90
LALT Calmar Ratio Rank: 91
LALT Martin Ratio Rank: 87

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.

JMMF vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for JPMorgan 100% U.S. Treasury Securities Money Market ETF (JMMF) 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.

	JMMF	LALT	Difference
Sharpe ratio: Return per unit of total volatility	—	2.41	—
Sortino ratio: Return per unit of downside risk	—	3.33	—
Omega ratio: Gain probability vs. loss probability	—	1.46	—
Calmar ratio: Return relative to maximum drawdown	—	4.56	—
Martin ratio: Return relative to average drawdown	—	14.56	—

Drawdowns

JMMF vs. LALT - Drawdown Comparison

The maximum JMMF drawdown since its inception was -0.14%, smaller than the maximum LALT drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for JMMF and LALT.

Drawdown Indicators

	JMMF	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-0.14%	-6.97%	+6.83%
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	0.00%	-2.79%	+2.79%
Average Drawdown Average peak-to-trough decline	-0.01%	-1.03%	+1.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	1.16%	—

Volatility

Volatility by Period

	JMMF	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.52%	—
Volatility (6M) Calculated over the trailing 6-month period	—	5.61%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.51%	7.05%	-6.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.51%	5.81%	-5.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.51%	5.81%	-5.30%

JMMF vs. LALT - Expense Ratio Comparison

JMMF has a 0.16% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

JMMF vs. LALT - Dividend Comparison

JMMF's dividend yield for the trailing twelve months is around 2.00%, less than LALT's 3.73% yield.

Position	TTM	2025	2024	2023
JMMF JPMorgan 100% U.S. Treasury Securities Money Market ETF	2.00%	0.20%	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 JMMF and LALT in my portfolio?

JMMF and LALT have a correlation of -0.19, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JMMF or LALT?

On fees, JMMF is cheaper at 0.16% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JMMF or LALT?

JMMF is cheaper with a 0.16% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.73%, compared with 2.00% for JMMF.

What is the main difference between JMMF and LALT?

JMMF is categorized as Money Market, while LALT is Global Allocation. They also come from different issuers: JPMorgan and First Trust. Their fees differ too: 0.16% for JMMF and 1.94% for LALT.