LALT vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about First Trust Multi-Strategy Alternative ETF (LALT) and S&P 500 Index (^GSPC).

LALT is an actively managed fund by First Trust. It was launched on Jan 31, 2023.

Performance

LALT vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Strategy Alternative ETF (LALT) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

LALT vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LALT First Trust Multi-Strategy Alternative ETF	9.15%	10.79%	8.77%	0.88%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	15.79%

Returns By Period

In the year-to-date period, LALT achieves a 9.15% return, which is significantly higher than ^GSPC's -3.95% return.

LALT

• 1D: 0.25%
• 1M: 0.96%
• YTD: 9.15%
• 6M: 10.86%
• 1Y: 19.44%
• 3Y*: 10.00%
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

LALT vs. ^GSPC — 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: 92
LALT Martin Ratio Rank: 95

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

LALT vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Strategy Alternative ETF (LALT) and S&P 500 Index (^GSPC). 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.

	LALT	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	2.46	0.92	+1.54
Sortino ratio Return per unit of downside risk	3.40	1.41	+1.99
Omega ratio Gain probability vs. loss probability	1.48	1.21	+0.27
Calmar ratio Return relative to maximum drawdown	3.50	1.41	+2.09
Martin ratio Return relative to average drawdown	16.52	6.61	+9.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LALT vs. ^GSPC - Sharpe Ratio Comparison

The current LALT Sharpe Ratio is 2.46, which is higher than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of LALT and ^GSPC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LALT	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	0.92	+1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.61	0.46	+1.15

Correlation

The correlation between LALT and ^GSPC is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Drawdowns

LALT vs. ^GSPC - Drawdown Comparison

The maximum LALT drawdown since its inception was -6.97%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for LALT and ^GSPC.

Drawdown Indicators

	LALT	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-6.97%	-56.78%	+49.81%
Max Drawdown (1Y) Largest decline over 1 year	-5.51%	-12.14%	+6.63%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-0.64%	-5.78%	+5.14%
Average Drawdown Average peak-to-trough decline	-1.02%	-10.75%	+9.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	2.60%	-1.43%

Volatility

LALT vs. ^GSPC - Volatility Comparison

The current volatility for First Trust Multi-Strategy Alternative ETF (LALT) is 2.78%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that LALT experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LALT	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.78%	5.37%	-2.59%
Volatility (6M) Calculated over the trailing 6-month period	5.94%	9.55%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.94%	18.33%	-10.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.86%	16.90%	-11.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	18.05%	-12.19%