LALT vs. ALLW

Last updated Jun 13, 2026

LALT (First Trust Multi-Strategy Alternative ETF) and ALLW (State Street Bridgewater All Weather ETF) are both exchange-traded funds - LALT is a Global Allocation fund actively managed by First Trust, while ALLW is a Tactical Allocation fund actively managed by State Street. Both are actively managed. Over the past year, LALT returned 19.17% vs 19.20% for ALLW. At a 0.49 correlation, their price movements are largely independent. LALT charges 1.94%/yr vs 0.85%/yr for ALLW.

Performance

LALT vs. ALLW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Strategy Alternative ETF (LALT) and State Street Bridgewater All Weather ETF (ALLW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LALT achieves a 9.27% return, which is significantly higher than ALLW's 7.24% return.

LALT

• 1D: 0.05%
• 1M: -2.08%
• YTD: 9.27%
• 6M: 9.77%
• 1Y: 19.17%
• 3Y*: 10.13%
• 5Y*: —
• 10Y*: —

ALLW

• 1D: 0.10%
• 1M: -2.53%
• YTD: 7.24%
• 6M: 7.64%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LALT vs. ALLW - Yearly Performance Comparison

	2026 (YTD)	2025
LALT First Trust Multi-Strategy Alternative ETF	9.27%	9.69%
ALLW State Street Bridgewater All Weather ETF	7.24%	15.44%

Correlation

The correlation between LALT and ALLW is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Mar 6, 2025	0.49

LALT vs. ALLW - Sectors Allocation Comparison

Sectors	LALT	ALLW
Financial Services	31.4%	15.8%
Technology	22.1%	26.3%
Consumer Cyclical	7.9%	11.0%
Industrials	7.7%	9.2%
Healthcare	7.3%	8.2%
Energy	5.8%	4.9%
Consumer Defensive	5.5%	5.9%
Communication Services	5.2%	9.7%
Basic Materials	4.4%	4.6%
Real Estate	1.5%	1.8%
Utilities	1.2%	2.8%

Return for Risk

LALT vs. ALLW — Risk / Return Rank

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

LALT

LALT Risk / Return Rank: 92
LALT Sharpe Ratio Rank: 91
LALT Sortino Ratio Rank: 91
LALT Omega Ratio Rank: 91
LALT Calmar Ratio Rank: 95
LALT Martin Ratio Rank: 94

ALLW

ALLW Risk / Return Rank: 62
ALLW Sharpe Ratio Rank: 61
ALLW Sortino Ratio Rank: 57
ALLW Omega Ratio Rank: 62
ALLW Calmar Ratio Rank: 61
ALLW Martin Ratio Rank: 68

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. ALLW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Strategy Alternative ETF (LALT) and State Street Bridgewater All Weather ETF (ALLW). 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.

	LALT	ALLW	Difference
Sharpe ratio: Return per unit of total volatility	2.75	1.77	+0.98
Sortino ratio: Return per unit of downside risk	3.81	2.38	+1.43
Omega ratio: Gain probability vs. loss probability	1.53	1.33	+0.20
Calmar ratio: Return relative to maximum drawdown	6.71	2.67	+4.04
Martin ratio: Return relative to average drawdown	23.67	10.87	+12.80

LALT vs. ALLW - Sharpe Ratio Comparison

The current LALT Sharpe Ratio is 2.75, which is higher than the ALLW Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of LALT and ALLW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LALT vs. ALLW - Drawdown Comparison

The maximum LALT drawdown since its inception was -6.97%, smaller than the maximum ALLW drawdown of -8.78%. Use the drawdown chart below to compare losses from any high point for LALT and ALLW.

Drawdown Indicators

	LALT	ALLW	Difference
Max Drawdown Largest peak-to-trough decline	-6.97%	-8.78%	+1.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-7.23%	+4.36%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	—	—
Current Drawdown Current decline from peak	-2.08%	-2.58%	+0.50%
Average Drawdown Average peak-to-trough decline	-0.98%	-1.23%	+0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	1.77%	-0.96%

Volatility

LALT vs. ALLW - Volatility Comparison

The current volatility for First Trust Multi-Strategy Alternative ETF (LALT) is 1.87%, while State Street Bridgewater All Weather ETF (ALLW) has a volatility of 4.39%. This indicates that LALT experiences smaller price fluctuations and is considered to be less risky than ALLW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LALT	ALLW	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.87%	4.39%	-2.52%
Volatility (6M) Calculated over the trailing 6-month period	5.62%	9.23%	-3.61%
Volatility (1Y) Calculated over the trailing 1-year period	7.01%	10.93%	-3.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.82%	12.72%	-6.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.82%	12.72%	-6.90%

LALT vs. ALLW - Expense Ratio Comparison

LALT has a 1.94% expense ratio, which is higher than ALLW's 0.85% expense ratio.

Dividends

LALT vs. ALLW - Dividend Comparison

LALT's dividend yield for the trailing twelve months is around 3.73%, less than ALLW's 4.36% yield.

Position	TTM	2025	2024	2023
ALLW State Street Bridgewater All Weather ETF	4.36%	4.67%	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 LALT and ALLW in my portfolio?

LALT and ALLW have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LALT or ALLW?

ALLW has higher volatility (4.39%) compared to LALT (1.87%). In terms of maximum drawdown, LALT dropped -6.97% vs ALLW's -8.78%.

Which ETF is better, LALT or ALLW?

On 1-year performance, ALLW leads with 19.20% vs 19.17% for LALT. On fees, ALLW is cheaper at 0.85% per year. On volatility, LALT has been the lower-risk option at 1.87%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LALT or ALLW?

Over the 1-year period, ALLW has performed better with a 19.20% return vs 19.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LALT or ALLW?

ALLW is cheaper with a 0.85% expense ratio, compared with 1.94% for LALT.

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

ALLW has the higher dividend yield at 4.36%, compared with 3.73% for LALT.

What is the main difference between LALT and ALLW?

LALT is categorized as Global Allocation, while ALLW is Tactical Allocation. They also come from different issuers: First Trust and State Street. Their fees differ too: 1.94% for LALT and 0.85% for ALLW.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (2.75 vs 1.77), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.