LALT vs. PPI

Last updated Jul 14, 2026

LALT (First Trust Multi-Strategy Alternative ETF) and PPI (Astoria Real Assets ETF) are both Global Allocation funds. Both are actively managed. Over the past 3 years, LALT returned 9.50%/yr vs 18.68%/yr for PPI. A 0.50 correlation means they provide meaningful diversification when combined. LALT charges 1.94%/yr vs 0.58%/yr for PPI.

Performance

LALT vs. PPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in First Trust Multi-Strategy Alternative ETF (LALT) and Astoria Real Assets ETF (PPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LALT achieves a 8.48% return, which is significantly lower than PPI's 13.25% return.

LALT

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

PPI

• 1D: -0.32%
• 1M: -1.98%
• 6M: 7.74%
• YTD: 13.25%
• 1Y: 27.58%
• 3Y*: 18.68%
• 5Y*: —
• 10Y*: —

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

LALT vs. PPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LALT First Trust Multi-Strategy Alternative ETF	8.48%	10.79%	8.77%	0.88%
PPI Astoria Real Assets ETF	13.25%	30.05%	6.43%	2.40%

Correlation

The correlation between LALT and PPI 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 (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.50

The correlation between LALT and PPI has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

Return for Risk

LALT vs. PPI — Risk / Return Rank

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

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

PPI

PPI Risk / Return Rank: 67
PPI Sharpe Ratio Rank: 65
PPI Sortino Ratio Rank: 61
PPI Omega Ratio Rank: 61
PPI Calmar Ratio Rank: 82
PPI Martin Ratio Rank: 67

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. PPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Strategy Alternative ETF (LALT) and Astoria Real Assets ETF (PPI). 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	PPI	Difference
Sharpe ratio: Return per unit of total volatility	2.41	1.69	+0.72
Sortino ratio: Return per unit of downside risk	3.33	2.28	+1.05
Omega ratio: Gain probability vs. loss probability	1.46	1.29	+0.16
Calmar ratio: Return relative to maximum drawdown	4.56	3.47	+1.08
Martin ratio: Return relative to average drawdown	14.56	9.51	+5.04

LALT vs. PPI - Sharpe Ratio Comparison

The current LALT Sharpe Ratio is 2.41, which is higher than the PPI Sharpe Ratio of 1.69. The chart below compares the historical Sharpe Ratios of LALT and PPI, 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. PPI - Drawdown Comparison

The maximum LALT drawdown since its inception was -6.97%, smaller than the maximum PPI drawdown of -24.54%. Use the drawdown chart below to compare losses from any high point for LALT and PPI.

Drawdown Indicators

	LALT	PPI	Difference
Max Drawdown Largest peak-to-trough decline	-6.97%	-24.54%	+17.57%
Max Drawdown (1Y) Largest decline over 1 year	-3.72%	-7.98%	+4.26%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-20.70%	+13.73%
Current Drawdown Current decline from peak	-2.79%	-5.98%	+3.19%
Average Drawdown Average peak-to-trough decline	-1.03%	-6.45%	+5.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.16%	2.91%	-1.75%

Volatility

LALT vs. PPI - Volatility Comparison

The current volatility for First Trust Multi-Strategy Alternative ETF (LALT) is 1.52%, while Astoria Real Assets ETF (PPI) has a volatility of 4.46%. This indicates that LALT experiences smaller price fluctuations and is considered to be less risky than PPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LALT	PPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.52%	4.46%	-2.94%
Volatility (6M) Calculated over the trailing 6-month period	5.61%	12.83%	-7.22%
Volatility (1Y) Calculated over the trailing 1-year period	7.05%	16.42%	-9.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.81%	18.98%	-13.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.81%	18.98%	-13.17%

LALT vs. PPI - Expense Ratio Comparison

LALT has a 1.94% expense ratio, which is higher than PPI's 0.58% expense ratio.

Dividends

LALT vs. PPI - Dividend Comparison

LALT's dividend yield for the trailing twelve months is around 3.73%, more than PPI's 1.33% yield.

Position	TTM	2025	2024	2023	2022
LALT First Trust Multi-Strategy Alternative ETF	3.73%	2.03%	2.06%	2.44%	0.00%
PPI Astoria Real Assets ETF	1.33%	1.06%	0.60%	2.87%	2.40%

Frequently Asked Questions

Can I hold both LALT and PPI in my portfolio?

LALT and PPI 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 PPI?

PPI has higher volatility (4.46%) compared to LALT (1.52%). In terms of maximum drawdown, LALT dropped -6.97% vs PPI's -24.54%.

Which ETF is better, LALT or PPI?

On 3-year performance, PPI leads with 18.68% vs 9.50% for LALT. On fees, PPI is cheaper at 0.58% per year. On volatility, LALT has been the lower-risk option at 1.52%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LALT or PPI?

Over the 3-year period, PPI has performed better with a 18.68% return vs 9.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LALT or PPI?

PPI is cheaper with a 0.58% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.73%, compared with 1.33% for PPI.

What is the main difference between LALT and PPI?

They also come from different issuers: First Trust and AXS. Their fees differ too: 1.94% for LALT and 0.58% for PPI.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (2.41 vs 1.69), 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.