LALT vs. PZT
LALT (First Trust Multi-Strategy Alternative ETF) and PZT (Invesco New York AMT-Free Municipal Bond ETF) are both exchange-traded funds - LALT is a Global Allocation fund actively managed by First Trust, while PZT is a Municipal Bonds fund tracking the ICE BofA New York Long-Term Core Plus Muni. LALT is actively managed, while PZT is passively managed. Over the past 3 years, LALT returned 9.88%/yr vs 2.90%/yr for PZT. At a 0.05 correlation, their price movements are largely independent. LALT charges 1.94%/yr vs 0.28%/yr for PZT.
Performance
LALT vs. PZT - Performance Comparison
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Returns By Period
In the year-to-date period, LALT achieves a 7.92% return, which is significantly higher than PZT's 3.02% return.
LALT
- 1D
- -0.81%
- 1M
- -2.82%
- YTD
- 7.92%
- 6M
- 7.36%
- 1Y
- 18.12%
- 3Y*
- 9.88%
- 5Y*
- —
- 10Y*
- —
PZT
- 1D
- 0.06%
- 1M
- 2.13%
- YTD
- 3.02%
- 6M
- 3.02%
- 1Y
- 8.57%
- 3Y*
- 2.90%
- 5Y*
- -0.04%
- 10Y*
- 1.78%
LALT vs. PZT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LALT First Trust Multi-Strategy Alternative ETF | 7.92% | 10.79% | 8.77% | 0.88% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.02% | 1.76% | 1.17% | 3.44% |
Correlation
The correlation between LALT and PZT is -0.10, 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 (1Y) Calculated over the trailing 1-year period | -0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023 | 0.05 |
The correlation between LALT and PZT shifts across timeframes, from -0.10 (1 year) to 0.05 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LALT vs. PZT — Risk / Return Rank
LALT
PZT
LALT vs. PZT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Strategy Alternative ETF (LALT) and Invesco New York AMT-Free Municipal Bond ETF (PZT). 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 | PZT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.74 | ||
| Sortino ratioReturn per unit of downside risk | +0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.49 | 1.36 | +0.13 |
| Calmar ratioReturn relative to maximum drawdown | 5.53 | 2.72 | +2.81 |
| Martin ratioReturn relative to average drawdown | 20.49 | 9.22 | +11.27 |
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Drawdowns
LALT vs. PZT - Drawdown Comparison
The maximum LALT drawdown since its inception was -6.97%, smaller than the maximum PZT drawdown of -22.73%. Use the drawdown chart below to compare losses from any high point for LALT and PZT.
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Drawdown Indicators
| LALT | PZT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.97% | -22.73% | +15.76% |
Max Drawdown (1Y)Largest decline over 1 year | -3.29% | -3.17% | -0.12% |
Max Drawdown (3Y)Largest decline over 3 years | -6.97% | -9.00% | +2.03% |
Max Drawdown (5Y)Largest decline over 5 years | — | -19.13% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.13% | — |
Current DrawdownCurrent decline from peak | -3.29% | -1.28% | -2.01% |
Average DrawdownAverage peak-to-trough decline | -1.00% | -3.90% | +2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.89% | 0.93% | -0.04% |
Volatility
LALT vs. PZT - Volatility Comparison
First Trust Multi-Strategy Alternative ETF (LALT) has a higher volatility of 2.07% compared to Invesco New York AMT-Free Municipal Bond ETF (PZT) at 1.38%. This indicates that LALT's price experiences larger fluctuations and is considered to be riskier than PZT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LALT | PZT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.07% | 1.38% | +0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 5.68% | 3.51% | +2.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.08% | 4.69% | +2.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.83% | 6.64% | -0.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.83% | 6.93% | -1.10% |
LALT vs. PZT - Expense Ratio Comparison
LALT has a 1.94% expense ratio, which is higher than PZT's 0.28% expense ratio.
Dividends
LALT vs. PZT - Dividend Comparison
LALT's dividend yield for the trailing twelve months is around 3.78%, more than PZT's 3.61% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LALT First Trust Multi-Strategy Alternative ETF | 3.78% | 2.03% | 2.06% | 2.44% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PZT Invesco New York AMT-Free Municipal Bond ETF | 3.61% | 3.43% | 3.04% | 2.82% | 2.66% | 2.77% | 2.55% | 2.73% | 3.01% | 2.94% | 3.36% | 3.40% |
Frequently Asked Questions
LALT and PZT have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LALT has higher volatility (2.07%) compared to PZT (1.38%). In terms of maximum drawdown, LALT dropped -6.97% vs PZT's -22.73%.
On 3-year performance, LALT leads with 9.88% vs 2.90% for PZT. On fees, PZT is cheaper at 0.28% per year. On volatility, PZT has been the lower-risk option at 1.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LALT has performed better with a 9.88% return vs 2.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
PZT is cheaper with a 0.28% expense ratio, compared with 1.94% for LALT.
LALT has the higher dividend yield at 3.78%, compared with 3.61% for PZT.
LALT is categorized as Global Allocation, while PZT is Municipal Bonds. They also come from different issuers: First Trust and Invesco. Their fees differ too: 1.94% for LALT and 0.28% for PZT.
LALT currently has the higher Sharpe Ratio (2.58 vs 1.83), 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.
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