LALT vs. UYLD

Last updated Jun 4, 2026

LALT (First Trust Multi-Strategy Alternative ETF) and UYLD (Angel Oak Ultrashort Income ETF) are both exchange-traded funds - LALT is a Global Allocation fund actively managed by First Trust, while UYLD is a Ultrashort Bond fund actively managed by Angel Oak. Both are actively managed. Over the past 3 years, LALT returned 10.48%/yr vs 5.89%/yr for UYLD. At a correlation of -0.02, they often move in opposite directions. LALT charges 1.94%/yr vs 0.29%/yr for UYLD.

Performance

LALT vs. UYLD - Performance Comparison

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

Returns By Period

In the year-to-date period, LALT achieves a 10.70% return, which is significantly higher than UYLD's 1.91% return.

LALT

• 1D: -0.44%
• 1M: -0.12%
• YTD: 10.70%
• 6M: 10.50%
• 1Y: 22.25%
• 3Y*: 10.48%
• 5Y*: —
• 10Y*: —

UYLD

• 1D: -0.01%
• 1M: 0.67%
• YTD: 1.91%
• 6M: 2.37%
• 1Y: 5.18%
• 3Y*: 5.89%
• 5Y*: —
• 10Y*: —

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

LALT vs. UYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
LALT First Trust Multi-Strategy Alternative ETF	10.70%	10.79%	8.77%	0.88%
UYLD Angel Oak Ultrashort Income ETF	1.91%	5.36%	6.10%	6.05%

Correlation

The correlation between LALT and UYLD is -0.15, 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	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	-0.01
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	-0.02

The correlation between LALT and UYLD shifts across timeframes, from -0.15 (1 year) to -0.01 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

LALT vs. UYLD — Risk / Return Rank

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

LALT

LALT Risk / Return Rank: 93
LALT Sharpe Ratio Rank: 92
LALT Sortino Ratio Rank: 93
LALT Omega Ratio Rank: 93
LALT Calmar Ratio Rank: 95
LALT Martin Ratio Rank: 95

UYLD

UYLD Risk / Return Rank: 99
UYLD Sharpe Ratio Rank: 99
UYLD Sortino Ratio Rank: 99
UYLD Omega Ratio Rank: 99
UYLD Calmar Ratio Rank: 99
UYLD Martin Ratio Rank: 99

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. UYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Trust Multi-Strategy Alternative ETF (LALT) and Angel Oak Ultrashort Income ETF (UYLD). 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	UYLD	Difference
Sharpe ratio Return per unit of total volatility	3.28	8.00	-4.72
Sortino ratio Return per unit of downside risk	4.62	21.91	-17.28
Omega ratio Gain probability vs. loss probability	1.65	4.35	-2.70
Calmar ratio Return relative to maximum drawdown	7.79	38.06	-30.27
Martin ratio Return relative to average drawdown	30.25	225.76	-195.51
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. UYLD - Sharpe Ratio Comparison

The current LALT Sharpe Ratio is 3.28, which is lower than the UYLD Sharpe Ratio of 8.00. The chart below compares the historical Sharpe Ratios of LALT and UYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LALT	UYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.28	8.00	-4.72
Sharpe Ratio (All Time) Calculated using the full available price history	1.62	5.98	-4.36

Drawdowns

LALT vs. UYLD - Drawdown Comparison

The maximum LALT drawdown since its inception was -6.97%, which is greater than UYLD's maximum drawdown of -0.54%. Use the drawdown chart below to compare losses from any high point for LALT and UYLD.

Drawdown Indicators

	LALT	UYLD	Difference
Max Drawdown Largest peak-to-trough decline	-6.97%	-0.54%	-6.43%
Max Drawdown (1Y) Largest decline over 1 year	-2.87%	-0.14%	-2.73%
Max Drawdown (3Y) Largest decline over 3 years	-6.97%	-0.54%	-6.43%
Current Drawdown Current decline from peak	-0.80%	-0.01%	-0.79%
Average Drawdown Average peak-to-trough decline	-0.98%	-0.03%	-0.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.74%	0.02%	+0.72%

Volatility

LALT vs. UYLD - Volatility Comparison

First Trust Multi-Strategy Alternative ETF (LALT) has a higher volatility of 1.23% compared to Angel Oak Ultrashort Income ETF (UYLD) at 0.38%. This indicates that LALT's price experiences larger fluctuations and is considered to be riskier than UYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LALT	UYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.38%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	5.40%	0.50%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	6.81%	0.65%	+6.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.78%	1.00%	+4.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.78%	1.00%	+4.78%

LALT vs. UYLD - Expense Ratio Comparison

LALT has a 1.94% expense ratio, which is higher than UYLD's 0.29% expense ratio.

Dividends

LALT vs. UYLD - Dividend Comparison

LALT's dividend yield for the trailing twelve months is around 3.68%, less than UYLD's 5.03% yield.

Position	TTM	2025	2024	2023	2022
LALT First Trust Multi-Strategy Alternative ETF	3.68%	2.03%	2.06%	2.44%	0.00%
UYLD Angel Oak Ultrashort Income ETF	5.03%	5.07%	4.97%	5.92%	0.75%

Frequently Asked Questions

Can I hold both LALT and UYLD in my portfolio?

LALT and UYLD have a correlation of -0.15, 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 UYLD?

LALT has higher volatility (1.23%) compared to UYLD (0.38%). In terms of maximum drawdown, LALT dropped -6.97% vs UYLD's -0.54%.

Which ETF is better, LALT or UYLD?

On 3-year performance, LALT leads with 10.48% vs 5.89% for UYLD. On fees, UYLD is cheaper at 0.29% per year. On volatility, UYLD has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LALT or UYLD?

Over the 3-year period, LALT has performed better with a 10.48% return vs 5.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LALT or UYLD?

UYLD is cheaper with a 0.29% expense ratio, compared with 1.94% for LALT.

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

UYLD has the higher dividend yield at 5.03%, compared with 3.68% for LALT.

What is the main difference between LALT and UYLD?

LALT is categorized as Global Allocation, while UYLD is Ultrashort Bond. They also come from different issuers: First Trust and Angel Oak. Their fees differ too: 1.94% for LALT and 0.29% for UYLD.

Which has better risk-adjusted returns?

UYLD currently has the higher Sharpe Ratio (8.00 vs 3.28), 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.