LSAF vs. LSAT

Last updated Aug 2, 2026

LSAF (LeaderShares AlphaFactor US Core Equity ETF) and LSAT (Leadershares Alphafactor Tactical Focused ETF) are both exchange-traded funds - LSAF is a Mid Cap Blend Equities fund tracking the AlphaFactor US Core Equity Index, while LSAT is a Money Market fund actively managed by Redwood. LSAF is passively managed, while LSAT is actively managed. Over the past 5 years, LSAF returned 10.90%/yr vs 7.11%/yr for LSAT. Their correlation of 0.82 means they have usually moved in the same direction. LSAF charges 0.75%/yr vs 0.99%/yr for LSAT.

Performance

LSAF vs. LSAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LeaderShares AlphaFactor US Core Equity ETF (LSAF) and Leadershares Alphafactor Tactical Focused ETF (LSAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LSAF achieves a 19.96% return, which is significantly higher than LSAT's 16.87% return.

LSAF

• 1D: -0.55%
• 1M: 2.49%
• 6M: 17.23%
• YTD: 19.96%
• 1Y: 30.03%
• 3Y*: 18.58%
• 5Y*: 10.90%
• 10Y*: —
• ALL TIME*: 11.02%

LSAT

• 1D: -1.47%
• 1M: -0.08%
• 6M: 16.18%
• YTD: 16.87%
• 1Y: 16.88%
• 3Y*: 10.30%
• 5Y*: 7.11%
• 10Y*: —
• ALL TIME*: 12.76%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LSAF LeaderShares AlphaFactor US Core Equity ETF	$265.84K	$205.64K	$201.86K
LSAT Leadershares Alphafactor Tactical Focused ETF	$127.96K	$112.69K	$108.05K

LSAF vs. LSAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	12.01%	18.09%	15.48%	-13.12%	22.75%	12.07%
LSAT Leadershares Alphafactor Tactical Focused ETF	16.87%	-1.54%	18.16%	13.64%	-12.99%	25.10%	18.71%

Correlation

The correlation between LSAF and LSAT is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.76
Correlation (3Y) Balances recent behavior with more history.	0.80
Correlation (5Y) Shows whether the relationship held over a longer period.	0.83
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.82

The correlation between LSAF and LSAT has been stable across timeframes, ranging from 0.76 to 0.83 - a consistent structural relationship.

LSAF vs. LSAT - Sectors Allocation Comparison

Sectors	LSAF	LSAT
Consumer Cyclical	19.9%	23.3%
Financial Services	16.2%	20.9%
Technology	15.4%	15.3%
Industrials	10.7%	13.4%
Healthcare	7.8%	7.6%
Basic Materials	5.8%	2.3%
Communication Services	4.7%	9.4%
Consumer Defensive	4.1%	2.7%
Energy	3.3%	2.5%
Real Estate	2.1%	2.8%
Utilities	0.9%	-

Return for Risk

LSAF vs. LSAT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

LSAF

LSAF Risk / Return Rank: 88
LSAF Sharpe Ratio Rank: 85
LSAF Sortino Ratio Rank: 87
LSAF Omega Ratio Rank: 82
LSAF Calmar Ratio Rank: 93
LSAF Martin Ratio Rank: 91

LSAT

LSAT Risk / Return Rank: 51
LSAT Sharpe Ratio Rank: 52
LSAT Sortino Ratio Rank: 54
LSAT Omega Ratio Rank: 47
LSAT Calmar Ratio Rank: 57
LSAT Martin Ratio Rank: 44

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

LSAF vs. LSAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LeaderShares AlphaFactor US Core Equity ETF (LSAF) and Leadershares Alphafactor Tactical Focused ETF (LSAT). 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.

	LSAF	LSAT	Difference
Sharpe ratio: Return per unit of total volatility	2.03	1.25	+0.78
Sortino ratio: Return per unit of downside risk	2.98	1.90	+1.08
Omega ratio: Gain probability vs. loss probability	1.35	1.22	+0.13
Calmar ratio: Return relative to maximum drawdown	4.41	2.04	+2.37
Martin ratio: Return relative to average drawdown	14.86	4.83	+10.03

LSAF vs. LSAT - Sharpe Ratio Comparison

The current LSAF Sharpe Ratio is 2.03, which is higher than the LSAT Sharpe Ratio of 1.25. The chart below compares the historical Sharpe Ratios of LSAF and LSAT, 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

LSAF vs. LSAT - Drawdown Comparison

The maximum LSAF drawdown since its inception was -41.67%, which is greater than LSAT's maximum drawdown of -20.48%. Use the drawdown chart below to compare losses from any high point for LSAF and LSAT.

Drawdown Indicators

	LSAF	LSAT	Difference
Max Drawdown Largest peak-to-trough decline	-41.67%	-20.48%	-21.19%
Max Drawdown (1Y) Largest decline over 1 year	-6.58%	-7.94%	+1.36%
Max Drawdown (3Y) Largest decline over 3 years	-20.26%	-18.25%	-2.01%
Max Drawdown (5Y) Largest decline over 5 years	-24.94%	-20.48%	-4.46%
Current Drawdown Current decline from peak	-1.48%	-3.01%	+1.53%
Average Drawdown Average peak-to-trough decline	-6.21%	-5.42%	-0.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.95%	3.35%	-1.40%

Volatility

LSAF vs. LSAT - Volatility Comparison

The current volatility for LeaderShares AlphaFactor US Core Equity ETF (LSAF) is 4.21%, while Leadershares Alphafactor Tactical Focused ETF (LSAT) has a volatility of 4.50%. This indicates that LSAF experiences smaller price fluctuations and is considered to be less risky than LSAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAF	LSAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.21%	4.50%	-0.29%
Volatility (6M) Calculated over the trailing 6-month period	10.49%	9.84%	+0.65%
Volatility (1Y) Calculated over the trailing 1-year period	14.36%	13.08%	+1.28%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.38%	16.27%	+2.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.73%	16.71%	+5.02%

LSAF vs. LSAT - Expense Ratio Comparison

LSAF has a 0.75% expense ratio, which is lower than LSAT's 0.99% expense ratio.

Dividends

LSAF vs. LSAT - Dividend Comparison

LSAF's dividend yield for the trailing twelve months is around 0.57%, less than LSAT's 1.62% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.57%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.62%	1.90%	1.31%	1.85%	0.36%	3.44%	0.30%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LSAF and LSAT in my portfolio?

LSAF and LSAT have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAF or LSAT?

LSAT has higher volatility (4.50%) compared to LSAF (4.21%). In terms of maximum drawdown, LSAF dropped -41.67% vs LSAT's -20.48%.

Which ETF is better, LSAF or LSAT?

On 5-year performance, LSAF leads with 10.90% vs 7.11% for LSAT. On fees, LSAF is cheaper at 0.75% per year. On volatility, LSAF has been the lower-risk option at 4.21%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAF or LSAT?

Over the 5-year period, LSAF has performed better with a 10.90% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAF or LSAT?

LSAF is cheaper with a 0.75% expense ratio, compared with 0.99% for LSAT.

Which ETF pays a higher dividend yield, LSAF or LSAT?

LSAT has the higher dividend yield at 1.62%, compared with 0.57% for LSAF.

What is the main difference between LSAF and LSAT?

LSAF is categorized as Mid Cap Blend Equities, while LSAT is Money Market. Their fees differ too: 0.75% for LSAF and 0.99% for LSAT.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.25), 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.