LSAT vs. ESML

Last updated Aug 2, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and ESML (iShares ESG Aware MSCI USA Small-Cap ETF) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while ESML is a Small Cap Growth Equities fund tracking the MSCI USA Small Cap Extended ESG Focus Index. LSAT is actively managed, while ESML is passively managed. Over the past 5 years, LSAT returned 7.11%/yr vs 7.63%/yr for ESML. Their 0.77 correlation means they have sometimes moved together and sometimes differently. LSAT charges 0.99%/yr vs 0.17%/yr for ESML.

Performance

LSAT vs. ESML - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leadershares Alphafactor Tactical Focused ETF (LSAT) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with LSAT having a 16.87% return and ESML slightly higher at 17.35%.

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%

ESML

• 1D: -0.17%
• 1M: -2.10%
• 6M: 11.46%
• YTD: 17.35%
• 1Y: 31.31%
• 3Y*: 14.39%
• 5Y*: 7.63%
• 10Y*: —
• ALL TIME*: 10.66%

*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)
ESML iShares ESG Aware MSCI USA Small-Cap ETF	$4.23M	$5.41M	$10.96M
LSAT Leadershares Alphafactor Tactical Focused ETF	$127.96K	$112.69K	$108.05K

LSAT vs. ESML - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	16.87%	-1.54%	18.16%	13.64%	-12.99%	25.10%	18.71%
ESML iShares ESG Aware MSCI USA Small-Cap ETF	17.35%	10.62%	12.01%	17.27%	-17.28%	19.28%	21.14%

Correlation

The correlation between LSAT and ESML is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.73
Correlation (5Y) Shows whether the relationship held over a longer period.	0.77
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.77

The correlation between LSAT and ESML shifts across timeframes, from 0.60 (1 year) to 0.77 (all time), reflecting how their relationship changes across market environments.

LSAT vs. ESML - Sectors Allocation Comparison

Sectors	LSAT	ESML
Consumer Cyclical	23.3%	10.8%
Financial Services	20.9%	13.6%
Technology	15.3%	21.1%
Industrials	13.4%	17.7%
Communication Services	9.4%	2.4%
Healthcare	7.6%	13.8%
Real Estate	2.8%	6.5%
Consumer Defensive	2.7%	3.4%
Energy	2.5%	4.4%
Basic Materials	2.3%	3.6%
Utilities	-	2.6%

Return for Risk

LSAT vs. ESML — Risk / Return Rank

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

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

ESML

ESML Risk / Return Rank: 79
ESML Sharpe Ratio Rank: 76
ESML Sortino Ratio Rank: 78
ESML Omega Ratio Rank: 71
ESML Calmar Ratio Rank: 85
ESML Martin Ratio Rank: 83

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.

LSAT vs. ESML - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and iShares ESG Aware MSCI USA Small-Cap ETF (ESML). 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.

	LSAT	ESML	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.71	-0.47
Sortino ratio: Return per unit of downside risk	1.90	2.51	-0.61
Omega ratio: Gain probability vs. loss probability	1.22	1.30	-0.08
Calmar ratio: Return relative to maximum drawdown	2.04	3.24	-1.20
Martin ratio: Return relative to average drawdown	4.83	11.36	-6.53

LSAT vs. ESML - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 1.25, which is comparable to the ESML Sharpe Ratio of 1.71. The chart below compares the historical Sharpe Ratios of LSAT and ESML, 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

LSAT vs. ESML - Drawdown Comparison

The maximum LSAT drawdown since its inception was -20.48%, smaller than the maximum ESML drawdown of -41.97%. Use the drawdown chart below to compare losses from any high point for LSAT and ESML.

Drawdown Indicators

	LSAT	ESML	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-41.97%	+21.49%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-9.04%	+1.10%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-26.68%	+8.43%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-28.61%	+8.13%
Current Drawdown Current decline from peak	-3.01%	-3.95%	+0.94%
Average Drawdown Average peak-to-trough decline	-5.42%	-8.83%	+3.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.35%	2.58%	+0.77%

Volatility

LSAT vs. ESML - Volatility Comparison

Leadershares Alphafactor Tactical Focused ETF (LSAT) has a higher volatility of 4.50% compared to iShares ESG Aware MSCI USA Small-Cap ETF (ESML) at 3.85%. This indicates that LSAT's price experiences larger fluctuations and is considered to be riskier than ESML based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	ESML	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.50%	3.85%	+0.65%
Volatility (6M) Calculated over the trailing 6-month period	9.84%	12.35%	-2.51%
Volatility (1Y) Calculated over the trailing 1-year period	13.08%	17.16%	-4.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.27%	21.20%	-4.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.71%	23.29%	-6.58%

LSAT vs. ESML - Expense Ratio Comparison

LSAT has a 0.99% expense ratio, which is higher than ESML's 0.17% expense ratio.

Dividends

LSAT vs. ESML - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.62%, more than ESML's 0.92% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
ESML iShares ESG Aware MSCI USA Small-Cap ETF	0.92%	1.08%	1.22%	1.31%	1.46%	0.94%	0.99%	1.10%	1.07%
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 LSAT and ESML in my portfolio?

LSAT and ESML have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LSAT or ESML?

LSAT has higher volatility (4.50%) compared to ESML (3.85%). In terms of maximum drawdown, LSAT dropped -20.48% vs ESML's -41.97%.

Which ETF is better, LSAT or ESML?

On 5-year performance, ESML leads with 7.63% vs 7.11% for LSAT. On fees, ESML is cheaper at 0.17% per year. On volatility, ESML has been the lower-risk option at 3.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAT or ESML?

Over the 5-year period, ESML has performed better with a 7.63% return vs 7.11%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAT or ESML?

ESML is cheaper with a 0.17% expense ratio, compared with 0.99% for LSAT.

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

LSAT has the higher dividend yield at 1.62%, compared with 0.92% for ESML.

What is the main difference between LSAT and ESML?

LSAT is categorized as Money Market, while ESML is Small Cap Growth Equities. They also come from different issuers: Redwood and iShares. Their fees differ too: 0.99% for LSAT and 0.17% for ESML.

Which has better risk-adjusted returns?

ESML currently has the higher Sharpe Ratio (1.71 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.