LSAT vs. LSAF

Last updated Jun 25, 2026

LSAT (Leadershares Alphafactor Tactical Focused ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both exchange-traded funds - LSAT is a Money Market fund actively managed by Redwood, while LSAF is a Mid Cap Blend Equities fund tracking the AlphaFactor US Core Equity Index. LSAT is actively managed, while LSAF is passively managed. Over the past 5 years, LSAT returned 6.34%/yr vs 10.29%/yr for LSAF. Their correlation of 0.82 suggests significant overlap in exposure. LSAT charges 0.99%/yr vs 0.75%/yr for LSAF.

Performance

LSAT vs. LSAF - Performance Comparison

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

Returns By Period

In the year-to-date period, LSAT achieves a 11.67% return, which is significantly lower than LSAF's 14.16% return.

LSAT

• 1D: 1.09%
• 1M: 1.22%
• YTD: 11.67%
• 6M: 10.00%
• 1Y: 11.97%
• 3Y*: 12.49%
• 5Y*: 6.34%
• 10Y*: —

LSAF

• 1D: 0.42%
• 1M: 4.33%
• YTD: 14.16%
• 6M: 11.98%
• 1Y: 23.24%
• 3Y*: 19.79%
• 5Y*: 10.29%
• 10Y*: —

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

LSAT vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
LSAT Leadershares Alphafactor Tactical Focused ETF	11.67%	-1.54%	18.16%	13.64%	-12.99%	25.10%	18.71%
LSAF LeaderShares AlphaFactor US Core Equity ETF	14.16%	12.01%	18.09%	15.48%	-13.12%	22.75%	12.07%

Correlation

The correlation between LSAT and LSAF is 0.77, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.83
Correlation (All Time) Calculated using the full available price history since Oct 27, 2020	0.82

The correlation between LSAT and LSAF has been stable across timeframes, ranging from 0.77 to 0.83 - a consistent structural relationship.

LSAT vs. LSAF - Sectors Allocation Comparison

Sectors	LSAT	LSAF
Consumer Cyclical	23.1%	22.6%
Financial Services	21.4%	16.7%
Technology	15.0%	18.7%
Industrials	12.9%	14.5%
Communication Services	9.3%	1.0%
Healthcare	7.0%	9.3%
Energy	3.0%	5.3%
Real Estate	3.0%	2.1%
Consumer Defensive	2.9%	6.6%
Basic Materials	2.5%	3.2%
Utilities	-	0.9%

Return for Risk

LSAT vs. LSAF — Risk / Return Rank

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

LSAT

LSAT Risk / Return Rank: 29
LSAT Sharpe Ratio Rank: 29
LSAT Sortino Ratio Rank: 29
LSAT Omega Ratio Rank: 25
LSAT Calmar Ratio Rank: 33
LSAT Martin Ratio Rank: 28

LSAF

LSAF Risk / Return Rank: 63
LSAF Sharpe Ratio Rank: 55
LSAF Sortino Ratio Rank: 59
LSAF Omega Ratio Rank: 50
LSAF Calmar Ratio Rank: 78
LSAF Martin Ratio Rank: 72

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.

LSAT vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leadershares Alphafactor Tactical Focused ETF (LSAT) and LeaderShares AlphaFactor US Core Equity ETF (LSAF). 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	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	0.93	1.63	-0.70
Sortino ratio: Return per unit of downside risk	1.44	2.43	-0.99
Omega ratio: Gain probability vs. loss probability	1.16	1.28	-0.12
Calmar ratio: Return relative to maximum drawdown	1.51	3.55	-2.03
Martin ratio: Return relative to average drawdown	3.55	11.61	-8.06

LSAT vs. LSAF - Sharpe Ratio Comparison

The current LSAT Sharpe Ratio is 0.93, which is lower than the LSAF Sharpe Ratio of 1.63. The chart below compares the historical Sharpe Ratios of LSAT and LSAF, 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. LSAF - Drawdown Comparison

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

Drawdown Indicators

	LSAT	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-20.48%	-41.67%	+21.19%
Max Drawdown (1Y) Largest decline over 1 year	-7.94%	-6.58%	-1.36%
Max Drawdown (3Y) Largest decline over 3 years	-18.25%	-20.26%	+2.01%
Max Drawdown (5Y) Largest decline over 5 years	-20.48%	-24.94%	+4.46%
Current Drawdown Current decline from peak	-0.28%	-0.92%	+0.64%
Average Drawdown Average peak-to-trough decline	-5.51%	-6.28%	+0.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.38%	2.01%	+1.37%

Volatility

LSAT vs. LSAF - Volatility Comparison

Leadershares Alphafactor Tactical Focused ETF (LSAT) and LeaderShares AlphaFactor US Core Equity ETF (LSAF) have volatilities of 3.48% and 3.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LSAT	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.48%	3.47%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	9.42%	10.43%	-1.01%
Volatility (1Y) Calculated over the trailing 1-year period	12.93%	14.33%	-1.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.25%	18.43%	-2.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.74%	21.82%	-5.08%

LSAT vs. LSAF - Expense Ratio Comparison

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

Dividends

LSAT vs. LSAF - Dividend Comparison

LSAT's dividend yield for the trailing twelve months is around 1.70%, more than LSAF's 0.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LSAF LeaderShares AlphaFactor US Core Equity ETF	0.60%	0.69%	0.42%	0.84%	0.96%	0.37%	0.53%	0.71%	0.20%
LSAT Leadershares Alphafactor Tactical Focused ETF	1.70%	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 LSAF in my portfolio?

LSAT and LSAF have a correlation of 0.77, 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 LSAF?

LSAT has higher volatility (3.48%) compared to LSAF (3.47%). In terms of maximum drawdown, LSAT dropped -20.48% vs LSAF's -41.67%.

Which ETF is better, LSAT or LSAF?

On 5-year performance, LSAF leads with 10.29% vs 6.34% for LSAT. On fees, LSAF is cheaper at 0.75% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LSAT or LSAF?

Over the 5-year period, LSAF has performed better with a 10.29% return vs 6.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LSAT or LSAF?

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

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

LSAT has the higher dividend yield at 1.70%, compared with 0.60% for LSAF.

What is the main difference between LSAT and LSAF?

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

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (1.63 vs 0.93), 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.