LST vs. LSAF

Last updated Aug 2, 2026

LST (Leuthold Select Industries ETF) and LSAF (LeaderShares AlphaFactor US Core Equity ETF) are both Mid Cap Blend Equities funds. LST is actively managed, while LSAF is passively managed. Over the past year, LST returned 29.45% vs 30.03% for LSAF. Their 0.77 correlation means they have sometimes moved together and sometimes differently. LST charges 0.65%/yr vs 0.75%/yr for LSAF.

Performance

LST vs. LSAF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Leuthold Select Industries ETF (LST) 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, LST achieves a 14.88% return, which is significantly lower than LSAF's 19.96% return.

LST

• 1D: -0.16%
• 1M: -0.12%
• 6M: 10.93%
• YTD: 14.88%
• 1Y: 29.45%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.29%

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%

*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
LST Leuthold Select Industries ETF	$505.07K	$687.40K	$2.35M

LST vs. LSAF - Yearly Performance Comparison

	2026 (YTD)	2025
LST Leuthold Select Industries ETF	14.88%	15.31%
LSAF LeaderShares AlphaFactor US Core Equity ETF	19.96%	6.77%

Correlation

The correlation between LST and LSAF is 0.72, 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.	0.72
Correlation (All Time) Calculated using the full available price history since Jan 21, 2025	0.77

The correlation between LST and LSAF has been stable across timeframes, ranging from 0.72 to 0.77 - a consistent structural relationship.

Return for Risk

LST vs. LSAF — Risk / Return Rank

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

LST

LST Risk / Return Rank: 77
LST Sharpe Ratio Rank: 80
LST Sortino Ratio Rank: 80
LST Omega Ratio Rank: 77
LST Calmar Ratio Rank: 73
LST Martin Ratio Rank: 78

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

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.

LST vs. LSAF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leuthold Select Industries ETF (LST) 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.

	LST	LSAF	Difference
Sharpe ratio: Return per unit of total volatility	1.84	2.03	-0.19
Sortino ratio: Return per unit of downside risk	2.62	2.98	-0.36
Omega ratio: Gain probability vs. loss probability	1.32	1.35	-0.03
Calmar ratio: Return relative to maximum drawdown	2.57	4.41	-1.84
Martin ratio: Return relative to average drawdown	10.09	14.86	-4.77

LST vs. LSAF - Sharpe Ratio Comparison

The current LST Sharpe Ratio is 1.84, which is comparable to the LSAF Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of LST 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

LST vs. LSAF - Drawdown Comparison

The maximum LST drawdown since its inception was -19.47%, smaller than the maximum LSAF drawdown of -41.67%. Use the drawdown chart below to compare losses from any high point for LST and LSAF.

Drawdown Indicators

	LST	LSAF	Difference
Max Drawdown Largest peak-to-trough decline	-19.47%	-41.67%	+22.20%
Max Drawdown (1Y) Largest decline over 1 year	-10.85%	-6.58%	-4.27%
Max Drawdown (3Y) Largest decline over 3 years	—	-20.26%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-24.94%	—
Current Drawdown Current decline from peak	-2.38%	-1.48%	-0.90%
Average Drawdown Average peak-to-trough decline	-2.84%	-6.21%	+3.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.76%	1.95%	+0.81%

Volatility

LST vs. LSAF - Volatility Comparison

The current volatility for Leuthold Select Industries ETF (LST) is 3.76%, while LeaderShares AlphaFactor US Core Equity ETF (LSAF) has a volatility of 4.21%. This indicates that LST experiences smaller price fluctuations and is considered to be less risky than LSAF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LST	LSAF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.76%	4.21%	-0.45%
Volatility (6M) Calculated over the trailing 6-month period	12.53%	10.49%	+2.04%
Volatility (1Y) Calculated over the trailing 1-year period	15.14%	14.36%	+0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.66%	18.38%	-0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.66%	21.73%	-4.07%

LST vs. LSAF - Expense Ratio Comparison

LST has a 0.65% expense ratio, which is lower than LSAF's 0.75% expense ratio.

Dividends

LST vs. LSAF - Dividend Comparison

LST's dividend yield for the trailing twelve months is around 1.17%, more than LSAF's 0.57% 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%
LST Leuthold Select Industries ETF	1.17%	1.34%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LST and LSAF in my portfolio?

LST and LSAF have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LST or LSAF?

LSAF has higher volatility (4.21%) compared to LST (3.76%). In terms of maximum drawdown, LST dropped -19.47% vs LSAF's -41.67%.

Which ETF is better, LST or LSAF?

On 1-year performance, LSAF leads with 30.03% vs 29.45% for LST. On fees, LST is cheaper at 0.65% per year. On volatility, LST has been the lower-risk option at 3.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LST or LSAF?

Over the 1-year period, LSAF has performed better with a 30.03% return vs 29.45%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LST or LSAF?

LST is cheaper with a 0.65% expense ratio, compared with 0.75% for LSAF.

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

LST has the higher dividend yield at 1.17%, compared with 0.57% for LSAF.

What is the main difference between LST and LSAF?

They also come from different issuers: Leuthold and Redwood. Their fees differ too: 0.65% for LST and 0.75% for LSAF.

Which has better risk-adjusted returns?

LSAF currently has the higher Sharpe Ratio (2.03 vs 1.84), 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.