PPI vs. LALT

Last updated Aug 5, 2026

PPI (Astoria Real Assets ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both Global Allocation funds. Both are actively managed. Over the past 3 years, PPI returned 18.90%/yr vs 9.19%/yr for LALT. Their 0.50 correlation means they have sometimes moved together and sometimes differently. PPI charges 0.58%/yr vs 1.94%/yr for LALT.

Performance

PPI vs. LALT - Performance Comparison

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

Returns By Period

In the year-to-date period, PPI achieves a 15.76% return, which is significantly higher than LALT's 7.98% return.

PPI

• 1D: 0.45%
• 1M: 1.48%
• 6M: 7.16%
• YTD: 15.76%
• 1Y: 27.12%
• 3Y*: 18.90%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 14.41%

LALT

• 1D: 0.00%
• 1M: 0.42%
• 6M: 3.49%
• YTD: 7.98%
• 1Y: 15.67%
• 3Y*: 9.19%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 8.07%

*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)
LALT First Trust Multi-Strategy Alternative ETF	$2.10M	$2.26M	$4.74M
PPI Astoria Real Assets ETF	$458.77K	$622.77K	$642.93K

PPI vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
PPI Astoria Real Assets ETF	15.76%	30.05%	6.43%	2.40%
LALT First Trust Multi-Strategy Alternative ETF	7.98%	10.79%	8.77%	0.88%

Correlation

The correlation between PPI and LALT is 0.46, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.46
Correlation (3Y) Balances recent behavior with more history.	0.50
Correlation (All Time) Calculated using the full available price history since Feb 1, 2023	0.50

The correlation between PPI and LALT has been stable across timeframes, ranging from 0.46 to 0.50 - a consistent structural relationship.

Return for Risk

PPI vs. LALT — Risk / Return Rank

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

PPI

PPI Risk / Return Rank: 64
PPI Sharpe Ratio Rank: 61
PPI Sortino Ratio Rank: 57
PPI Omega Ratio Rank: 56
PPI Calmar Ratio Rank: 83
PPI Martin Ratio Rank: 63

LALT

LALT Risk / Return Rank: 86
LALT Sharpe Ratio Rank: 87
LALT Sortino Ratio Rank: 86
LALT Omega Ratio Rank: 89
LALT Calmar Ratio Rank: 90
LALT Martin Ratio Rank: 79

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.

PPI vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Astoria Real Assets ETF (PPI) and First Trust Multi-Strategy Alternative ETF (LALT). 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.

	PPI	LALT	Difference
Sharpe ratio: Return per unit of total volatility	1.63	2.27	-0.64
Sortino ratio: Return per unit of downside risk	2.22	3.14	-0.92
Omega ratio: Gain probability vs. loss probability	1.28	1.44	-0.15
Calmar ratio: Return relative to maximum drawdown	3.41	4.23	-0.82
Martin ratio: Return relative to average drawdown	8.54	11.61	-3.07

PPI vs. LALT - Sharpe Ratio Comparison

The current PPI Sharpe Ratio is 1.63, which is comparable to the LALT Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of PPI and LALT, 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

PPI vs. LALT - Drawdown Comparison

The maximum PPI drawdown since its inception was -24.54%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for PPI and LALT.

Drawdown Indicators

	PPI	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-24.54%	-6.97%	-17.57%
Max Drawdown (1Y) Largest decline over 1 year	-7.98%	-3.72%	-4.26%
Max Drawdown (3Y) Largest decline over 3 years	-20.70%	-6.97%	-13.73%
Current Drawdown Current decline from peak	-3.90%	-3.24%	-0.66%
Average Drawdown Average peak-to-trough decline	-6.43%	-1.06%	-5.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.19%	1.35%	+1.84%

Volatility

PPI vs. LALT - Volatility Comparison

Astoria Real Assets ETF (PPI) has a higher volatility of 4.24% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 1.12%. This indicates that PPI's price experiences larger fluctuations and is considered to be riskier than LALT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PPI	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.24%	1.12%	+3.12%
Volatility (6M) Calculated over the trailing 6-month period	12.33%	5.08%	+7.25%
Volatility (1Y) Calculated over the trailing 1-year period	16.71%	6.94%	+9.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	18.94%	5.78%	+13.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.94%	5.78%	+13.16%

PPI vs. LALT - Expense Ratio Comparison

PPI has a 0.58% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

PPI vs. LALT - Dividend Comparison

PPI's dividend yield for the trailing twelve months is around 1.30%, less than LALT's 3.75% yield.

Position	TTM	2025	2024	2023	2022
LALT First Trust Multi-Strategy Alternative ETF	3.75%	2.03%	2.06%	2.44%	0.00%
PPI Astoria Real Assets ETF	1.30%	1.06%	0.60%	2.87%	2.40%

Frequently Asked Questions

Can I hold both PPI and LALT in my portfolio?

PPI and LALT have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PPI or LALT?

PPI has higher volatility (4.24%) compared to LALT (1.12%). In terms of maximum drawdown, PPI dropped -24.54% vs LALT's -6.97%.

Which ETF is better, PPI or LALT?

On 3-year performance, PPI leads with 18.90% vs 9.19% for LALT. On fees, PPI is cheaper at 0.58% per year. On volatility, LALT has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PPI or LALT?

Over the 3-year period, PPI has performed better with a 18.90% return vs 9.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PPI or LALT?

PPI is cheaper with a 0.58% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.75%, compared with 1.30% for PPI.

What is the main difference between PPI and LALT?

They also come from different issuers: AXS and First Trust. Their fees differ too: 0.58% for PPI and 1.94% for LALT.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (2.27 vs 1.63), 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.