TRTY vs. LALT

Last updated Jun 4, 2026

TRTY (Cambria Trinity ETF) and LALT (First Trust Multi-Strategy Alternative ETF) are both exchange-traded funds - TRTY is a Tactical Allocation fund tracking the Cambria Trinity Index, while LALT is a Global Allocation fund actively managed by First Trust. TRTY is passively managed, while LALT is actively managed. Over the past 3 years, TRTY returned 11.86%/yr vs 10.48%/yr for LALT. A 0.53 correlation means they provide meaningful diversification when combined. TRTY charges 0.44%/yr vs 1.94%/yr for LALT.

Performance

TRTY vs. LALT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cambria Trinity ETF (TRTY) 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, TRTY achieves a 10.10% return, which is significantly lower than LALT's 10.70% return.

TRTY

• 1D: -0.42%
• 1M: 0.96%
• YTD: 10.10%
• 6M: 11.29%
• 1Y: 23.79%
• 3Y*: 11.86%
• 5Y*: 5.91%
• 10Y*: —

LALT

• 1D: -0.44%
• 1M: -0.12%
• YTD: 10.70%
• 6M: 10.50%
• 1Y: 22.25%
• 3Y*: 10.48%
• 5Y*: —
• 10Y*: —

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

TRTY vs. LALT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
TRTY Cambria Trinity ETF	10.10%	16.35%	3.89%	0.84%
LALT First Trust Multi-Strategy Alternative ETF	10.70%	10.79%	8.77%	0.88%

Correlation

The correlation between TRTY and LALT is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Feb 2, 2023	0.53

The correlation between TRTY and LALT has been stable across timeframes, ranging from 0.46 to 0.53 - a consistent structural relationship.

TRTY vs. LALT - Sectors Allocation Comparison

Sectors	TRTY	LALT
Energy	18.2%	5.8%
Financial Services	15.8%	31.4%
Industrials	13.4%	7.7%
Basic Materials	11.1%	4.4%
Real Estate	8.7%	1.5%
Consumer Cyclical	7.9%	7.9%
Technology	7.7%	22.1%
Utilities	6.9%	1.2%
Communication Services	3.9%	5.2%
Consumer Defensive	3.8%	5.5%
Healthcare	2.6%	7.3%

Return for Risk

TRTY vs. LALT — Risk / Return Rank

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

TRTY

TRTY Risk / Return Rank: 79
TRTY Sharpe Ratio Rank: 76
TRTY Sortino Ratio Rank: 68
TRTY Omega Ratio Rank: 83
TRTY Calmar Ratio Rank: 82
TRTY Martin Ratio Rank: 85

LALT

LALT Risk / Return Rank: 93
LALT Sharpe Ratio Rank: 92
LALT Sortino Ratio Rank: 93
LALT Omega Ratio Rank: 93
LALT Calmar Ratio Rank: 95
LALT Martin Ratio Rank: 95

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.

TRTY vs. LALT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cambria Trinity ETF (TRTY) 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.

	TRTY	LALT	Difference
Sharpe ratio: Return per unit of total volatility	2.50	3.28	-0.78
Sortino ratio: Return per unit of downside risk	3.17	4.62	-1.45
Omega ratio: Gain probability vs. loss probability	1.50	1.65	-0.14
Calmar ratio: Return relative to maximum drawdown	4.35	7.79	-3.44
Martin ratio: Return relative to average drawdown	17.99	30.25	-12.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRTY vs. LALT - Sharpe Ratio Comparison

The current TRTY Sharpe Ratio is 2.50, which is comparable to the LALT Sharpe Ratio of 3.28. The chart below compares the historical Sharpe Ratios of TRTY 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.

Sharpe Ratios by Period

	TRTY	LALT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	3.28	-0.78
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.56	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	1.62	-1.01

Drawdowns

TRTY vs. LALT - Drawdown Comparison

The maximum TRTY drawdown since its inception was -22.35%, which is greater than LALT's maximum drawdown of -6.97%. Use the drawdown chart below to compare losses from any high point for TRTY and LALT.

Drawdown Indicators

	TRTY	LALT	Difference
Max Drawdown Largest peak-to-trough decline	-22.35%	-6.97%	-15.38%
Max Drawdown (1Y) Largest decline over 1 year	-5.49%	-2.87%	-2.62%
Max Drawdown (3Y) Largest decline over 3 years	-9.25%	-6.97%	-2.28%
Max Drawdown (5Y) Largest decline over 5 years	-13.72%	—	—
Current Drawdown Current decline from peak	-0.62%	-0.80%	+0.18%
Average Drawdown Average peak-to-trough decline	-4.17%	-0.98%	-3.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.33%	0.74%	+0.59%

Volatility

TRTY vs. LALT - Volatility Comparison

Cambria Trinity ETF (TRTY) has a higher volatility of 2.35% compared to First Trust Multi-Strategy Alternative ETF (LALT) at 1.23%. This indicates that TRTY'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

	TRTY	LALT	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.35%	1.23%	+1.12%
Volatility (6M) Calculated over the trailing 6-month period	8.25%	5.40%	+2.85%
Volatility (1Y) Calculated over the trailing 1-year period	9.54%	6.81%	+2.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.62%	5.78%	+4.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.41%	5.78%	+4.63%

TRTY vs. LALT - Expense Ratio Comparison

TRTY has a 0.44% expense ratio, which is lower than LALT's 1.94% expense ratio.

Dividends

TRTY vs. LALT - Dividend Comparison

TRTY's dividend yield for the trailing twelve months is around 3.01%, less than LALT's 3.68% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
LALT First Trust Multi-Strategy Alternative ETF	3.68%	2.03%	2.06%	2.44%	0.00%	0.00%	0.00%	0.00%	0.00%
TRTY Cambria Trinity ETF	3.01%	2.86%	3.55%	3.24%	5.17%	4.52%	1.99%	2.64%	1.07%

Frequently Asked Questions

Can I hold both TRTY and LALT in my portfolio?

TRTY 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, TRTY or LALT?

TRTY has higher volatility (2.35%) compared to LALT (1.23%). In terms of maximum drawdown, TRTY dropped -22.35% vs LALT's -6.97%.

Which ETF is better, TRTY or LALT?

On 3-year performance, TRTY leads with 11.86% vs 10.48% for LALT. On fees, TRTY is cheaper at 0.44% per year. On volatility, LALT has been the lower-risk option at 1.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, TRTY or LALT?

Over the 3-year period, TRTY has performed better with a 11.86% return vs 10.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, TRTY or LALT?

TRTY is cheaper with a 0.44% expense ratio, compared with 1.94% for LALT.

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

LALT has the higher dividend yield at 3.68%, compared with 3.01% for TRTY.

What is the main difference between TRTY and LALT?

TRTY is categorized as Tactical Allocation, while LALT is Global Allocation. They also come from different issuers: Cambria and First Trust. Their fees differ too: 0.44% for TRTY and 1.94% for LALT.

Which has better risk-adjusted returns?

LALT currently has the higher Sharpe Ratio (3.28 vs 2.50), 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.