Data as of Nov 4, 2026.
FLSP vs LALT: Correlation to the S&P 500
Over the year to Nov 4, 2026, FLSP moved less with the S&P 500 than LALT: correlation −0.13 against +0.34.
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Net assets on Nov 3, 2026: $1.2bn for Franklin Systematic Style Premia ETF and $442m for First Trust Multi-Strategy Alternative ETF.
FLSP in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, FLSP +0.23%.
LALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LALT −0.10%.
Pair scorecard
FLSP costs 0.53 points a year less; their one-year returns differ by 0.2 points; FLSP is 2.7 times larger.
| Measure | FLSP | LALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.2% | +12.0% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 0.65% | 1.18% |
| Net assets, as of Nov 3, 2026 | $1.2bn | $442m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | −0.06: about 0.06% for each 1% | +0.17: about 0.17% for each 1% |
| Its average week when the S&P 500 fell | rose 0.23% | fell 0.10% |
Risk and return
Feb 10, 2023 to Oct 30, 2026 · 194 weekly returnsFrom Feb 2023 to Oct 2026, FLSP returned more: +44.2% to +36.5%. LALT swung less: 4.8% to 7.0%. LALT fell slightly less at its worst: −4.1% to −4.2%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | FLSP | LALT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +44.2% | +36.5% | FLSP | Price change plus distributions, reinvested. |
| Annualized | +10.3% | +8.7% | FLSP | Total return as a yearly rate. |
| Price return | +37.2% | +24.5% | FLSP | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 7.0% | 4.8% | LALT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 4.6% | 3.3% | LALT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.2% | −4.1% | LALT (slight) | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.78 | 0.80 | LALT (slight) | Return above Treasury bills per unit of volatility. |
| Sortino | 1.19 | 1.18 | Tie | Return above Treasury bills per unit of downside deviation. |
| Calmar | 2.44 | 2.11 | FLSP | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 194 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | FLSP | LALT |
| 3 months | +3.1% | +1.9% |
| 6 months | +8.4% | 0.0% |
| 1 year | +12.2% | +12.0% |
| 3 years | +36.4% | +33.7% |
| Since launchNot the same days: FLSP Dec 2019 · LALT Feb 2023 | +37.8% | +34.3% |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
FLSP and LALT both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and LALT’s +0.34. In the 26 weeks the index fell, by 1.07% a week on average, FLSP averaged +0.23% and LALT −0.10%. Over the same weeks, FLSP finished 7.9 percentage points ahead of cash and LALT finished 8.0 points ahead of cash.
Client brief:
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FLSP
FLSP is a multi-strategy fund. ETFIQ measures what every alternatives fund is sold on: whether it moves differently from the stock market. Over the year to Nov 4, 2026, its weekly returns had a correlation of −0.13 with the S&P 500’s and a beta of −0.06, so for each 1% the index moved it moved about 0.06% the other way. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. In the same weeks FLSP rose 0.23% on average, a down-week capture of −21.2%. Over the same 52 weeks FLSP returned +11.6% and a Treasury bill fund +3.7%, so it finished 7.9 percentage points ahead of cash.
LALT
LALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.34 with the S&P 500’s and a beta of +0.17, so for each 1% the index moved it moved about 0.17% the same way. In the same weeks LALT fell 0.10% on average, a down-week capture of 8.9%. Over the same 52 weeks LALT returned +11.6% and a Treasury bill fund +3.7%, so it finished 8.0 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, FLSP or LALT?
- Over the 52 weeks to Nov 4, 2026, FLSP’s weekly returns had a correlation of −0.13 with the S&P 500 and LALT’s +0.34, so FLSP moved less with the index.
- Which did better when the S&P 500 fell, FLSP or LALT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, FLSP averaged +0.23% and LALT −0.10%, so FLSP returned more in those weeks.
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How this is computed
Every number is an ETFIQ calculation with distributions reinvested.
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ETFIQ, FLSP against LALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/flsp-vs-lalt
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[FLSP against LALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/flsp-vs-lalt)
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