Data as of .
LALT vs QAI: which moved less with stocks?
Over the year to Sep 18, 2026, LALT moved less with the S&P 500 than QAI: correlation +0.24 against +0.85.
ETFIQ Diversifier Score: LALT scores higher
How much does it diversify a stock portfolio?
A percentile among the 63 alternatives ETFs with a full year. It is a position in a set, not a rating, and neither end of it is a recommendation. All alternatives ETFs ranked by it · How it is computed
One strategy, two funds
LALT and QAI both run a multi-strategy strategy. Over the same 52 weeks to Sep 18, 2026, LALT’s weekly returns had a correlation of +0.24 with the S&P 500 and QAI’s +0.85. In the 22 weeks the index fell, by 1.24% a week on average, LALT averaged +0.18% and QAI −0.42%. Over the same weeks, LALT finished 11.6 percentage points ahead of cash and QAI finished 5.4 points ahead of cash.
Performance, window by window
| Window | Total return | vs the S&P 500 | ||
|---|---|---|---|---|
| LALT | QAI | LALT | QAI | |
| 3 months | +2.9% | −1.6% | +0.7 pts | −3.8 pts |
| 6 months | +3.6% | +6.8% | −14.4 pts | −11.2 pts |
| 1 year | +15.3% | +9.1% | −1.2 pts | −7.5 pts |
| 3 years | +32.8% | +28.8% | −45.6 pts | −49.6 pts |
| Since launch | +36.0% | +65.4% | −58.4 pts | −738.1 pts |
| LALT First Trust Multi-Strategy Alternative ETF Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return | QAI NYLIM Hedge Multi-Strategy Tracker ETF Multi-strategy fund: runs several alternative strategies at once, or aims to return what hedge funds as a group return | |
|---|---|---|
| Issuer | First Trust | New York Life Investments |
| Strategy | Multi-strategy | Multi-strategy |
| Correlation with the S&P 500 | +0.24 | +0.85 |
| Beta to the S&P 500 | +0.11 | +0.42 |
| Down-week capture | −14.9% | 34.0% |
| Average week when the S&P 500 fell | +0.18% | −0.42% |
| The S&P 500 in those weeks | −1.24% | −1.24% |
| Total return, same 52 weeks | +15.2% | +9.0% |
| Against T-bills, percentage points | +11.6 pts | +5.4 pts |
| Expense ratio | 1.18% | 0.81% |
| Listed | Feb 1, 2023 | Jan 4, 2010 |
| Net assets | $389m | $968m |
LALT in plain words
LALT 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 Sep 18, 2026, its weekly returns had a correlation of +0.24 with the S&P 500’s and a beta of +0.11, so for each 1% the index moved it moved about 0.11% the same way. The S&P 500 fell in 22 of those 52 weeks, by 1.24% on average. In the same weeks LALT rose 0.18% on average, a down-week capture of −14.9%. Over the same 52 weeks LALT returned +15.2% and a Treasury bill fund +3.6%, so it finished 11.6 percentage points ahead of cash.
QAI in plain words
QAI is a multi-strategy fund. Over the year to Sep 18, 2026, its weekly returns had a correlation of +0.85 with the S&P 500’s and a beta of +0.42, so for each 1% the index moved it moved about 0.42% the same way. In the same weeks QAI fell 0.42% on average, a down-week capture of 34.0%. Over the same 52 weeks QAI returned +9.0% and a Treasury bill fund +3.6%, so it finished 5.4 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, LALT or QAI?
- Over the 52 weeks to Sep 18, 2026, LALT’s weekly returns had a correlation of +0.24 with the S&P 500 and QAI’s +0.85, so LALT moved less with the index.
- Which did better when the S&P 500 fell, LALT or QAI?
- In the 22 weeks the S&P 500 fell, by 1.24% a week on average, LALT averaged +0.18% and QAI −0.42%, so LALT returned more in those weeks.
- Which earned more than cash, LALT or QAI?
- Over the same weeks, LALT finished 11.6 percentage points ahead of cash and QAI finished 5.4 percentage points ahead of cash. Cash here is BIL, a fund of Treasury bills.
- Which is cheaper, LALT or QAI?
- LALT charges 1.18% a year and QAI charges 0.81%, so QAI is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, LALT against QAI, data as of Sep 18, 2026. https://etfiq.com/compare/alternatives/lalt-vs-qai Free to use with attribution; the underlying files are at Open data.