Data as of Nov 4, 2026.
LALT vs QAI: Correlation to the S&P 500
Over the year to Nov 4, 2026, LALT moved less with the S&P 500 than QAI: correlation +0.34 against +0.89.
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Net assets: $442m on Nov 3, 2026 for First Trust Multi-Strategy Alternative ETF, and $1.0bn on Jul 31, 2026 for NYLIM Hedge Multi-Strategy Tracker ETF.
LALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LALT −0.10%.
QAI in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QAI −0.54%.
Pair scorecard
QAI costs 0.37 points a year less; their one-year returns differ by 4.3 points.
| Measure | LALT | QAI |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.0% | +7.7% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.18% | 0.81% |
| Net assets, LALT as of Nov 3, 2026 and QAI as of Jul 31, 2026 | $442m | $1.0bn |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.17: about 0.17% for each 1% | +0.45: about 0.45% for each 1% |
| Its average week when the S&P 500 fell | fell 0.10% | fell 0.54% |
Risk and return
Feb 10, 2023 to Oct 30, 2026 · 194 weekly returnsFrom Feb 2023 to Oct 2026, LALT returned more: +36.5% to +31.3%. LALT swung less: 4.8% to 5.6%. LALT fell less at its worst: −4.1% to −6.3%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | LALT | QAI | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +36.5% | +31.3% | LALT | Price change plus distributions, reinvested. |
| Annualized | +8.7% | +7.6% | LALT | Total return as a yearly rate. |
| Price return | +24.5% | +21.5% | LALT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 4.8% | 5.6% | LALT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 3.3% | 4.0% | LALT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −4.1% | −6.3% | LALT | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 0.80 | 0.51 | LALT | Return above Treasury bills per unit of volatility. |
| Sortino | 1.18 | 0.72 | LALT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 2.11 | 1.20 | LALT | 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 | vs its benchmark | |||
|---|---|---|---|---|
| Window | LALT | QAI | LALT | QAI |
| 3 months | +1.9% | −2.0% | not measured | −1.7 pts vs IWV |
| 6 months | 0.0% | −1.3% | not measured | −6.2 pts vs IWV |
| 1 year | +12.0% | +7.7% | not measured | −7.1 pts vs IWV |
| 3 years | +33.7% | +28.1% | not measured | −52.9 pts vs IWV |
| Since launchNot the same days: LALT Feb 2023 · QAI Mar 2009 | +34.3% | +79.4% | not measured | not measured |
Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
LALT and QAI both run a multi-strategy strategy. Over the same 52 weeks to Nov 4, 2026, LALT’s weekly returns had a correlation of +0.34 with the S&P 500 and QAI’s +0.89. In the 26 weeks the index fell, by 1.07% a week on average, LALT averaged −0.10% and QAI −0.54%. Over the same weeks, LALT finished 8.0 percentage points ahead of cash and QAI finished 3.5 points ahead of cash.
Client brief:
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LALT
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 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. The S&P 500 fell in 26 of those 52 weeks, by 1.07% on average. 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.
QAI
QAI is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.89 with the S&P 500’s and a beta of +0.45, so for each 1% the index moved it moved about 0.45% the same way. In the same weeks QAI fell 0.54% on average, a down-week capture of 50.9%. Over the same 52 weeks QAI returned +7.1% and a Treasury bill fund +3.7%, so it finished 3.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, LALT or QAI?
- Over the 52 weeks to Nov 4, 2026, LALT’s weekly returns had a correlation of +0.34 with the S&P 500 and QAI’s +0.89, so LALT moved less with the index.
- Which did better when the S&P 500 fell, LALT or QAI?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, LALT averaged −0.10% and QAI −0.54%, so LALT 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, LALT against QAI, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/lalt-vs-qai
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[LALT against QAI (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/lalt-vs-qai)
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