Data as of Nov 4, 2026.
LALT vs QALT: Correlation to the S&P 500
Over the year to Nov 4, 2026, LALT moved less with the S&P 500 than QALT: correlation +0.34 against +0.60.
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Net assets: $442m on Nov 3, 2026 for First Trust Multi-Strategy Alternative ETF, and $194m on Jun 30, 2026 for SEI DBi Multi-Strategy Alternative ETF.
LALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, LALT −0.10%.
QALT in the 26 weeks SPY fell, year to Nov 4, 2026: SPY averaged −1.07%, QALT −0.49%.
Pair scorecard
QALT costs 0.38 points a year less; their one-year returns differ by 5.5 points.
| Measure | LALT | QALT |
|---|---|---|
| Return | ||
| Total return, 1 year | +12.0% | +6.5% |
| Against its benchmark | ||
| Treasury bills, 52 weeks | +3.7% | |
| Cost and size | ||
| Expense ratio | 1.18% | 0.80% |
| Net assets, LALT as of Nov 3, 2026 and QALT as of Jun 30, 2026 | $442m | $194m |
| Holdings | ||
| Holdings in common | not published | |
| Risk | ||
| Beta to the S&P 500 | +0.17: about 0.17% for each 1% | +0.31: about 0.31% for each 1% |
| Its average week when the S&P 500 fell | fell 0.10% | fell 0.49% |
Risk and return
Sep 5, 2025 to Oct 30, 2026 · 60 weekly returnsFrom Sep 2025 to Oct 2026, LALT returned more: +16.2% to +10.8%. LALT swung less: 5.4% to 6.7%. LALT fell less at its worst: −3.3% to −4.5%.
Full scorecard
9 measures, with how each is measured Open ↓
| Measure | LALT | QALT | Edge | How it is measured |
|---|---|---|---|---|
| Return | ||||
| Total return | +16.2% | +10.8% | LALT | Price change plus distributions, reinvested. |
| Annualized | +13.9% | +9.3% | LALT | Total return as a yearly rate. |
| Price return | +11.5% | +3.5% | LALT | Price change alone, distributions left out. |
| Risk | ||||
| Volatility | 5.4% | 6.7% | LALT | Spread of weekly returns, annualized. Lower is steadier. |
| Downside deviation | 2.9% | 5.2% | LALT | Like volatility, counting only weeks below the Treasury bill rate. |
| Max drawdown | −3.3% | −4.5% | LALT | Deepest fall from a high to the low after it. |
| Risk-adjusted | ||||
| Sharpe | 1.75 | 0.79 | LALT | Return above Treasury bills per unit of volatility. |
| Sortino | 3.25 | 1.03 | LALT | Return above Treasury bills per unit of downside deviation. |
| Calmar | 4.19 | 2.07 | LALT | Annualized return divided by the max drawdown. |
Computed by ETFIQ from Tiingo daily prices and ETFIQ's distribution records, 60 weekly returns. Cash rate: the 13-week Treasury bill.
Window by window
| Total return | ||
|---|---|---|
| Window | LALT | QALT |
| 3 months | +1.9% | −2.2% |
| 6 months | 0.0% | +1.0% |
| 1 year | +12.0% | +6.5% |
| 3 years | +33.7% | – |
| Since launchNot the same days: LALT Feb 2023 · QALT Aug 2025 | +34.3% | +10.0% |
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Side by side
As of Nov 4, 2026. Source: ETFIQ.
One strategy, two funds
LALT and QALT 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 QALT’s +0.60. In the 26 weeks the index fell, by 1.07% a week on average, LALT averaged −0.10% and QALT −0.49%. Over the same weeks, LALT finished 8.0 percentage points ahead of cash and QALT finished 2.5 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.
QALT
QALT is a multi-strategy fund. Over the year to Nov 4, 2026, its weekly returns had a correlation of +0.60 with the S&P 500’s and a beta of +0.31, so for each 1% the index moved it moved about 0.31% the same way. In the same weeks QALT fell 0.49% on average, a down-week capture of 45.7%. Over the same 52 weeks QALT returned +6.2% and a Treasury bill fund +3.7%, so it finished 2.5 percentage points ahead of cash.
Questions people ask
- Which moved less with the S&P 500, LALT or QALT?
- Over the 52 weeks to Nov 4, 2026, LALT’s weekly returns had a correlation of +0.34 with the S&P 500 and QALT’s +0.60, so LALT moved less with the index.
- Which did better when the S&P 500 fell, LALT or QALT?
- In the 26 weeks the S&P 500 fell, by 1.07% a week on average, LALT averaged −0.10% and QALT −0.49%, 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 QALT, data as of Nov 4, 2026. https://etfiq.com/compare/alternatives/lalt-vs-qalt
ETFIQ. (Nov 4, 2026). LALT against QALT. Retrieved from https://etfiq.com/compare/alternatives/lalt-vs-qalt
[LALT against QALT (ETFIQ, Nov 4, 2026)](https://etfiq.com/compare/alternatives/lalt-vs-qalt)
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