- Issuer
- Toroso Investments
- Inception Date
- Nov 16, 2020
- Region
- North America (U.S.)
- Category
- Long-Short
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Alternatives
- Assets Under Management
- $20M
Highlights
- Avg. Volume (1M)
- 2K
- Avg. Volume Value (1M)
- $43.68K
Share Price Chart
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Performance
LBAY Performance Chart
Leatherback Long/Short Alternative Yield ETF (LBAY) is up 10.7% since the beginning of the year. LBAY is currently trading at $26 per share. Investors who bought $1,000 worth of LBAY shares 5 years ago would now be looking at an investment worth $1,332.
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Returns By Period
Leatherback Long/Short Alternative Yield ETF (LBAY) has returned 10.68% so far this year and 12.00% over the past 12 months.
Leatherback Long/Short Alternative Yield ETF
- 1D
- -1.39%
- 1M
- 2.18%
- 6M
- 4.80%
- YTD
- 10.68%
- 1Y
- 12.00%
- 3Y*
- 2.86%
- 5Y*
- 5.90%
- 10Y*
- —
- ALL TIME*
- 8.58%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
LBAY Monthly Returns History
Based on dividend-adjusted daily data since Nov 17, 2020, LBAY's average daily return is +0.04%, while the average monthly return is +0.77%. At this rate, an investment would double in approximately 7.5 years.
Historically, 55% of months were positive and 45% were negative. The best month was Feb 2026 with a return of +12.8%, while the worst month was Dec 2024 at -8.8%. The longest winning streak lasted 6 consecutive months, and the longest losing streak was 4 months.
On a daily basis, LBAY closed higher 52% of trading days. The best single day was Feb 4, 2026 with a return of +3.9%, while the worst single day was Apr 4, 2025 at -5.1%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 5.62% | 12.82% | -2.73% | -4.29% | -4.86% | -0.83% | 5.75% | 10.68% | |||||
| 2025 | 0.27% | 3.66% | 3.50% | -4.01% | -0.20% | 0.16% | -0.52% | 5.75% | -2.60% | -4.72% | 4.00% | -0.69% | 4.08% |
| 2024 | -0.37% | 1.04% | 4.43% | -3.24% | 2.68% | -3.25% | 5.33% | 3.11% | -0.52% | -3.49% | 0.39% | -8.77% | -3.49% |
| 2023 | 0.63% | -5.48% | -1.57% | 0.56% | -7.33% | 4.82% | 2.17% | -2.25% | -1.47% | -3.14% | 3.17% | 1.70% | -8.54% |
| 2022 | 5.14% | 1.87% | 4.46% | 0.72% | 6.26% | -6.52% | 1.31% | -0.54% | -6.48% | 10.10% | 5.53% | -0.11% | 22.41% |
| 2021 | -1.55% | 4.25% | 7.72% | 3.91% | 4.23% | -5.49% | 0.96% | 2.57% | -1.66% | 0.40% | -4.12% | 10.20% | 22.27% |
Benchmark Metrics
Leatherback Long/Short Alternative Yield ETF has an annualized alpha of 5.17%, beta of 0.30, and R2 of 0.12 versus S&P 500 Index. Calculated based on daily prices since November 17, 2020.
- This ETF participates in less of S&P 500 Index's moves in both directions, but captures a larger share of gains (40.00%) than losses (34.22%) - typical of diversified or defensive assets.
- Beta of 0.30 may look defensive, but with R2 of 0.12 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.12 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 5.17%
- Beta
- 0.30
- R²
- 0.12
- Upside Capture
- 40.00%
- Downside Capture
- 34.22%
Expense Ratio
LBAY has a high expense ratio of 1.09%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
LBAY ranks 29 for risk / return — above 29% of ETFs peers on PortfoliosLab. Its historical combined result is below the peer median.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LBAY | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.69 | ||
| Sortino ratioReturn per unit of downside risk | -0.80 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.25 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.00 | -1.10 |
| Martin ratioReturn relative to average drawdown | 2.00 | 8.49 | -6.49 |
Dividends
Dividend History
Leatherback Long/Short Alternative Yield ETF provided a 3.75% dividend yield over the last twelve months, with an annual payout of $0.98 per share. The fund has been increasing its distributions for 5 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
| Dividend | $0.98 | $0.92 | $0.91 | $0.90 | $0.81 | $0.73 | $0.06 |
Dividend yield | 3.75% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
Monthly Dividends
The table displays the monthly dividend distributions for Leatherback Long/Short Alternative Yield ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.09 | $0.60 | |||||
| 2025 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.09 | $0.92 |
| 2024 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.91 |
| 2023 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.90 |
| 2022 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.08 | $0.08 | $0.81 |
| 2021 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.07 | $0.07 | $0.73 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Leatherback Long/Short Alternative Yield ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Leatherback Long/Short Alternative Yield ETF was 15.99%, occurring on Oct 27, 2023. Recovery took 568 trading sessions.
The current Leatherback Long/Short Alternative Yield ETF drawdown is 7.11%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-15.99%Oct 2023 | 9mo 21d | 2y 3mo | 3y 27dJan 2023 - Feb 2026 | — |
-13.61%Jun 2026 | 3mo 22d | — | 5mo 3dMar 2026 - now | — |
-12.94%Sep 2022 | 3mo 21d | 1mo 26d | 5mo 17dJun 2022 - Nov 2022 | Bear market2022 |
-10.45%Jul 2021 | 2mo 2d | 5mo 19d | 7mo 21dMay 2021 - Jan 2022 | — |
-5.78%May 2022 | 11d | 22d | 1mo 3dApr 2022 - May 2022 | Bear market2022 |
Drawdown Indicators
| LBAY | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -56.78% | +40.79% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -9.10% | -4.51% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -18.90% | +4.33% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -25.43% | +9.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -7.11% | -1.58% | -5.53% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -10.70% | +3.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 2.14% | +3.97% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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