BFLX vs. LBAY
BFLX (iShares Flexible Equity Active ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.46, they often move in opposite directions. BFLX charges 0.40%/yr vs 1.09%/yr for LBAY.
Performance
BFLX vs. LBAY - Performance Comparison
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Returns By Period
BFLX
- 1D
- -0.43%
- 1M
- -1.16%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LBAY
- 1D
- 2.48%
- 1M
- 1.91%
- 6M
- 5.22%
- YTD
- 9.03%
- 1Y
- 10.75%
- 3Y*
- 3.16%
- 5Y*
- 5.85%
- 10Y*
- —
BFLX vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BFLX iShares Flexible Equity Active ETF | 0.50% |
LBAY Leatherback Long/Short Alternative Yield ETF | -0.69% |
Correlation
The correlation between BFLX and LBAY is -0.46, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 20, 2026 | -0.46 |
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Return for Risk
BFLX vs. LBAY — Risk / Return Rank
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LBAY
BFLX vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Flexible Equity Active ETF (BFLX) and Leatherback Long/Short Alternative Yield ETF (LBAY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
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.
| BFLX | LBAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.12 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.79 | — |
| Martin ratioReturn relative to average drawdown | — | 1.81 | — |
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Drawdowns
BFLX vs. LBAY - Drawdown Comparison
The maximum BFLX drawdown since its inception was -3.85%, smaller than the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for BFLX and LBAY.
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Drawdown Indicators
| BFLX | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.85% | -15.99% | +12.14% |
Max Drawdown (1Y)Largest decline over 1 year | — | -13.61% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -14.57% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.99% | — |
Current DrawdownCurrent decline from peak | -2.25% | -8.50% | +6.25% |
Average DrawdownAverage peak-to-trough decline | -1.37% | -6.88% | +5.51% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 5.94% | — |
Volatility
BFLX vs. LBAY - Volatility Comparison
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Volatility by Period
| BFLX | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 6.93% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 13.45% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 14.09% | 16.56% | -2.47% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 14.09% | 13.74% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 14.09% | 13.92% | +0.17% |
BFLX vs. LBAY - Expense Ratio Comparison
BFLX has a 0.40% expense ratio, which is lower than LBAY's 1.09% expense ratio.
Dividends
BFLX vs. LBAY - Dividend Comparison
BFLX has not paid dividends to shareholders, while LBAY's dividend yield for the trailing twelve months is around 3.76%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BFLX iShares Flexible Equity Active ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.76% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
Frequently Asked Questions
BFLX and LBAY have a correlation of -0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BFLX is cheaper with a 0.40% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.76%, compared with 0.00% for BFLX.
They also come from different issuers: iShares and Toroso Investments. Their fees differ too: 0.40% for BFLX and 1.09% for LBAY.
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