BOAT vs. LBAY

Last updated Jun 4, 2026

BOAT (SonicShares Global Shipping ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both exchange-traded funds - BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index - Benchmark TR Net, while LBAY is a Long-Short fund actively managed by Toroso Investments. BOAT is passively managed, while LBAY is actively managed. Over the past 3 years, BOAT returned 27.56%/yr vs 3.38%/yr for LBAY. At a 0.27 correlation, their price movements are largely independent. BOAT charges 0.69%/yr vs 1.09%/yr for LBAY.

Performance

BOAT vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SonicShares Global Shipping ETF (BOAT) and Leatherback Long/Short Alternative Yield ETF (LBAY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BOAT achieves a 29.73% return, which is significantly higher than LBAY's 6.38% return.

BOAT

• 1D: -0.83%
• 1M: -2.43%
• YTD: 29.73%
• 6M: 28.77%
• 1Y: 49.09%
• 3Y*: 27.56%
• 5Y*: —
• 10Y*: —

LBAY

• 1D: 0.25%
• 1M: -1.27%
• YTD: 6.38%
• 6M: 7.19%
• 1Y: 7.78%
• 3Y*: 3.38%
• 5Y*: 3.82%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BOAT vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BOAT SonicShares Global Shipping ETF	29.73%	22.77%	5.97%	24.53%	6.26%	23.18%
LBAY Leatherback Long/Short Alternative Yield ETF	6.38%	4.08%	-3.49%	-8.54%	22.41%	7.90%

Correlation

The correlation between BOAT and LBAY is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.20
Correlation (All Time) Calculated using the full available price history since Aug 5, 2021	0.27

The correlation between BOAT and LBAY shifts across timeframes, from 0.14 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

BOAT vs. LBAY - Sectors Allocation Comparison

Sectors	BOAT	LBAY
Industrials	25.4%	12.5%
Energy	16.1%	11.4%
Financial Services	4.7%	15.3%
Basic Materials	-	20.8%
Communication Services	-	-
Consumer Cyclical	-	4.3%
Consumer Defensive	-	16.3%
Healthcare	-	5.5%
Real Estate	-	2.8%
Technology	-	2.8%
Utilities	-	11.2%

Return for Risk

BOAT vs. LBAY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BOAT

BOAT Risk / Return Rank: 73
BOAT Sharpe Ratio Rank: 75
BOAT Sortino Ratio Rank: 71
BOAT Omega Ratio Rank: 67
BOAT Calmar Ratio Rank: 80
BOAT Martin Ratio Rank: 70

LBAY

LBAY Risk / Return Rank: 17
LBAY Sharpe Ratio Rank: 17
LBAY Sortino Ratio Rank: 17
LBAY Omega Ratio Rank: 16
LBAY Calmar Ratio Rank: 17
LBAY Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BOAT vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SonicShares Global Shipping ETF (BOAT) 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.

	BOAT	LBAY	Difference
Sharpe ratio: Return per unit of total volatility	2.50	0.51	+1.99
Sortino ratio: Return per unit of downside risk	3.30	0.87	+2.43
Omega ratio: Gain probability vs. loss probability	1.41	1.10	+0.31
Calmar ratio: Return relative to maximum drawdown	4.25	0.66	+3.60
Martin ratio: Return relative to average drawdown	13.13	1.67	+11.46
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BOAT vs. LBAY - Sharpe Ratio Comparison

The current BOAT Sharpe Ratio is 2.50, which is higher than the LBAY Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of BOAT and LBAY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BOAT	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.50	0.51	+1.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.28	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.93	0.58	+0.35

Drawdowns

BOAT vs. LBAY - Drawdown Comparison

The maximum BOAT drawdown since its inception was -33.94%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for BOAT and LBAY.

Drawdown Indicators

	BOAT	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-33.94%	-15.99%	-17.95%
Max Drawdown (1Y) Largest decline over 1 year	-11.60%	-11.91%	+0.31%
Max Drawdown (3Y) Largest decline over 3 years	-33.94%	-14.57%	-19.37%
Max Drawdown (5Y) Largest decline over 5 years	—	-15.99%	—
Current Drawdown Current decline from peak	-6.70%	-10.72%	+4.02%
Average Drawdown Average peak-to-trough decline	-9.70%	-6.80%	-2.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.75%	4.66%	-0.91%

Volatility

BOAT vs. LBAY - Volatility Comparison

SonicShares Global Shipping ETF (BOAT) has a higher volatility of 7.60% compared to Leatherback Long/Short Alternative Yield ETF (LBAY) at 3.78%. This indicates that BOAT's price experiences larger fluctuations and is considered to be riskier than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BOAT	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.60%	3.78%	+3.82%
Volatility (6M) Calculated over the trailing 6-month period	15.34%	12.87%	+2.47%
Volatility (1Y) Calculated over the trailing 1-year period	19.77%	15.25%	+4.52%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.12%	13.59%	+11.53%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.12%	13.73%	+11.39%

BOAT vs. LBAY - Expense Ratio Comparison

BOAT has a 0.69% expense ratio, which is lower than LBAY's 1.09% expense ratio.

Dividends

BOAT vs. LBAY - Dividend Comparison

BOAT's dividend yield for the trailing twelve months is around 6.32%, more than LBAY's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BOAT SonicShares Global Shipping ETF	6.32%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.80%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Frequently Asked Questions

Can I hold both BOAT and LBAY in my portfolio?

BOAT and LBAY have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BOAT or LBAY?

BOAT has higher volatility (7.60%) compared to LBAY (3.78%). In terms of maximum drawdown, BOAT dropped -33.94% vs LBAY's -15.99%.

Which ETF is better, BOAT or LBAY?

On 3-year performance, BOAT leads with 27.56% vs 3.38% for LBAY. On fees, BOAT is cheaper at 0.69% per year. On volatility, LBAY has been the lower-risk option at 3.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BOAT or LBAY?

Over the 3-year period, BOAT has performed better with a 27.56% return vs 3.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BOAT or LBAY?

BOAT is cheaper with a 0.69% expense ratio, compared with 1.09% for LBAY.

Which ETF pays a higher dividend yield, BOAT or LBAY?

BOAT has the higher dividend yield at 6.32%, compared with 3.80% for LBAY.

What is the main difference between BOAT and LBAY?

BOAT is categorized as Transportation Equities, while LBAY is Long-Short. Their fees differ too: 0.69% for BOAT and 1.09% for LBAY.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.50 vs 0.51), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.