CLIX vs. LBAY
CLIX (ProShares Long Online/Short Stores ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. CLIX is passively managed, while LBAY is actively managed. Over the past 5 years, CLIX returned -4.13%/yr vs 5.90%/yr for LBAY. Their -0.03 correlation means they have often moved in opposite directions in the past. CLIX charges 0.65%/yr vs 1.09%/yr for LBAY.
Performance
CLIX vs. LBAY - Performance Comparison
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Returns By Period
In the year-to-date period, CLIX achieves a -0.57% return, which is significantly lower than LBAY's 10.68% return.
CLIX
- 1D
- 4.48%
- 1M
- 6.07%
- 6M
- 1.59%
- YTD
- -0.57%
- 1Y
- 12.03%
- 3Y*
- 16.69%
- 5Y*
- -4.13%
- 10Y*
- —
- ALL TIME*
- 4.99%
LBAY
- 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%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $28.27K | $42.87K | $29.25K | |
| $78.40K | $43.68K | $38.59K |
CLIX vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | -0.57% | 32.81% | 20.73% | 28.97% | -46.73% | -39.96% | 12.66% |
LBAY Leatherback Long/Short Alternative Yield ETF | 10.68% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
Correlation
The correlation between CLIX and LBAY is -0.17, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.17 |
Correlation (3Y) Balances recent behavior with more history. | -0.04 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.01 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | -0.03 |
The correlation between CLIX and LBAY shifts across timeframes, from -0.17 (1 year) to -0.01 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
CLIX vs. LBAY — Risk / Return Rank
CLIX
LBAY
CLIX vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Long Online/Short Stores ETF (CLIX) 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.
| CLIX | LBAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.37 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.07 | 1.13 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 0.40 | 0.90 | -0.50 |
| Martin ratioReturn relative to average drawdown | 0.95 | 2.00 | -1.05 |
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Drawdowns
CLIX vs. LBAY - Drawdown Comparison
The maximum CLIX drawdown since its inception was -73.21%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for CLIX and LBAY.
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Drawdown Indicators
| CLIX | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.21% | -15.99% | -57.22% |
Max Drawdown (1Y)Largest decline over 1 year | -19.57% | -13.61% | -5.96% |
Max Drawdown (3Y)Largest decline over 3 years | -21.18% | -14.57% | -6.61% |
Max Drawdown (5Y)Largest decline over 5 years | -63.54% | -15.99% | -47.55% |
Current DrawdownCurrent decline from peak | -41.26% | -7.11% | -34.15% |
Average DrawdownAverage peak-to-trough decline | -34.86% | -6.88% | -27.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.15% | 6.11% | +2.04% |
Volatility
CLIX vs. LBAY - Volatility Comparison
ProShares Long Online/Short Stores ETF (CLIX) and Leatherback Long/Short Alternative Yield ETF (LBAY) have volatilities of 6.82% and 6.70%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CLIX | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.82% | 6.70% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 17.43% | 13.83% | +3.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.42% | 16.91% | +5.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.87% | 13.78% | +13.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.89% | 13.99% | +11.90% |
CLIX vs. LBAY - Expense Ratio Comparison
CLIX has a 0.65% expense ratio, which is lower than LBAY's 1.09% expense ratio.
Dividends
CLIX vs. LBAY - Dividend Comparison
CLIX's dividend yield for the trailing twelve months is around 0.53%, less than LBAY's 3.75% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CLIX ProShares Long Online/Short Stores ETF | 0.53% | 0.46% | 0.46% | 0.00% | 0.00% | 0.00% | 1.33% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.75% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
Frequently Asked Questions
CLIX and LBAY have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CLIX has higher volatility (6.82%) compared to LBAY (6.70%). In terms of maximum drawdown, CLIX dropped -73.21% vs LBAY's -15.99%.
On 5-year performance, LBAY leads with 5.90% vs -4.13% for CLIX. On fees, CLIX is cheaper at 0.65% per year. On volatility, LBAY has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, LBAY has performed better with a 5.90% return vs -4.13%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CLIX is cheaper with a 0.65% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.75%, compared with 0.53% for CLIX.
They also come from different issuers: ProShares and Toroso Investments. Their fees differ too: 0.65% for CLIX and 1.09% for LBAY.
LBAY currently has the higher Sharpe Ratio (0.72 vs 0.35), 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.
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