CSM vs. LBAY

Last updated Jun 4, 2026

CSM (Proshares Large Cap Core Plus) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. CSM is passively managed, while LBAY is actively managed. Over the past 5 years, CSM returned 13.38%/yr vs 3.82%/yr for LBAY. At a 0.35 correlation, their price movements are largely independent. CSM charges 0.45%/yr vs 1.09%/yr for LBAY.

Performance

CSM vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares Large Cap Core Plus (CSM) 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, CSM achieves a 8.62% return, which is significantly higher than LBAY's 6.38% return.

CSM

• 1D: -0.84%
• 1M: 4.86%
• YTD: 8.62%
• 6M: 9.99%
• 1Y: 28.48%
• 3Y*: 22.04%
• 5Y*: 13.38%
• 10Y*: 14.36%

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)

CSM vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
CSM Proshares Large Cap Core Plus	8.62%	21.84%	22.09%	23.50%	-18.27%	33.13%	4.64%
LBAY Leatherback Long/Short Alternative Yield ETF	6.38%	4.08%	-3.49%	-8.54%	22.41%	22.27%	4.58%

Correlation

The correlation between CSM and LBAY is -0.01, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.35

The correlation between CSM and LBAY shifts across timeframes, from -0.01 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

CSM vs. LBAY - Sectors Allocation Comparison

Sectors	CSM	LBAY
Technology	28.7%	2.8%
Financial Services	16.3%	15.3%
Industrials	9.0%	12.5%
Consumer Cyclical	8.7%	4.3%
Healthcare	8.5%	5.5%
Communication Services	7.7%	-
Consumer Defensive	4.9%	16.3%
Utilities	3.8%	11.2%
Real Estate	3.1%	2.8%
Energy	3.1%	11.4%
Basic Materials	1.9%	20.8%

Return for Risk

CSM vs. LBAY — Risk / Return Rank

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

CSM

CSM Risk / Return Rank: 69
CSM Sharpe Ratio Rank: 72
CSM Sortino Ratio Rank: 72
CSM Omega Ratio Rank: 69
CSM Calmar Ratio Rank: 61
CSM Martin Ratio Rank: 71

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.

CSM vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares Large Cap Core Plus (CSM) 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.

	CSM	LBAY	Difference
Sharpe ratio Return per unit of total volatility	2.40	0.51	+1.89
Sortino ratio Return per unit of downside risk	3.30	0.87	+2.43
Omega ratio Gain probability vs. loss probability	1.42	1.10	+0.32
Calmar ratio Return relative to maximum drawdown	3.04	0.66	+2.39
Martin ratio Return relative to average drawdown	13.25	1.67	+11.58
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CSM vs. LBAY - Sharpe Ratio Comparison

The current CSM Sharpe Ratio is 2.40, which is higher than the LBAY Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of CSM 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

	CSM	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.40	0.51	+1.89
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.28	+0.50
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.78	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.86	0.58	+0.27

Drawdowns

CSM vs. LBAY - Drawdown Comparison

The maximum CSM drawdown since its inception was -36.11%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for CSM and LBAY.

Drawdown Indicators

	CSM	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-36.11%	-15.99%	-20.12%
Max Drawdown (1Y) Largest decline over 1 year	-9.40%	-11.91%	+2.51%
Max Drawdown (3Y) Largest decline over 3 years	-18.30%	-14.57%	-3.73%
Max Drawdown (5Y) Largest decline over 5 years	-23.82%	-15.99%	-7.83%
Max Drawdown (10Y) Largest decline over 10 years	-36.11%	—	—
Current Drawdown Current decline from peak	-1.18%	-10.72%	+9.54%
Average Drawdown Average peak-to-trough decline	-4.04%	-6.80%	+2.76%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.15%	4.66%	-2.51%

Volatility

CSM vs. LBAY - Volatility Comparison

The current volatility for Proshares Large Cap Core Plus (CSM) is 2.85%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 3.78%. This indicates that CSM experiences smaller price fluctuations and is considered to be less risky than LBAY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CSM	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.85%	3.78%	-0.93%
Volatility (6M) Calculated over the trailing 6-month period	8.81%	12.87%	-4.06%
Volatility (1Y) Calculated over the trailing 1-year period	11.95%	15.25%	-3.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.11%	13.59%	+3.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.38%	13.73%	+4.65%

CSM vs. LBAY - Expense Ratio Comparison

CSM has a 0.45% expense ratio, which is lower than LBAY's 1.09% expense ratio.

Dividends

CSM vs. LBAY - Dividend Comparison

CSM's dividend yield for the trailing twelve months is around 1.01%, less than LBAY's 3.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSM Proshares Large Cap Core Plus	1.01%	1.04%	1.06%	1.17%	1.37%	0.78%	1.21%	1.41%	1.54%	1.28%	1.49%	1.67%
LBAY Leatherback Long/Short Alternative Yield ETF	3.80%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both CSM and LBAY in my portfolio?

CSM and LBAY have a correlation of -0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CSM or LBAY?

LBAY has higher volatility (3.78%) compared to CSM (2.85%). In terms of maximum drawdown, CSM dropped -36.11% vs LBAY's -15.99%.

Which ETF is better, CSM or LBAY?

On 5-year performance, CSM leads with 13.38% vs 3.82% for LBAY. On fees, CSM is cheaper at 0.45% per year. On volatility, CSM has been the lower-risk option at 2.85%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, CSM or LBAY?

Over the 5-year period, CSM has performed better with a 13.38% return vs 3.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, CSM or LBAY?

CSM is cheaper with a 0.45% expense ratio, compared with 1.09% for LBAY.

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

LBAY has the higher dividend yield at 3.80%, compared with 1.01% for CSM.

What is the main difference between CSM and LBAY?

They also come from different issuers: ProShares and Toroso Investments. Their fees differ too: 0.45% for CSM and 1.09% for LBAY.

Which has better risk-adjusted returns?

CSM currently has the higher Sharpe Ratio (2.40 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.