EQLS vs. LBAY

Last updated Jun 24, 2026

EQLS (Simplify Market Neutral Equity Long/Short ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. At a correlation of -0.21, they often move in opposite directions. EQLS charges 1.00%/yr vs 1.09%/yr for LBAY.

Performance

EQLS vs. LBAY - Performance Comparison

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

Returns By Period

EQLS

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LBAY

• 1D: 0.94%
• 1M: -3.88%
• YTD: 3.90%
• 6M: 4.36%
• 1Y: 4.26%
• 3Y*: 2.12%
• 5Y*: 4.68%
• 10Y*: —

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

EQLS vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	6.82%	-4.82%	-3.67%
LBAY Leatherback Long/Short Alternative Yield ETF	3.90%	4.08%	-3.49%	3.03%

Correlation

The correlation between EQLS and LBAY is -0.21, 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 (3Y) Calculated over the trailing 3-year period	-0.21
Correlation (All Time) Calculated using the full available price history since Jun 14, 2023	-0.21

Return for Risk

EQLS vs. LBAY — Risk / Return Rank

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

EQLS

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

LBAY

LBAY Risk / Return Rank: 12
LBAY Sharpe Ratio Rank: 12
LBAY Sortino Ratio Rank: 12
LBAY Omega Ratio Rank: 12
LBAY Calmar Ratio Rank: 12
LBAY Martin Ratio Rank: 12

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.

EQLS vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Simplify Market Neutral Equity Long/Short ETF (EQLS) 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.

	EQLS	LBAY	Difference
Sharpe ratio: Return per unit of total volatility	—	0.27	—
Sortino ratio: Return per unit of downside risk	—	0.52	—
Omega ratio: Gain probability vs. loss probability	—	1.06	—
Calmar ratio: Return relative to maximum drawdown	—	0.31	—
Martin ratio: Return relative to average drawdown	—	0.80	—

Drawdowns

Drawdown Indicators

	EQLS	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	—	-15.99%	—
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 Drawdown Current decline from peak	—	-12.80%	—
Average Drawdown Average peak-to-trough decline	—	-6.84%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	5.33%	—

Volatility

Volatility by Period

	EQLS	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.22%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.52%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	15.63%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	13.56%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	13.76%	—

EQLS vs. LBAY - Expense Ratio Comparison

EQLS has a 1.00% expense ratio, which is lower than LBAY's 1.09% expense ratio.

Dividends

EQLS vs. LBAY - Dividend Comparison

EQLS has not paid dividends to shareholders, while LBAY's dividend yield for the trailing twelve months is around 3.89%.

Position	TTM	2025	2024	2023	2022	2021	2020
EQLS Simplify Market Neutral Equity Long/Short ETF	0.00%	0.45%	0.95%	8.50%	0.00%	0.00%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.89%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Frequently Asked Questions

Can I hold both EQLS and LBAY in my portfolio?

EQLS and LBAY have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, EQLS or LBAY?

On fees, EQLS is cheaper at 1.00% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, EQLS or LBAY?

EQLS is cheaper with a 1.00% expense ratio, compared with 1.09% for LBAY.

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

LBAY has the higher dividend yield at 3.89%, compared with 0.00% for EQLS.

What is the main difference between EQLS and LBAY?

They also come from different issuers: Simplify and Toroso Investments. Their fees differ too: 1.00% for EQLS and 1.09% for LBAY.