FAI vs. LBAY
FAI (First Trust Bloomberg Artificial Intelligence ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both exchange-traded funds - FAI is a Artificial Intelligence fund tracking the Bloomberg Artificial Intelligence Index, while LBAY is a Long-Short fund actively managed by Toroso Investments. FAI is passively managed, while LBAY is actively managed. Over the past year, FAI returned 40.34% vs 12.00% for LBAY. Their -0.33 correlation means they have often moved in opposite directions in the past. FAI charges 0.65%/yr vs 1.09%/yr for LBAY.
Performance
FAI vs. LBAY - Performance Comparison
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Returns By Period
In the year-to-date period, FAI achieves a 23.08% return, which is significantly higher than LBAY's 10.68% return.
FAI
- 1D
- 2.93%
- 1M
- -1.97%
- 6M
- 21.54%
- YTD
- 23.08%
- 1Y
- 40.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 35.90%
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) |
|---|---|---|---|
| $1.56M | $3.03M | $3.57M | |
| $78.40K | $43.68K | $38.59K |
FAI vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
FAI First Trust Bloomberg Artificial Intelligence ETF | 23.08% | 33.37% | 2.28% |
LBAY Leatherback Long/Short Alternative Yield ETF | 10.68% | 4.08% | -7.15% |
Correlation
The correlation between FAI and LBAY is -0.44, 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. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024 | -0.33 |
The correlation between FAI and LBAY shifts across timeframes, from -0.44 (1 year) to -0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
FAI vs. LBAY — Risk / Return Rank
FAI
LBAY
FAI vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Bloomberg Artificial Intelligence ETF (FAI) 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.
| FAI | LBAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.51 | ||
| Sortino ratioReturn per unit of downside risk | +0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.13 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.91 | 0.90 | +1.01 |
| Martin ratioReturn relative to average drawdown | 4.97 | 2.00 | +2.97 |
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Drawdowns
FAI vs. LBAY - Drawdown Comparison
The maximum FAI drawdown since its inception was -27.82%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for FAI and LBAY.
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Drawdown Indicators
| FAI | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.82% | -15.99% | -11.83% |
Max Drawdown (1Y)Largest decline over 1 year | -18.84% | -13.61% | -5.23% |
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 | -12.57% | -7.11% | -5.46% |
Average DrawdownAverage peak-to-trough decline | -5.77% | -6.88% | +1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.22% | 6.11% | +1.11% |
Volatility
FAI vs. LBAY - Volatility Comparison
First Trust Bloomberg Artificial Intelligence ETF (FAI) has a higher volatility of 10.00% compared to Leatherback Long/Short Alternative Yield ETF (LBAY) at 6.70%. This indicates that FAI'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.
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Volatility by Period
| FAI | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.00% | 6.70% | +3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 24.66% | 13.83% | +10.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.24% | 16.91% | +12.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.30% | 13.78% | +17.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.30% | 13.99% | +17.31% |
FAI vs. LBAY - Expense Ratio Comparison
FAI has a 0.65% expense ratio, which is lower than LBAY's 1.09% expense ratio.
Dividends
FAI vs. LBAY - Dividend Comparison
FAI has not paid dividends to shareholders, while LBAY's dividend yield for the trailing twelve months is around 3.75%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FAI First Trust Bloomberg Artificial Intelligence ETF | 0.00% | 0.00% | 0.04% | 0.00% | 0.00% | 0.00% | 0.00% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.75% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
Frequently Asked Questions
FAI and LBAY have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAI has higher volatility (10.00%) compared to LBAY (6.70%). In terms of maximum drawdown, FAI dropped -27.82% vs LBAY's -15.99%.
On 1-year performance, FAI leads with 40.34% vs 12.00% for LBAY. On fees, FAI 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 1-year period, FAI has performed better with a 40.34% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAI 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 0.00% for FAI.
FAI is categorized as Artificial Intelligence, while LBAY is Long-Short. They also come from different issuers: First Trust and Toroso Investments. Their fees differ too: 0.65% for FAI and 1.09% for LBAY.
FAI currently has the higher Sharpe Ratio (1.23 vs 0.72), 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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