FTLS vs. LBAY
FTLS (First Trust Long/Short Equity ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. Over the past 5 years, FTLS returned 10.26%/yr vs 4.52%/yr for LBAY. At a 0.34 correlation, their price movements are largely independent. FTLS charges 1.60%/yr vs 1.09%/yr for LBAY.
Performance
FTLS vs. LBAY - Performance Comparison
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Returns By Period
In the year-to-date period, FTLS achieves a 5.55% return, which is significantly higher than LBAY's 2.94% return.
FTLS
- 1D
- 0.48%
- 1M
- 0.28%
- YTD
- 5.55%
- 6M
- 5.16%
- 1Y
- 16.53%
- 3Y*
- 14.35%
- 5Y*
- 10.26%
- 10Y*
- 10.02%
LBAY
- 1D
- -0.82%
- 1M
- -4.77%
- YTD
- 2.94%
- 6M
- 3.57%
- 1Y
- 3.91%
- 3Y*
- 1.80%
- 5Y*
- 4.52%
- 10Y*
- —
FTLS vs. LBAY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 5.55% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 1.13% |
LBAY Leatherback Long/Short Alternative Yield ETF | 2.94% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
Correlation
The correlation between FTLS and LBAY is 0.05, 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 | 0.05 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.34 |
Over the past year, the correlation between FTLS and LBAY has dropped to 0.05 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
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Return for Risk
FTLS vs. LBAY — Risk / Return Rank
FTLS
LBAY
FTLS vs. LBAY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Long/Short Equity ETF (FTLS) 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.
| FTLS | LBAY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +2.37 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.06 | +0.31 |
| Calmar ratioReturn relative to maximum drawdown | 4.39 | 0.29 | +4.10 |
| Martin ratioReturn relative to average drawdown | 13.59 | 0.74 | +12.85 |
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Drawdowns
FTLS vs. LBAY - Drawdown Comparison
The maximum FTLS drawdown since its inception was -20.54%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for FTLS and LBAY.
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Drawdown Indicators
| FTLS | LBAY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.54% | -15.99% | -4.55% |
Max Drawdown (1Y)Largest decline over 1 year | -3.79% | -13.61% | +9.82% |
Max Drawdown (3Y)Largest decline over 3 years | -11.69% | -14.57% | +2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -11.69% | -15.99% | +4.30% |
Max Drawdown (10Y)Largest decline over 10 years | -20.54% | — | — |
Current DrawdownCurrent decline from peak | -0.02% | -13.61% | +13.59% |
Average DrawdownAverage peak-to-trough decline | -2.69% | -6.83% | +4.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.22% | 5.27% | -4.05% |
Volatility
FTLS vs. LBAY - Volatility Comparison
The current volatility for First Trust Long/Short Equity ETF (FTLS) is 2.41%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 4.08%. This indicates that FTLS 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.
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Volatility by Period
| FTLS | LBAY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.41% | 4.08% | -1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 5.91% | 12.54% | -6.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 8.37% | 15.64% | -7.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.57% | 13.56% | -2.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.30% | 13.76% | -2.46% |
FTLS vs. LBAY - Expense Ratio Comparison
FTLS has a 1.60% expense ratio, which is higher than LBAY's 1.09% expense ratio.
Dividends
FTLS vs. LBAY - Dividend Comparison
FTLS's dividend yield for the trailing twelve months is around 0.90%, less than LBAY's 3.93% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 0.90% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.93% | 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
FTLS and LBAY have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LBAY has higher volatility (4.08%) compared to FTLS (2.41%). In terms of maximum drawdown, FTLS dropped -20.54% vs LBAY's -15.99%.
On 5-year performance, FTLS leads with 10.26% vs 4.52% for LBAY. On fees, LBAY is cheaper at 1.09% per year. On volatility, FTLS has been the lower-risk option at 2.41%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 10.26% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LBAY is cheaper with a 1.09% expense ratio, compared with 1.60% for FTLS.
LBAY has the higher dividend yield at 3.93%, compared with 0.90% for FTLS.
They also come from different issuers: First Trust and Toroso Investments. Their fees differ too: 1.60% for FTLS and 1.09% for LBAY.
FTLS currently has the higher Sharpe Ratio (1.99 vs 0.25), 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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