HFEQ vs. LBAY

Last updated Apr 1, 2026

Compare and contrast key facts about Unlimited HFEQ Equity Long/Short ETF (HFEQ) and Leatherback Long/Short Alternative Yield ETF (LBAY).

HFEQ and LBAY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HFEQ is an actively managed fund by Unlimited. It was launched on Jul 14, 2025. LBAY is an actively managed fund by Toroso Investments. It was launched on Nov 16, 2020.

Performance

HFEQ vs. LBAY - Performance Comparison

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

HFEQ vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025
HFEQ Unlimited HFEQ Equity Long/Short ETF	1.16%	14.92%
LBAY Leatherback Long/Short Alternative Yield ETF	15.90%	1.37%

Returns By Period

In the year-to-date period, HFEQ achieves a 1.16% return, which is significantly lower than LBAY's 15.90% return.

HFEQ

• 1D: 3.18%
• 1M: -8.48%
• YTD: 1.16%
• 6M: 3.75%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

LBAY

• 1D: -0.68%
• 1M: -2.73%
• YTD: 15.90%
• 6M: 14.05%
• 1Y: 12.14%
• 3Y*: 4.38%
• 5Y*: 7.44%
• 10Y*: —

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

HFEQ vs. LBAY - Expense Ratio Comparison

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

LBAY

Leatherback Long/Short Alternative Yield ETF

HFEQ

Unlimited HFEQ Equity Long/Short ETF

Return for Risk

HFEQ vs. LBAY — Risk / Return Rank

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

LBAY

LBAY Risk / Return Rank: 43
LBAY Sharpe Ratio Rank: 43
LBAY Sortino Ratio Rank: 45
LBAY Omega Ratio Rank: 39
LBAY Calmar Ratio Rank: 55
LBAY Martin Ratio Rank: 36

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.

HFEQ vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Unlimited HFEQ Equity Long/Short ETF (HFEQ) 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.

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

Sharpe Ratios by Period

	HFEQ	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.75	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.08	0.73	+0.35

Correlation

The correlation between HFEQ and LBAY is 0.07, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

HFEQ vs. LBAY - Dividend Comparison

HFEQ's dividend yield for the trailing twelve months is around 10.43%, more than LBAY's 3.40% yield.

	TTM	2025	2024	2023	2022	2021	2020
HFEQ Unlimited HFEQ Equity Long/Short ETF	10.43%	10.55%	0.00%	0.00%	0.00%	0.00%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.40%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Drawdowns

HFEQ vs. LBAY - Drawdown Comparison

The maximum HFEQ drawdown since its inception was -12.46%, smaller than the maximum LBAY drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for HFEQ and LBAY.

Drawdown Indicators

	HFEQ	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-12.46%	-15.99%	+3.53%
Max Drawdown (1Y) Largest decline over 1 year	—	-9.71%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-15.99%	—
Current Drawdown Current decline from peak	-9.67%	-2.73%	-6.94%
Average Drawdown Average peak-to-trough decline	-2.32%	-6.77%	+4.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.18%	—

Volatility

Volatility by Period

	HFEQ	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.55%	—
Volatility (6M) Calculated over the trailing 6-month period	—	12.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	21.86%	16.19%	+5.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.86%	13.49%	+8.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.86%	13.66%	+8.20%