HTUS vs. LBAY

Last updated Jun 3, 2026

HTUS (Hull Tactical US ETF) and LBAY (Leatherback Long/Short Alternative Yield ETF) are both Long-Short funds. Both are actively managed. Over the past 5 years, HTUS returned 15.60%/yr vs 3.76%/yr for LBAY. At a 0.28 correlation, their price movements are largely independent. HTUS charges 0.97%/yr vs 1.09%/yr for LBAY.

Performance

HTUS vs. LBAY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hull Tactical US ETF (HTUS) 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, HTUS achieves a 11.94% return, which is significantly higher than LBAY's 6.11% return.

HTUS

• 1D: 0.24%
• 1M: 5.23%
• YTD: 11.94%
• 6M: 13.14%
• 1Y: 30.10%
• 3Y*: 22.37%
• 5Y*: 15.60%
• 10Y*: 12.59%

LBAY

• 1D: 1.10%
• 1M: -3.09%
• YTD: 6.11%
• 6M: 6.42%
• 1Y: 7.20%
• 3Y*: 3.29%
• 5Y*: 3.76%
• 10Y*: —

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

HTUS vs. LBAY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HTUS Hull Tactical US ETF	11.94%	16.57%	25.02%	30.11%	-13.00%	24.29%	5.33%
LBAY Leatherback Long/Short Alternative Yield ETF	6.11%	4.08%	-3.49%	-8.54%	22.41%	22.27%	4.58%

Correlation

The correlation between HTUS and LBAY is -0.03, 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	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (All Time) Calculated using the full available price history since Nov 18, 2020	0.28

The correlation between HTUS and LBAY shifts across timeframes, from -0.03 (1 year) to 0.28 (all time), reflecting how their relationship changes across market environments.

HTUS vs. LBAY - Sectors Allocation Comparison

Sectors	HTUS	LBAY
Technology	35.6%	2.8%
Financial Services	11.8%	15.3%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	4.3%
Healthcare	8.5%	5.5%
Industrials	8.3%	12.5%
Consumer Defensive	4.9%	16.3%
Energy	3.5%	11.4%
Utilities	2.4%	11.2%
Real Estate	1.9%	2.8%
Basic Materials	1.8%	20.8%

Return for Risk

HTUS vs. LBAY — Risk / Return Rank

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

HTUS

HTUS Risk / Return Rank: 81
HTUS Sharpe Ratio Rank: 80
HTUS Sortino Ratio Rank: 85
HTUS Omega Ratio Rank: 85
HTUS Calmar Ratio Rank: 68
HTUS Martin Ratio Rank: 85

LBAY

LBAY Risk / Return Rank: 16
LBAY Sharpe Ratio Rank: 16
LBAY Sortino Ratio Rank: 17
LBAY Omega Ratio Rank: 16
LBAY Calmar Ratio Rank: 16
LBAY Martin Ratio Rank: 16

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.

HTUS vs. LBAY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hull Tactical US ETF (HTUS) 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.

	HTUS	LBAY	Difference
Sharpe ratio Return per unit of total volatility	2.63	0.47	+2.16
Sortino ratio Return per unit of downside risk	3.85	0.82	+3.03
Omega ratio Gain probability vs. loss probability	1.52	1.09	+0.43
Calmar ratio Return relative to maximum drawdown	3.50	0.60	+2.89
Martin ratio Return relative to average drawdown	18.06	1.55	+16.51
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTUS vs. LBAY - Sharpe Ratio Comparison

The current HTUS Sharpe Ratio is 2.63, which is higher than the LBAY Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of HTUS 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

	HTUS	LBAY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.63	0.47	+2.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.82	0.28	+0.55
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.59	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.58	0.00

Drawdowns

HTUS vs. LBAY - Drawdown Comparison

The maximum HTUS drawdown since its inception was -47.50%, which is greater than LBAY's maximum drawdown of -15.99%. Use the drawdown chart below to compare losses from any high point for HTUS and LBAY.

Drawdown Indicators

	HTUS	LBAY	Difference
Max Drawdown Largest peak-to-trough decline	-47.50%	-15.99%	-31.51%
Max Drawdown (1Y) Largest decline over 1 year	-8.68%	-11.91%	+3.23%
Max Drawdown (3Y) Largest decline over 3 years	-24.41%	-14.57%	-9.84%
Max Drawdown (5Y) Largest decline over 5 years	-24.41%	-15.99%	-8.42%
Max Drawdown (10Y) Largest decline over 10 years	-47.50%	—	—
Current Drawdown Current decline from peak	0.00%	-10.94%	+10.94%
Average Drawdown Average peak-to-trough decline	-4.06%	-6.80%	+2.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.68%	4.62%	-2.94%

Volatility

HTUS vs. LBAY - Volatility Comparison

The current volatility for Hull Tactical US ETF (HTUS) is 2.42%, while Leatherback Long/Short Alternative Yield ETF (LBAY) has a volatility of 4.07%. This indicates that HTUS 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

	HTUS	LBAY	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.42%	4.07%	-1.65%
Volatility (6M) Calculated over the trailing 6-month period	9.40%	12.86%	-3.46%
Volatility (1Y) Calculated over the trailing 1-year period	11.49%	15.25%	-3.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.03%	13.60%	+5.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.45%	13.74%	+7.71%

HTUS vs. LBAY - Expense Ratio Comparison

HTUS has a 0.97% expense ratio, which is lower than LBAY's 1.09% expense ratio.

Dividends

HTUS vs. LBAY - Dividend Comparison

HTUS's dividend yield for the trailing twelve months is around 10.62%, more than LBAY's 3.81% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
HTUS Hull Tactical US ETF	10.62%	11.89%	17.80%	1.18%	5.63%	7.20%	3.77%	0.92%	8.69%	8.29%	3.02%
LBAY Leatherback Long/Short Alternative Yield ETF	3.81%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HTUS and LBAY in my portfolio?

HTUS and LBAY have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTUS or LBAY?

LBAY has higher volatility (4.07%) compared to HTUS (2.42%). In terms of maximum drawdown, HTUS dropped -47.50% vs LBAY's -15.99%.

Which ETF is better, HTUS or LBAY?

On 5-year performance, HTUS leads with 15.60% vs 3.76% for LBAY. On fees, HTUS is cheaper at 0.97% per year. On volatility, HTUS has been the lower-risk option at 2.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HTUS or LBAY?

Over the 5-year period, HTUS has performed better with a 15.60% return vs 3.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HTUS or LBAY?

HTUS is cheaper with a 0.97% expense ratio, compared with 1.09% for LBAY.

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

HTUS has the higher dividend yield at 10.62%, compared with 3.81% for LBAY.

What is the main difference between HTUS and LBAY?

They also come from different issuers: Exchange Traded Concepts and Toroso Investments. Their fees differ too: 0.97% for HTUS and 1.09% for LBAY.

Which has better risk-adjusted returns?

HTUS currently has the higher Sharpe Ratio (2.63 vs 0.47), 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.