LBAY vs. BFLX
LBAY (Leatherback Long/Short Alternative Yield ETF) and BFLX (iShares Flexible Equity Active ETF) are both Long-Short funds. Both are actively managed. Their -0.52 correlation means they have often moved in opposite directions in the past. LBAY charges 1.09%/yr vs 0.40%/yr for BFLX.
Performance
LBAY vs. BFLX - Performance Comparison
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Returns By Period
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%
BFLX
- 1D
- 0.71%
- 1M
- 0.99%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $5.04M | $46.24M | $34.24M | |
| $78.40K | $43.68K | $38.59K |
LBAY vs. BFLX - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 0.82% |
BFLX iShares Flexible Equity Active ETF | 0.94% |
Correlation
The correlation between LBAY and BFLX is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since May 20, 2026 | -0.52 |
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Return for Risk
LBAY vs. BFLX — Risk / Return Rank
LBAY
BFLX
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LBAY vs. BFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and iShares Flexible Equity Active ETF (BFLX). 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.
| LBAY | BFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.13 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | — | — |
| Martin ratioReturn relative to average drawdown | 2.00 | — | — |
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Drawdowns
LBAY vs. BFLX - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, which is greater than BFLX's maximum drawdown of -4.55%. Use the drawdown chart below to compare losses from any high point for LBAY and BFLX.
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Drawdown Indicators
| LBAY | BFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -4.55% | -11.44% |
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 DrawdownCurrent decline from peak | -7.11% | -1.82% | -5.29% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -1.66% | -5.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | — | — |
Volatility
LBAY vs. BFLX - Volatility Comparison
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Volatility by Period
| LBAY | BFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 14.68% | +2.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 14.68% | -0.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.99% | 14.68% | -0.69% |
LBAY vs. BFLX - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than BFLX's 0.40% expense ratio.
Dividends
LBAY vs. BFLX - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.75%, while BFLX has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
BFLX iShares Flexible Equity Active ETF | 0.00% | 0.00% | 0.00% | 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
LBAY and BFLX have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, BFLX is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.
BFLX is cheaper with a 0.40% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.75%, compared with 0.00% for BFLX.
They also come from different issuers: Toroso Investments and iShares. Their fees differ too: 1.09% for LBAY and 0.40% for BFLX.
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