LBAY vs. BOAT

Last updated Jun 24, 2026

LBAY (Leatherback Long/Short Alternative Yield ETF) and BOAT (SonicShares Global Shipping ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while BOAT is a Transportation Equities fund tracking the Solactive Global Shipping Index. LBAY is actively managed, while BOAT is passively managed. Over the past 3 years, LBAY returned 2.12%/yr vs 28.90%/yr for BOAT. At a 0.27 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.69%/yr for BOAT.

Performance

LBAY vs. BOAT - Performance Comparison

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

Returns By Period

In the year-to-date period, LBAY achieves a 3.90% return, which is significantly lower than BOAT's 33.67% return.

LBAY

• 1D: 0.94%
• 1M: -3.88%
• YTD: 3.90%
• 6M: 4.36%
• 1Y: 4.26%
• 3Y*: 2.12%
• 5Y*: 4.68%
• 10Y*: —

BOAT

• 1D: 0.10%
• 1M: -0.62%
• YTD: 33.67%
• 6M: 34.50%
• 1Y: 49.12%
• 3Y*: 28.90%
• 5Y*: —
• 10Y*: —

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

LBAY vs. BOAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
LBAY Leatherback Long/Short Alternative Yield ETF	3.90%	4.08%	-3.49%	-8.54%	22.41%	6.62%
BOAT SonicShares Global Shipping ETF	33.67%	22.77%	5.97%	24.53%	6.26%	21.24%

Correlation

The correlation between LBAY and BOAT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (3Y) Calculated over the trailing 3-year period	0.19
Correlation (All Time) Calculated using the full available price history since Aug 4, 2021	0.27

The correlation between LBAY and BOAT shifts across timeframes, from 0.13 (1 year) to 0.27 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LBAY vs. BOAT — Risk / Return Rank

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

LBAY

LBAY Risk / Return Rank: 12
LBAY Sharpe Ratio Rank: 12
LBAY Sortino Ratio Rank: 12
LBAY Omega Ratio Rank: 12
LBAY Calmar Ratio Rank: 12
LBAY Martin Ratio Rank: 12

BOAT

BOAT Risk / Return Rank: 78
BOAT Sharpe Ratio Rank: 82
BOAT Sortino Ratio Rank: 79
BOAT Omega Ratio Rank: 74
BOAT Calmar Ratio Rank: 83
BOAT Martin Ratio Rank: 73

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.

LBAY vs. BOAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and SonicShares Global Shipping ETF (BOAT). 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	BOAT	Difference
Sharpe ratio: Return per unit of total volatility	0.27	2.50	-2.23
Sortino ratio: Return per unit of downside risk	0.52	3.30	-2.78
Omega ratio: Gain probability vs. loss probability	1.06	1.42	-0.36
Calmar ratio: Return relative to maximum drawdown	0.31	4.25	-3.94
Martin ratio: Return relative to average drawdown	0.80	13.08	-12.28

LBAY vs. BOAT - Sharpe Ratio Comparison

The current LBAY Sharpe Ratio is 0.27, which is lower than the BOAT Sharpe Ratio of 2.50. The chart below compares the historical Sharpe Ratios of LBAY and BOAT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

LBAY vs. BOAT - Drawdown Comparison

The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum BOAT drawdown of -33.94%. Use the drawdown chart below to compare losses from any high point for LBAY and BOAT.

Drawdown Indicators

	LBAY	BOAT	Difference
Max Drawdown Largest peak-to-trough decline	-15.99%	-33.94%	+17.95%
Max Drawdown (1Y) Largest decline over 1 year	-13.61%	-11.60%	-2.01%
Max Drawdown (3Y) Largest decline over 3 years	-14.57%	-33.94%	+19.37%
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	—	—
Current Drawdown Current decline from peak	-12.80%	-3.87%	-8.93%
Average Drawdown Average peak-to-trough decline	-6.84%	-9.64%	+2.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.33%	3.80%	+1.53%

Volatility

LBAY vs. BOAT - Volatility Comparison

The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 4.22%, while SonicShares Global Shipping ETF (BOAT) has a volatility of 6.09%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than BOAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LBAY	BOAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.22%	6.09%	-1.87%
Volatility (6M) Calculated over the trailing 6-month period	12.52%	15.68%	-3.16%
Volatility (1Y) Calculated over the trailing 1-year period	15.63%	19.72%	-4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.56%	25.05%	-11.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.76%	25.05%	-11.29%

LBAY vs. BOAT - Expense Ratio Comparison

LBAY has a 1.09% expense ratio, which is higher than BOAT's 0.69% expense ratio.

Dividends

LBAY vs. BOAT - Dividend Comparison

LBAY's dividend yield for the trailing twelve months is around 3.89%, less than BOAT's 6.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020
BOAT SonicShares Global Shipping ETF	6.13%	8.08%	13.89%	13.65%	13.57%	1.36%	0.00%
LBAY Leatherback Long/Short Alternative Yield ETF	3.89%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%

Frequently Asked Questions

Can I hold both LBAY and BOAT in my portfolio?

LBAY and BOAT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LBAY or BOAT?

BOAT has higher volatility (6.09%) compared to LBAY (4.22%). In terms of maximum drawdown, LBAY dropped -15.99% vs BOAT's -33.94%.

Which ETF is better, LBAY or BOAT?

On 3-year performance, BOAT leads with 28.90% vs 2.12% for LBAY. On fees, BOAT is cheaper at 0.69% per year. On volatility, LBAY has been the lower-risk option at 4.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LBAY or BOAT?

Over the 3-year period, BOAT has performed better with a 28.90% return vs 2.12%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LBAY or BOAT?

BOAT is cheaper with a 0.69% expense ratio, compared with 1.09% for LBAY.

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

BOAT has the higher dividend yield at 6.13%, compared with 3.89% for LBAY.

What is the main difference between LBAY and BOAT?

LBAY is categorized as Long-Short, while BOAT is Transportation Equities. They also come from different issuers: Toroso Investments and Tidal Investments. Their fees differ too: 1.09% for LBAY and 0.69% for BOAT.

Which has better risk-adjusted returns?

BOAT currently has the higher Sharpe Ratio (2.50 vs 0.27), 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.