LBAY vs. CHAT
LBAY (Leatherback Long/Short Alternative Yield ETF) and CHAT (Roundhill Generative AI & Technology ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while CHAT is a Artificial Intelligence fund actively managed by Roundhill. Both are actively managed. Over the past 3 years, LBAY returned 2.86%/yr vs 40.54%/yr for CHAT. Their -0.19 correlation means they have often moved in opposite directions in the past. LBAY charges 1.09%/yr vs 0.75%/yr for CHAT.
Performance
LBAY vs. CHAT - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 10.68% return, which is significantly lower than CHAT's 39.01% return.
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%
CHAT
- 1D
- 2.22%
- 1M
- -7.69%
- 6M
- 32.64%
- YTD
- 39.01%
- 1Y
- 68.87%
- 3Y*
- 40.54%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 45.20%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $58.63M | $57.19M | $67.40M | |
| $78.40K | $43.68K | $38.59K |
LBAY vs. CHAT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 10.68% | 4.08% | -3.49% | 1.56% |
CHAT Roundhill Generative AI & Technology ETF | 39.01% | 49.85% | 30.98% | 21.04% |
Correlation
The correlation between LBAY and CHAT is -0.41, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.41 |
Correlation (3Y) Balances recent behavior with more history. | -0.20 |
Correlation (All Time) Calculated using the full available price history since May 18, 2023 | -0.19 |
Over the past year, the inverse relationship between LBAY and CHAT has strengthened: their correlation has moved from -0.19 to -0.41, meaning they now move in opposite directions more often than their long-term average.
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Return for Risk
LBAY vs. CHAT — Risk / Return Rank
LBAY
CHAT
LBAY vs. CHAT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Roundhill Generative AI & Technology ETF (CHAT). 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 | CHAT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.91 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.27 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 2.25 | -1.35 |
| Martin ratioReturn relative to average drawdown | 2.00 | 7.96 | -5.96 |
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Drawdowns
LBAY vs. CHAT - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum CHAT drawdown of -31.34%. Use the drawdown chart below to compare losses from any high point for LBAY and CHAT.
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Drawdown Indicators
| LBAY | CHAT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -31.34% | +15.35% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -28.34% | +14.73% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -31.34% | +16.77% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | — | — |
Current DrawdownCurrent decline from peak | -7.11% | -21.25% | +14.14% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -5.73% | -1.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 8.01% | -1.90% |
Volatility
LBAY vs. CHAT - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 6.70%, while Roundhill Generative AI & Technology ETF (CHAT) has a volatility of 16.74%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than CHAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | CHAT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 16.74% | -10.04% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 34.39% | -20.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 39.18% | -22.27% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 32.41% | -18.63% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.99% | 32.41% | -18.42% |
LBAY vs. CHAT - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than CHAT's 0.75% expense ratio.
Dividends
LBAY vs. CHAT - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.75%, more than CHAT's 2.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
CHAT Roundhill Generative AI & Technology ETF | 2.05% | 2.85% | 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 CHAT have a correlation of -0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CHAT has higher volatility (16.74%) compared to LBAY (6.70%). In terms of maximum drawdown, LBAY dropped -15.99% vs CHAT's -31.34%.
On 3-year performance, CHAT leads with 40.54% vs 2.86% for LBAY. On fees, CHAT is cheaper at 0.75% per year. On volatility, LBAY has been the lower-risk option at 6.70%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, CHAT has performed better with a 40.54% return vs 2.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CHAT is cheaper with a 0.75% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.75%, compared with 2.05% for CHAT.
LBAY is categorized as Long-Short, while CHAT is Artificial Intelligence. They also come from different issuers: Toroso Investments and Roundhill. Their fees differ too: 1.09% for LBAY and 0.75% for CHAT.
CHAT currently has the higher Sharpe Ratio (1.63 vs 0.72), 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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