LBAY vs. CSM
LBAY (Leatherback Long/Short Alternative Yield ETF) and CSM (Proshares Large Cap Core Plus) are both Long-Short funds. LBAY is actively managed, while CSM is passively managed. Over the past 5 years, LBAY returned 4.82%/yr vs 12.48%/yr for CSM. At a 0.34 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.45%/yr for CSM.
Performance
LBAY vs. CSM - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 5.38% return, which is significantly lower than CSM's 5.82% return.
LBAY
- 1D
- 1.42%
- 1M
- -2.51%
- YTD
- 5.38%
- 6M
- 5.70%
- 1Y
- 6.01%
- 3Y*
- 2.60%
- 5Y*
- 4.82%
- 10Y*
- —
CSM
- 1D
- -0.26%
- 1M
- -1.53%
- YTD
- 5.82%
- 6M
- 4.63%
- 1Y
- 22.54%
- 3Y*
- 20.59%
- 5Y*
- 12.48%
- 10Y*
- 14.40%
LBAY vs. CSM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 5.38% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
CSM Proshares Large Cap Core Plus | 5.82% | 21.84% | 22.09% | 23.50% | -18.27% | 33.13% | 4.38% |
Correlation
The correlation between LBAY and CSM 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 | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.34 |
The correlation between LBAY and CSM shifts across timeframes, from -0.03 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. CSM — Risk / Return Rank
LBAY
CSM
LBAY vs. CSM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Proshares Large Cap Core Plus (CSM). 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 | CSM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.45 | ||
| Sortino ratioReturn per unit of downside risk | -1.86 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.32 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.44 | 2.41 | -1.97 |
| Martin ratioReturn relative to average drawdown | 1.12 | 10.04 | -8.92 |
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Drawdowns
LBAY vs. CSM - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum CSM drawdown of -36.11%. Use the drawdown chart below to compare losses from any high point for LBAY and CSM.
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Drawdown Indicators
| LBAY | CSM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -36.11% | +20.12% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -9.40% | -4.21% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -18.30% | +3.73% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -23.82% | +7.83% |
Max Drawdown (10Y)Largest decline over 10 years | — | -36.11% | — |
Current DrawdownCurrent decline from peak | -11.56% | -3.72% | -7.84% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -4.03% | -2.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.38% | 2.25% | +3.13% |
Volatility
LBAY vs. CSM - Volatility Comparison
Leatherback Long/Short Alternative Yield ETF (LBAY) and Proshares Large Cap Core Plus (CSM) have volatilities of 4.52% and 4.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | CSM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.52% | 4.46% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 12.37% | 9.55% | +2.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.69% | 12.39% | +3.30% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.57% | 17.19% | -3.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.77% | 18.39% | -4.62% |
LBAY vs. CSM - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than CSM's 0.45% expense ratio.
Dividends
LBAY vs. CSM - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.84%, more than CSM's 1.03% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSM Proshares Large Cap Core Plus | 1.03% | 1.04% | 1.06% | 1.17% | 1.37% | 0.78% | 1.21% | 1.41% | 1.54% | 1.28% | 1.49% | 1.67% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.84% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LBAY and CSM 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.
LBAY has higher volatility (4.52%) compared to CSM (4.46%). In terms of maximum drawdown, LBAY dropped -15.99% vs CSM's -36.11%.
On 5-year performance, CSM leads with 12.48% vs 4.82% for LBAY. On fees, CSM is cheaper at 0.45% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, CSM has performed better with a 12.48% return vs 4.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSM is cheaper with a 0.45% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.84%, compared with 1.03% for CSM.
They also come from different issuers: Toroso Investments and ProShares. Their fees differ too: 1.09% for LBAY and 0.45% for CSM.
CSM currently has the higher Sharpe Ratio (1.83 vs 0.38), 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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