LBAY vs. CTA

Last updated Apr 1, 2026

Compare and contrast key facts about Leatherback Long/Short Alternative Yield ETF (LBAY) and Simplify Managed Futures Strategy ETF (CTA).

LBAY and CTA are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. LBAY is an actively managed fund by Toroso Investments. It was launched on Nov 16, 2020. CTA is an actively managed fund by Simplify. It was launched on Mar 7, 2022.

Performance

LBAY vs. CTA - Performance Comparison

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

LBAY vs. CTA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LBAY Leatherback Long/Short Alternative Yield ETF	15.90%	4.08%	-3.49%	-8.54%	12.73%
CTA Simplify Managed Futures Strategy ETF	9.60%	0.88%	24.15%	-2.23%	9.55%

Returns By Period

In the year-to-date period, LBAY achieves a 15.90% return, which is significantly higher than CTA's 9.60% return.

LBAY

• 1D: -0.68%
• 1M: -2.73%
• YTD: 15.90%
• 6M: 14.05%
• 1Y: 12.14%
• 3Y*: 4.38%
• 5Y*: 7.44%
• 10Y*: —

CTA

• 1D: -2.48%
• 1M: -2.23%
• YTD: 9.60%
• 6M: 8.67%
• 1Y: 3.16%
• 3Y*: 14.23%
• 5Y*: —
• 10Y*: —

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

LBAY vs. CTA - Expense Ratio Comparison

LBAY has a 1.09% expense ratio, which is higher than CTA's 0.78% expense ratio.

LBAY

Leatherback Long/Short Alternative Yield ETF

CTA

Simplify Managed Futures Strategy ETF

Return for Risk

LBAY vs. CTA — Risk / Return Rank

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

LBAY

LBAY Risk / Return Rank: 43
LBAY Sharpe Ratio Rank: 43
LBAY Sortino Ratio Rank: 45
LBAY Omega Ratio Rank: 39
LBAY Calmar Ratio Rank: 55
LBAY Martin Ratio Rank: 36

CTA

CTA Risk / Return Rank: 16
CTA Sharpe Ratio Rank: 16
CTA Sortino Ratio Rank: 15
CTA Omega Ratio Rank: 15
CTA Calmar Ratio Rank: 19
CTA 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.

LBAY vs. CTA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Simplify Managed Futures Strategy ETF (CTA). 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.

	LBAY	CTA	Difference
Sharpe ratio Return per unit of total volatility	0.75	0.20	+0.56
Sortino ratio Return per unit of downside risk	1.20	0.36	+0.84
Omega ratio Gain probability vs. loss probability	1.15	1.05	+0.10
Calmar ratio Return relative to maximum drawdown	1.36	0.35	+1.01
Martin ratio Return relative to average drawdown	3.16	0.61	+2.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LBAY vs. CTA - Sharpe Ratio Comparison

The current LBAY Sharpe Ratio is 0.75, which is higher than the CTA Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of LBAY and CTA, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	LBAY	CTA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	0.20	+0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.55	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.73	0.64	+0.10

Correlation

The correlation between LBAY and CTA is -0.03. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

LBAY vs. CTA - Dividend Comparison

LBAY's dividend yield for the trailing twelve months is around 3.40%, less than CTA's 3.90% yield.

	TTM	2025	2024	2023	2022	2021	2020
LBAY Leatherback Long/Short Alternative Yield ETF	3.40%	3.80%	3.77%	3.47%	2.74%	2.96%	0.29%
CTA Simplify Managed Futures Strategy ETF	3.90%	3.19%	4.80%	7.78%	6.58%	0.00%	0.00%

Drawdowns

LBAY vs. CTA - Drawdown Comparison

The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum CTA drawdown of -18.07%. Use the drawdown chart below to compare losses from any high point for LBAY and CTA.

Drawdown Indicators

	LBAY	CTA	Difference
Max Drawdown Largest peak-to-trough decline	-15.99%	-18.07%	+2.08%
Max Drawdown (1Y) Largest decline over 1 year	-9.71%	-10.68%	+0.97%
Max Drawdown (5Y) Largest decline over 5 years	-15.99%	—	—
Current Drawdown Current decline from peak	-2.73%	-3.92%	+1.19%
Average Drawdown Average peak-to-trough decline	-6.77%	-5.74%	-1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.18%	6.16%	-1.98%

Volatility

LBAY vs. CTA - Volatility Comparison

The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 5.55%, while Simplify Managed Futures Strategy ETF (CTA) has a volatility of 8.27%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than CTA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LBAY	CTA	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.55%	8.27%	-2.72%
Volatility (6M) Calculated over the trailing 6-month period	12.16%	12.98%	-0.82%
Volatility (1Y) Calculated over the trailing 1-year period	16.19%	16.24%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.49%	15.63%	-2.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.66%	15.63%	-1.97%