LBAY vs. FAI
LBAY (Leatherback Long/Short Alternative Yield ETF) and FAI (First Trust Bloomberg Artificial Intelligence ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while FAI is a Artificial Intelligence fund tracking the Bloomberg Artificial Intelligence Index. LBAY is actively managed, while FAI is passively managed. Over the past year, LBAY returned 12.00% vs 40.34% for FAI. Their -0.33 correlation means they have often moved in opposite directions in the past. LBAY charges 1.09%/yr vs 0.65%/yr for FAI.
Performance
LBAY vs. FAI - 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 FAI's 23.08% 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%
FAI
- 1D
- 2.93%
- 1M
- -1.97%
- 6M
- 21.54%
- YTD
- 23.08%
- 1Y
- 40.34%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 35.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $1.56M | $3.03M | $3.57M | |
| $78.40K | $43.68K | $38.59K |
LBAY vs. FAI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 10.68% | 4.08% | -7.15% |
FAI First Trust Bloomberg Artificial Intelligence ETF | 23.08% | 33.37% | 2.28% |
Correlation
The correlation between LBAY and FAI is -0.44, 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. | -0.44 |
Correlation (All Time) Calculated using the full available price history since Nov 21, 2024 | -0.33 |
The correlation between LBAY and FAI shifts across timeframes, from -0.44 (1 year) to -0.33 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. FAI — Risk / Return Rank
LBAY
FAI
LBAY vs. FAI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and First Trust Bloomberg Artificial Intelligence ETF (FAI). 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 | FAI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.51 | ||
| Sortino ratioReturn per unit of downside risk | -0.54 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.21 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 0.90 | 1.91 | -1.01 |
| Martin ratioReturn relative to average drawdown | 2.00 | 4.97 | -2.97 |
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Drawdowns
LBAY vs. FAI - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum FAI drawdown of -27.82%. Use the drawdown chart below to compare losses from any high point for LBAY and FAI.
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Drawdown Indicators
| LBAY | FAI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -27.82% | +11.83% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -18.84% | +5.23% |
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% | -12.57% | +5.46% |
Average DrawdownAverage peak-to-trough decline | -6.88% | -5.77% | -1.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.11% | 7.22% | -1.11% |
Volatility
LBAY vs. FAI - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 6.70%, while First Trust Bloomberg Artificial Intelligence ETF (FAI) has a volatility of 10.00%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than FAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | FAI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.70% | 10.00% | -3.30% |
Volatility (6M)Calculated over the trailing 6-month period | 13.83% | 24.66% | -10.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.91% | 29.24% | -12.33% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.78% | 31.30% | -17.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.99% | 31.30% | -17.31% |
LBAY vs. FAI - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than FAI's 0.65% expense ratio.
Dividends
LBAY vs. FAI - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.75%, while FAI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
FAI First Trust Bloomberg Artificial Intelligence ETF | 0.00% | 0.00% | 0.04% | 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 FAI have a correlation of -0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FAI has higher volatility (10.00%) compared to LBAY (6.70%). In terms of maximum drawdown, LBAY dropped -15.99% vs FAI's -27.82%.
On 1-year performance, FAI leads with 40.34% vs 12.00% for LBAY. On fees, FAI is cheaper at 0.65% 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 1-year period, FAI has performed better with a 40.34% return vs 12.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FAI is cheaper with a 0.65% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.75%, compared with 0.00% for FAI.
LBAY is categorized as Long-Short, while FAI is Artificial Intelligence. They also come from different issuers: Toroso Investments and First Trust. Their fees differ too: 1.09% for LBAY and 0.65% for FAI.
FAI currently has the higher Sharpe Ratio (1.23 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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