LBAY vs. FTLS
LBAY (Leatherback Long/Short Alternative Yield ETF) and FTLS (First Trust Long/Short Equity ETF) are both Long-Short funds. Both are actively managed. Over the past 5 years, LBAY returned 4.68%/yr vs 10.03%/yr for FTLS. At a 0.34 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 1.60%/yr for FTLS.
Performance
LBAY vs. FTLS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LBAY achieves a 3.90% return, which is significantly lower than FTLS's 4.70% return.
LBAY
- 1D
- 0.94%
- 1M
- -3.88%
- YTD
- 3.90%
- 6M
- 4.36%
- 1Y
- 4.26%
- 3Y*
- 2.12%
- 5Y*
- 4.68%
- 10Y*
- —
FTLS
- 1D
- -0.80%
- 1M
- -0.52%
- YTD
- 4.70%
- 6M
- 4.14%
- 1Y
- 15.03%
- 3Y*
- 14.05%
- 5Y*
- 10.03%
- 10Y*
- 9.94%
LBAY vs. FTLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
FTLS First Trust Long/Short Equity ETF | 4.70% | 9.09% | 18.80% | 16.94% | -5.56% | 19.65% | 1.13% |
Correlation
The correlation between LBAY and FTLS is 0.04, 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 | 0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.13 |
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 |
Over the past year, the correlation between LBAY and FTLS has dropped to 0.04 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LBAY vs. FTLS — Risk / Return Rank
LBAY
FTLS
LBAY vs. FTLS - 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 Long/Short Equity ETF (FTLS). 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 | FTLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.53 | ||
| Sortino ratioReturn per unit of downside risk | -2.08 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.33 | -0.27 |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | 3.99 | -3.67 |
| Martin ratioReturn relative to average drawdown | 0.80 | 12.35 | -11.55 |
Loading charts...
Drawdowns
LBAY vs. FTLS - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum FTLS drawdown of -20.54%. Use the drawdown chart below to compare losses from any high point for LBAY and FTLS.
Loading charts...
Drawdown Indicators
| LBAY | FTLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -20.54% | +4.55% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -3.79% | -9.82% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -11.69% | -2.88% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -11.69% | -4.30% |
Max Drawdown (10Y)Largest decline over 10 years | — | -20.54% | — |
Current DrawdownCurrent decline from peak | -12.80% | -0.82% | -11.98% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -2.69% | -4.15% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | 1.22% | +4.11% |
Volatility
LBAY vs. FTLS - Volatility Comparison
Leatherback Long/Short Alternative Yield ETF (LBAY) has a higher volatility of 4.22% compared to First Trust Long/Short Equity ETF (FTLS) at 2.55%. This indicates that LBAY's price experiences larger fluctuations and is considered to be riskier than FTLS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| LBAY | FTLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | 2.55% | +1.67% |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | 5.95% | +6.57% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 8.40% | +7.23% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 10.58% | +2.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 11.27% | +2.49% |
LBAY vs. FTLS - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is lower than FTLS's 1.60% expense ratio.
Dividends
LBAY vs. FTLS - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.89%, more than FTLS's 0.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTLS First Trust Long/Short Equity ETF | 0.90% | 1.07% | 1.50% | 1.49% | 0.81% | 0.01% | 0.44% | 0.83% | 0.87% | 0.43% | 1.04% | 0.49% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.89% | 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 FTLS have a correlation of 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LBAY has higher volatility (4.22%) compared to FTLS (2.55%). In terms of maximum drawdown, LBAY dropped -15.99% vs FTLS's -20.54%.
On 5-year performance, FTLS leads with 10.03% vs 4.68% for LBAY. On fees, LBAY is cheaper at 1.09% per year. On volatility, FTLS has been the lower-risk option at 2.55%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FTLS has performed better with a 10.03% return vs 4.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LBAY is cheaper with a 1.09% expense ratio, compared with 1.60% for FTLS.
LBAY has the higher dividend yield at 3.89%, compared with 0.90% for FTLS.
They also come from different issuers: Toroso Investments and First Trust. Their fees differ too: 1.09% for LBAY and 1.60% for FTLS.
FTLS currently has the higher Sharpe Ratio (1.80 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.
Find the right allocation for LBAY and FTLS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer