LBAY vs. HDG
Compare and contrast key facts about Leatherback Long/Short Alternative Yield ETF (LBAY) and ProShares Hedge Replication (HDG).
LBAY and HDG 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. HDG is a passively managed fund by ProShares that tracks the performance of the Merrill Lynch Factor Model - Exchange Series. It was launched on Jul 12, 2011.
Performance
LBAY vs. HDG - Performance Comparison
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LBAY vs. HDG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 15.90% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 4.58% |
HDG ProShares Hedge Replication | 0.49% | 7.18% | 5.12% | 7.14% | -8.48% | 2.97% | 3.53% |
Returns By Period
In the year-to-date period, LBAY achieves a 15.90% return, which is significantly higher than HDG's 0.49% return.
LBAY
- 1D
- -0.68%
- 1M
- -2.29%
- YTD
- 15.90%
- 6M
- 13.90%
- 1Y
- 12.66%
- 3Y*
- 4.38%
- 5Y*
- 7.44%
- 10Y*
- —
HDG
- 1D
- 1.28%
- 1M
- -1.89%
- YTD
- 0.49%
- 6M
- 2.18%
- 1Y
- 8.42%
- 3Y*
- 5.75%
- 5Y*
- 1.97%
- 10Y*
- 3.41%
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LBAY vs. HDG - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than HDG's 0.95% expense ratio.
Return for Risk
LBAY vs. HDG — Risk / Return Rank
LBAY
HDG
LBAY vs. HDG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and ProShares Hedge Replication (HDG). 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 | HDG | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.75 | 1.23 | -0.47 |
Sortino ratioReturn per unit of downside risk | 1.20 | 1.77 | -0.57 |
Omega ratioGain probability vs. loss probability | 1.15 | 1.26 | -0.11 |
Calmar ratioReturn relative to maximum drawdown | 1.36 | 1.70 | -0.34 |
Martin ratioReturn relative to average drawdown | 3.16 | 6.95 | -3.79 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LBAY | HDG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.75 | 1.23 | -0.47 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.55 | 0.28 | +0.28 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.48 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.38 | +0.36 |
Correlation
The correlation between LBAY and HDG is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
LBAY vs. HDG - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.40%, more than HDG's 2.49% yield.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.40% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HDG ProShares Hedge Replication | 2.49% | 2.55% | 3.50% | 3.48% | 0.39% | 0.00% | 0.08% | 1.09% | 0.51% | 0.00% | 0.00% | 0.00% |
Drawdowns
LBAY vs. HDG - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, roughly equal to the maximum HDG drawdown of -15.31%. Use the drawdown chart below to compare losses from any high point for LBAY and HDG.
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Drawdown Indicators
| LBAY | HDG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -15.31% | -0.68% |
Max Drawdown (1Y)Largest decline over 1 year | -9.71% | -4.85% | -4.86% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -15.31% | -0.68% |
Max Drawdown (10Y)Largest decline over 10 years | — | -15.31% | — |
Current DrawdownCurrent decline from peak | -2.73% | -2.74% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -6.77% | -2.80% | -3.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.18% | 1.19% | +2.99% |
Volatility
LBAY vs. HDG - Volatility Comparison
Leatherback Long/Short Alternative Yield ETF (LBAY) has a higher volatility of 5.55% compared to ProShares Hedge Replication (HDG) at 2.61%. This indicates that LBAY's price experiences larger fluctuations and is considered to be riskier than HDG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | HDG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.55% | 2.61% | +2.94% |
Volatility (6M)Calculated over the trailing 6-month period | 12.16% | 4.43% | +7.73% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.19% | 6.90% | +9.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.49% | 7.15% | +6.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.66% | 7.08% | +6.58% |