LBAY vs. HEFT
LBAY (Leatherback Long/Short Alternative Yield ETF) and HEFT (Hedgeye Fourth Turning ETF) are both Long-Short funds. Both are actively managed. At a 0.32 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.70%/yr for HEFT.
Performance
LBAY vs. HEFT - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 6.83% return, which is significantly lower than HEFT's 7.87% return.
LBAY
- 1D
- 0.43%
- 1M
- -0.47%
- YTD
- 6.83%
- 6M
- 9.25%
- 1Y
- 9.13%
- 3Y*
- 3.68%
- 5Y*
- 3.91%
- 10Y*
- —
HEFT
- 1D
- -0.04%
- 1M
- 2.98%
- YTD
- 7.87%
- 6M
- 7.09%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LBAY vs. HEFT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 6.83% | -0.06% |
HEFT Hedgeye Fourth Turning ETF | 7.87% | 0.98% |
Correlation
The correlation between LBAY and HEFT is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025 | 0.32 |
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Return for Risk
LBAY vs. HEFT — Risk / Return Rank
LBAY
HEFT
LBAY vs. HEFT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Hedgeye Fourth Turning ETF (HEFT). 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 | HEFT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.12 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.77 | — | — |
| Martin ratioReturn relative to average drawdown | 1.94 | — | — |
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 | HEFT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.60 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.59 | 1.43 | -0.84 |
Drawdowns
LBAY vs. HEFT - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, which is greater than HEFT's maximum drawdown of -9.17%. Use the drawdown chart below to compare losses from any high point for LBAY and HEFT.
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Drawdown Indicators
| LBAY | HEFT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -9.17% | -6.82% |
Max Drawdown (1Y)Largest decline over 1 year | -11.91% | — | — |
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 | -10.34% | -2.68% | -7.66% |
Average DrawdownAverage peak-to-trough decline | -6.80% | -3.12% | -3.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.71% | — | — |
Volatility
LBAY vs. HEFT - Volatility Comparison
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Volatility by Period
| LBAY | HEFT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.80% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.82% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.26% | 12.48% | +2.78% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.59% | 12.48% | +1.11% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.73% | 12.48% | +1.25% |
LBAY vs. HEFT - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than HEFT's 0.70% expense ratio.
Dividends
LBAY vs. HEFT - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.79%, more than HEFT's 0.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
HEFT Hedgeye Fourth Turning ETF | 0.02% | 0.02% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.79% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
Frequently Asked Questions
LBAY and HEFT have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, HEFT is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.
HEFT is cheaper with a 0.70% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.79%, compared with 0.02% for HEFT.
They also come from different issuers: Toroso Investments and Hedgeye. Their fees differ too: 1.09% for LBAY and 0.70% for HEFT.
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