LBAY vs. IYW
LBAY (Leatherback Long/Short Alternative Yield ETF) and IYW (iShares U.S. Technology ETF) are both exchange-traded funds - LBAY is a Long-Short fund actively managed by Toroso Investments, while IYW is a Technology Equities fund tracking the Russell 1000 Technology RIC 22.5/45 Capped Index. LBAY is actively managed, while IYW is passively managed. Over the past 5 years, LBAY returned 4.52%/yr vs 21.45%/yr for IYW. At a 0.03 correlation, their price movements are largely independent. LBAY charges 1.09%/yr vs 0.38%/yr for IYW.
Performance
LBAY vs. IYW - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 2.94% return, which is significantly lower than IYW's 26.93% return.
LBAY
- 1D
- -0.82%
- 1M
- -4.77%
- YTD
- 2.94%
- 6M
- 3.57%
- 1Y
- 3.91%
- 3Y*
- 1.80%
- 5Y*
- 4.52%
- 10Y*
- —
IYW
- 1D
- -0.11%
- 1M
- 4.79%
- YTD
- 26.93%
- 6M
- 26.17%
- 1Y
- 54.53%
- 3Y*
- 33.87%
- 5Y*
- 21.45%
- 10Y*
- 26.44%
LBAY vs. IYW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 2.94% | 4.08% | -3.49% | -8.54% | 22.41% | 22.27% | 5.03% |
IYW iShares U.S. Technology ETF | 26.93% | 25.38% | 30.25% | 65.44% | -34.83% | 35.44% | 6.68% |
Correlation
The correlation between LBAY and IYW is -0.32, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.32 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.15 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.03 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2020 | 0.03 |
The correlation between LBAY and IYW shifts across timeframes, from -0.32 (1 year) to 0.03 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
LBAY vs. IYW — Risk / Return Rank
LBAY
IYW
LBAY vs. IYW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and iShares U.S. Technology ETF (IYW). 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 | IYW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -2.61 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.42 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | 0.29 | 3.08 | -2.79 |
| Martin ratioReturn relative to average drawdown | 0.74 | 9.84 | -9.09 |
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Drawdowns
LBAY vs. IYW - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, smaller than the maximum IYW drawdown of -81.90%. Use the drawdown chart below to compare losses from any high point for LBAY and IYW.
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Drawdown Indicators
| LBAY | IYW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -81.90% | +65.91% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | -17.81% | +4.20% |
Max Drawdown (3Y)Largest decline over 3 years | -14.57% | -26.47% | +11.90% |
Max Drawdown (5Y)Largest decline over 5 years | -15.99% | -39.44% | +23.45% |
Max Drawdown (10Y)Largest decline over 10 years | — | -39.44% | — |
Current DrawdownCurrent decline from peak | -13.61% | -2.53% | -11.08% |
Average DrawdownAverage peak-to-trough decline | -6.83% | -34.60% | +27.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.27% | 5.56% | -0.29% |
Volatility
LBAY vs. IYW - Volatility Comparison
The current volatility for Leatherback Long/Short Alternative Yield ETF (LBAY) is 4.08%, while iShares U.S. Technology ETF (IYW) has a volatility of 10.30%. This indicates that LBAY experiences smaller price fluctuations and is considered to be less risky than IYW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LBAY | IYW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.08% | 10.30% | -6.22% |
Volatility (6M)Calculated over the trailing 6-month period | 12.54% | 18.02% | -5.48% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.64% | 22.00% | -6.36% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 26.18% | -12.62% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 25.26% | -11.50% |
LBAY vs. IYW - Expense Ratio Comparison
LBAY has a 1.09% expense ratio, which is higher than IYW's 0.38% expense ratio.
Dividends
LBAY vs. IYW - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.93%, more than IYW's 0.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IYW iShares U.S. Technology ETF | 0.10% | 0.14% | 0.21% | 0.34% | 0.50% | 0.31% | 0.56% | 0.72% | 0.92% | 0.82% | 1.14% | 1.12% |
LBAY Leatherback Long/Short Alternative Yield ETF | 3.93% | 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 IYW 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.
IYW has higher volatility (10.30%) compared to LBAY (4.08%). In terms of maximum drawdown, LBAY dropped -15.99% vs IYW's -81.90%.
On 5-year performance, IYW leads with 21.45% vs 4.52% for LBAY. On fees, IYW is cheaper at 0.38% per year. On volatility, LBAY has been the lower-risk option at 4.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, IYW has performed better with a 21.45% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IYW is cheaper with a 0.38% expense ratio, compared with 1.09% for LBAY.
LBAY has the higher dividend yield at 3.93%, compared with 0.10% for IYW.
LBAY is categorized as Long-Short, while IYW is Technology Equities. They also come from different issuers: Toroso Investments and iShares. Their fees differ too: 1.09% for LBAY and 0.38% for IYW.
IYW currently has the higher Sharpe Ratio (2.50 vs 0.25), 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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