LBAY vs. MKTN
LBAY (Leatherback Long/Short Alternative Yield ETF) and MKTN (Federated Hermes MDT Market Neutral ETF) are both Long-Short funds. Both are actively managed. At a 0.03 correlation, their price movements are largely independent.
Performance
LBAY vs. MKTN - Performance Comparison
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Returns By Period
In the year-to-date period, LBAY achieves a 3.90% return, which is significantly higher than MKTN's 0.14% return.
LBAY
- 1D
- 0.94%
- 1M
- -3.88%
- YTD
- 3.90%
- 6M
- 4.36%
- 1Y
- 4.26%
- 3Y*
- 2.12%
- 5Y*
- 4.68%
- 10Y*
- —
MKTN
- 1D
- 0.31%
- 1M
- -0.11%
- YTD
- 0.14%
- 6M
- 0.27%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LBAY vs. MKTN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.90% | -0.71% |
MKTN Federated Hermes MDT Market Neutral ETF | 0.14% | 3.22% |
Correlation
The correlation between LBAY and MKTN is 0.03, 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 (All Time) Calculated using the full available price history since Sep 25, 2025 | 0.03 |
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Return for Risk
LBAY vs. MKTN — Risk / Return Rank
LBAY
MKTN
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
LBAY vs. MKTN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Leatherback Long/Short Alternative Yield ETF (LBAY) and Federated Hermes MDT Market Neutral ETF (MKTN). 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 | MKTN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.06 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.31 | — | — |
| Martin ratioReturn relative to average drawdown | 0.80 | — | — |
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Drawdowns
LBAY vs. MKTN - Drawdown Comparison
The maximum LBAY drawdown since its inception was -15.99%, which is greater than MKTN's maximum drawdown of -4.13%. Use the drawdown chart below to compare losses from any high point for LBAY and MKTN.
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Drawdown Indicators
| LBAY | MKTN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.99% | -4.13% | -11.86% |
Max Drawdown (1Y)Largest decline over 1 year | -13.61% | — | — |
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 | -12.80% | -1.76% | -11.04% |
Average DrawdownAverage peak-to-trough decline | -6.84% | -1.20% | -5.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.33% | — | — |
Volatility
LBAY vs. MKTN - Volatility Comparison
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Volatility by Period
| LBAY | MKTN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.22% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 12.52% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 15.63% | 6.74% | +8.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 6.74% | +6.82% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 13.76% | 6.74% | +7.02% |
Dividends
LBAY vs. MKTN - Dividend Comparison
LBAY's dividend yield for the trailing twelve months is around 3.89%, more than MKTN's 0.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|---|---|
LBAY Leatherback Long/Short Alternative Yield ETF | 3.89% | 3.80% | 3.77% | 3.47% | 2.74% | 2.96% | 0.29% |
MKTN Federated Hermes MDT Market Neutral ETF | 0.51% | 0.51% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
LBAY and MKTN have a correlation of 0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LBAY has the higher dividend yield at 3.89%, compared with 0.51% for MKTN.
They also come from different issuers: Toroso Investments and Federated Hermes.
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